A study by University of Michigan researchers I just read about in the Squared Away blog from the Center for Retirement Research at Boston College noted that “about 40% of Americans who were still working when they turned 62 had moved to a new occupation sometime after age 55.” But when older workers change occupations later in life, the study added, “they experience a decrease in hourly earnings.” Let me unpack that study, which was called Occupational Transitions at Older Ages: What Moves are People Making? Then, I’ll offer my five rules to follow if you want to keep working into your 60s or beyond — especially if you want to change careers to do it. Taking a Pay Cut After a Career Switch I wasn’t terribly surprised by the researchers’ pay cut finding. The truth is, based on the workers I’ve studied and interviewed for my books and articles, most workers who change careers take a step down in salary when they start over. But here’s the interesting part: Th
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