What to Do When You Lose Your Job at 50
Wednesday, March 12, 2025
Losing your job at 50 can be a difficult experience, both emotionally and financially. It’s normal to feel shocked, anxious and uncertain about what the future holds. However, this phase of life also offers a chance to reassess, reinvent yourself and explore a more fulfilling career path. With the right support, strategies and mindset, it’s possible to emerge from this challenge stronger and more resilient.
Losing a job is emotionally taxing, especially in midlife. Allow yourself time to process these feelings, but try to avoid letting them interfere with your decision-making. It’s natural to feel fear or resentment, but channeling these emotions into action is essential.
Your health coverage might be interrupted when you lose your job. Check if your former employer offers COBRA or other temporary insurance. If not, explore government healthcare options to ensure you’re protected during the transition.
The first practical step is to reassess your budget. Identify essential expenses—like your mortgage, car payments and utilities—and determine areas where you can cut back. Reducing discretionary expenses, such as streaming subscriptions or dining out, may help you stretch your savings.
Examine your savings and emergency funds to determine how long you can sustain yourself without a job. If you are planning to retire soon, consider adjusting your timeline. It might also be beneficial to roll over any 401(k) accounts into an IRA to avoid penalties and keep your finances streamlined.
While job hunting, consider temporary or freelance work to supplement your income. Bridge work—such as substitute teaching, consulting or gig jobs—may help you maintain cash flow without committing to a long-term position.
Your resume may need a complete overhaul, especially if it hasn’t been updated in years. Highlight recent achievements and tailor your resume to meet modern standards. This might mean focusing on transferable skills and eliminating outdated roles or certifications.
Your LinkedIn profile is a crucial tool in today’s job market. Update your profile to reflect your latest experience and skills, and ask for recommendations from previous colleagues. An active profile increases visibility to recruiters and hiring managers.
Unfortunately, age bias may be a challenge in job hunting at age 50. Prepare thoughtful responses to questions about your age by emphasizing your experience, leadership skills and adaptability to change.
Losing a job in midlife offers the opportunity to learn new skills or explore fields you’ve always been interested in. You can take online courses or pursue certifications in high-demand fields such as project management or data analytics. If the tech world interests you, consider learning coding or other technical skills through workforce development programs.
If you’ve been thinking about making a career change, this might be the perfect time. Explore roles in new industries where your skills can be applied. Some people even transition into entirely different fields, such as consulting, entrepreneurship or creative work.
Reach out to former colleagues, mentors and friends for advice or referrals. Networking is vital during a career transition. Attend industry events, join professional groups and leverage platforms like LinkedIn and MeetUp to make new connections.
Informational interviews may provide insight into industries or roles you’re considering. These low-pressure meetings also help expand your network and increase your visibility to potential employers.
Job loss may lead to isolation, which may negatively impact mental health. Stay socially engaged by keeping in touch with friends and meeting new people. Connecting with others who are also unemployed may provide emotional support and motivation.
Use this transition period to invest in self-care. Whether it’s exercising, cooking or taking up a creative hobby, these activities can boost your self-esteem and mental well-being. Volunteering is another great way to stay active and contribute to your community.
If you’ve always dreamed of starting a business, now might be the time to pursue that idea. Many mid-career professionals find success turning hobbies—like gardening, writing, or photography—into income streams.
If your finances allow, this may be a good time to review your retirement goals. Some people delay retirement after a job loss, while others decide to retire early and pursue passion projects. Work with a financial adviser to ensure your plan aligns with your current situation.
Losing your job at 50 can be incredibly challenging, but it doesn’t have to mark the end of your professional journey. With careful planning, networking and a positive mindset, this setback may become an opportunity to grow and explore new paths. Whether you decide to pivot to a new career, take on freelance work or start a business, there are many possibilities ahead.
This is not the end—it’s a fresh start, and your future is still full of potential. Embrace the transition, learn new skills, connect with your community and trust in your ability to rebuild and reinvent yourself.
The content provided is intended for informational purposes only. Estimates or statements contained within may be based on prior results or from third parties. The views expressed in these materials are those of the author and may not reflect the view of National Debt Relief. We make no guarantees that the information contained on this site will be accurate or applicable and results may vary depending on individual situations. Contact a financial and/or tax professional regarding your specific financial and tax situation. Please visit our terms of service for full terms governing the use this site.
For grandparents looking to help fund a grandchild’s college education, there are several ways to save and invest. Choosing the...
NerdWallet Budgeting App Product Name: NerdWallet Budgeting App Product Description: NerdWallet offers a free budgeting app that is available to...
Do you want to learn how to save $10,000 in a year? Saving $10,000 in a year might sound hard,...
