Those in their 50s have limited time to establish second careers before retirementGetty Images/iStockphoto
Jim Knowlton is mastering the art of building a second career.
"It's really about finding out what you're good at and doing it," says Mr. Knowlton, a 59-year-old resident of Oakville, Ont.
Mr. Knowlton set up Master Homes as a custom home construction business with two partners two years ago, after decades of working as a partner in an independent consulting firm in Toronto.
Mr. Knowlton is one of many Canadians who, whether by choice or otherwise, leave long-term jobs while in their 50s to start anew in second careers. He sold his interest in the consulting business earlier this year and is now focusing on home building.
"I had to choose one or the other, because I really couldn't keep devoting time to both," he says.
While many seek to replace the job they're leaving with another that will have the same or better pay and benefits, others make the transition as a stepping stone to retirement.
"The process of changing careers is all about how much thought and planning you put into it," says Tony Maiorino, vice-president and head of RBC Wealth Planning Services in Toronto.
"The more time you have to prepare and the more thoughtful you can be in that transition, the less stressful it's going to be."
According to Statistics Canada, most Canadians aged 50 to 64 who left long-term jobs between 1990 and 2000 took other jobs during the next 10 years.
"In fact, just 32 per cent of men and 36 per cent of women were not re-employed over that period," StatsCan reports.
Mr. Maiorino notes that those who look to build a transitional career before retirement should think creatively.
"It's important to take your time and consider what your next and potentially last career will be," says Mr. Maiorino. "It is also important to keep in mind how this will affect your retirement planning. It never hurts to seek the advice of experts to help you through this process."
Employers should look at the skills that prospective older, transitioning workers bring with them.
"People over the age of 50 can often bring valuable leadership and mentorship capabilities compared to younger employees," says Mr. Maiorino.
For example, he adds, people over the age of 50 have often worked through different economic cycles, which can help them understand how to cope with challenging markets or a recession.
Mr. Maiorino also stresses the importance of understanding how to prepare a business plan, for anyone contemplating starting his or her own business. "You have to understand your competitors and know about things like operating a payroll. You also need to be able to see where you are relative to your goals and how much capital you'll have to use."
While many older workers see their second careers as the last stop before retirement, Mr. Knowlton has a longer-term view. "You've got to figure out what you're here to do in this world and do it," he says.
This content was produced by The Globe and Mail's advertising department, in consultation with RBC. The Globe's editorial department was not involved in its creation.