Ruth Gibson left her job in HR at a global pharmaceutical company six years ago.
After 30 years at the firm and a decade of mulling over a career change, she is now a practising therapist.
It took Gibson a decade to make the move, but she joins a growing number of over-50s who are switching jobs later in life.
With the state pension age rising to 67 between 2026 and 2028, and then to 68 between 2044 and 2046, more people are working for longer.
At the same time, many are not saving enough for retirement when it does arrive.
In 2024, the average age of exit from the workforce for men was 65.7 years, and 64.6 years for women, according to the Office for National Statistics.
Job switching: More over-50s are considering a change as they face the prospect of working longer (Stock image)
A third of 50-59-year-olds are considering a job change because they’re dissatisfied with their employer, nearly three times the national average, according to pension firm Aegon. Meanwhile, 28 per cent of 50-somethings say they don’t enjoy their jobs.
After working her way up the HR ladder, Gibson liked the job, but became weary of doing the same thing over and again.
‘By the fifth company restructure… it’s not great for the soul. That was probably when it started becoming less enjoyable,’ she says.
However, once she decided to change career she took things slowly.
‘You don’t walk [away] from real security, income and a position of power without some real thought,’ she adds. ‘I thought, there’s more I want to do and I can’t do it here – but you don’t just run, you consider it carefully and that’s what I did.’
Gibson, who is in her 50s, was helped by a ‘transformative’ career coach who had also switched jobs.
She attended psychotherapy open days and weekends, and embarked on the first year of a six-year training course to see if she enjoyed it. Within six months, she realised she wanted to complete the full diploma at master’s degree level.
Better work-life balance
Aegon’s research shows that when seeking new roles, 50-somethings prioritise work-life balance (58 per cent), compensation (57 per cent) and job security (36 per cent).
When Gibson first made the switch, work-life balance was almost impossible to achieve. She was still working full-time in HR, ‘effectively adding on another job’ by studying in the evenings and weekends.
‘It was mentally, emotionally and physically challenging to go through it. I was operating at a senior level with all the demands that requires and studying, writing essays, more studying.’
By the end of the third year of the course, she left her job at the pharmaceutical company.
Three years later, she has her own private practice and the balance between work and life has improved.
While compensation is important, Ms Gibson says she has taken a pay cut and is unsure whether she’ll ever earn the same amount as her previous job as a therapist alone.
However, she is now building extra income sources alongside that.
A few years ago, she bought and renovated a building to rent out to other therapists to build a community.
‘I have a vision of what I’m doing. I do private psychotherapy, and renting out rooms. I still do HR consulting because I like to keep that part of my brain going,’ she says.
It demonstrates how important and fulfilling career switching can be, especially if you need to work longer.
But there are concerns that a changing workforce and the rise of AI will affect employability.
Aegon’s research shows just 37 per cent of 50-59-year-olds are confident their skills will remain relevant a decade from now, compared to 62 per cent of under-50s.
Steven Cameron, Aegon’s pensions director, says: ‘Creating fulfilling work opportunities for older employees requires 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. The ‘second 50’ is a chance to build careers that support financial wellbeing, personal growth, and joy.
‘It’s not just good for individuals – it’s good for business and vital for the UK’s economic wellbeing.’
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