Money Magazine

Reinventing Your Life in Retirement

Paula Donovan's career as an economist at an international development organization was thriving. But as she neared 50, her simmering dream of becoming a social worker became harder to ignore. After many years as a high-level executive, she wanted to move into work that would let her help others on a more personal basis - even though her career path would significantly change. She turned to career counselor David Borchard for help in making the decision.

Donovan: I was doing volunteer work in this area and had been gravitating toward individuals and families who were going through challenges in their lives. I wanted to start a meaningful career that I could hopefully pursue.

It was difficult to consider leaving an organization she loved to attend graduate school to earn the master's degree she would need. But after experiencing some personal losses, she didn't want to postpone her career change. So she sought advice from David Borchard.

Borchard: One of the first things I did was have Paula take a formal career-assessment test to make sure she was on the right track. This type of self-reflection is important. After reviewing the results, I introduced her to other professionals in related fields who made midlife career moves so she could hear from them firsthand about their experiences.

Donovan and her husband, who was also planning to retire, met with a financial consultant in 2003. The couple, who live in Fairfax County, Va., wanted to ensure that their portfolio would let them make the transition wisely and create suitable college plans for their three children, now 17, 19, and 21. The consultant reviewed details such as their pensions, savings, asset mix, and the associated tax implications. Armed with expert advice, they walked away confident about their financial future.

Donovan: After we met with him, we knew we could do this.

The impetus for Donovan to leave her old career came when she was asked to take on an exciting new challenge at work. She knew that achieving the project's goals would take four to five years - longer than she wanted to stay. Borchard reminded her that, given her long-term plans, it was not a question of whether she would leave her employer, but when.

Donovan: I had worked for the organization for 29 years. I wanted to act with transparency and fairness, so I told the senior managers that I intended to leave in two years' time.

Before Donovan retired from the organization, at 51, Borchard gave her advice on how to position herself for her new career. He explained how, as a midlife career changer, she should prepare for job interviews. As an older worker entering a new field, he told her to start thinking about how the skills she used in her former career would help her in the new one. Thinking along these lines proved helpful to Donovan, who now, at 54, provides clinical therapy services at a nonprofit that offers mental health care.

Donovan: My new career built in many unexpected ways on my past experience in management and teamwork.