Why More People Over 50 Are Switching Careers for a Better Life

Ruth Gibson left her job in HR at a global pharmaceutical company six years ago after dedicating 30 years to the firm. After a decade of contemplating a change, she is now a practising therapist, joining a growing trend of over-50s who are switching jobs later in life.

With the state pension age rising to 67 between 2026 and 2028 and further to 68 between 2044 and 2046, more people are working longer. Additionally, many are not saving enough for retirement. In 2024, the average age of exit from the workforce was 65.7 years for men and 64.6 years for women, according to the Office for National Statistics.

Job switching is on the rise among older workers. A third of 50-59-year-olds are considering a job change due to dissatisfaction with their employer—nearly three times the national average—while 28 per cent say they don't enjoy their jobs, as reported by pension firm Aegon.

Gibson, who had worked her way up the HR ladder, grew weary of repetitive tasks. 'By the fifth company restructure… it's not great for the soul. That was probably when it started becoming less enjoyable,' she recalls. She emphasizes the importance of careful consideration before leaving a secure position: 'You don't walk away from real security, income, and a position of power without some real thought.'

To facilitate her transition, Gibson sought help from a 'transformative' career coach and attended psychotherapy open days. She started a six-year training course, initially testing the waters, and within six months, committed to completing the full diploma at a master's degree level.

Better Work-Life Balance

Aegon's research highlights that 50-somethings prioritize work-life balance (58 per cent), compensation (57 per cent), and job security (36 per cent) when seeking new roles. For Gibson, achieving balance was initially challenging as she juggled full-time HR work with evening and weekend studies. 'It was mentally, emotionally, and physically challenging,' she says.

After three years, she left her corporate job and now runs her own private practice, enjoying an improved work-life balance. Although she took a pay cut and is uncertain about matching her previous earnings as a therapist, she is building additional income streams. For instance, she bought and renovated a building to rent out to other therapists, fostering a community, and continues HR consulting to keep that skill set active.

This journey underscores how career switching can be fulfilling, especially for those needing to work longer. However, concerns exist about the impact of a changing workforce and AI on employability. Only 37 per cent of 50-59-year-olds are confident their skills will remain relevant in a decade, compared to 62 per cent of under-50s.

Steven Cameron, Aegon's pensions director, stresses the need for a joint effort: 'Employers must recognise the evolving needs of older workers, but that commitment must be matched by individuals investing in their own future—supported by Government policy. Later life is a time of renewal, not retreat. As we rethink retirement, we must also rethink work.'