Leaving NY, LA and Other HCOL Areas: Have You "Aged Out?"

The pile on of inflation, employment insecurity and anxiety about socking away more for retirement is driving those over-50 rooted in HCOL (high cost of living) locations to consider relocating. Where they would go is to LCOL (low cost of living) locations. 

That option is dominating the postings and comments on professional anonymous networks such as Reddit and Glassdoor.

The hard nut to crack on any plan to move to LCOL is this: Would the tradeoff for reduced fixed costs be lousy professional opportunities. The HCOL areas provide those plum jobs and contract assignments. On Glassdoor there is this:

"Living in the smaller city the money went much further and there did seem to be a better overall work life balance. Living in my current city the opportunities both in the firm and outside are much much better ..."

In addition is the loss of the prestige of having the professional brand of being where everyone knows the action is happening in your industry. 

However, all that pondering may be ignoring what the future seems to be for the majority of professionals who hit 50 years of age. Well known is the research of Pro Publica. It found that most over-50 will be pushed out of their jobs. Of those who land other jobs in their fields only 10 percent will receive comparable compensation.

I call that "aging out." You may be undergoing that process.

On your job, because of your age/high compensation, you sense there is a target on your back. 

If you have been laid off from a job it might even be challenging to pick up contract assignments.

HCOL areas attract top talent who are highly ambitious. They will do what it takes to get, hold and move on to better work. Those sharp elbows can wound you badly.

In another location you can start out again. Given lower expenses, you have more financial wiggle room. Yes, you can afford to take risks.

In the 55 - 64 age group, more than 25% are starting their own businesses. 

Freelancing, as I explain in this award-winning podcast, is also growing. So are the kinds and number of platforms for you to screen and apply for gigs in your field. They range from Upwork to Freelance.com. 

With competition less intense, you could also be hired for a full-time job. 

A tip: If your prospects for work are dwindling, leave before your confidence shreds. By time I left the New York Metro area in 2014 I had already been doing a few years bottom fishing. Once a "star" in my field, I came to feel "less than." Within a few months in southeastern Arizona, I restarted my boutique. I still regret not relocating sooner.

Affordable Career Coach Jane Genova provides end-to-end career services, ranging from diagnosis of the challenges and fix-it strategies to preparation of resume/cover letters/LinkedIn profiles and how to gain control of an interview. I specialize in over-50 work issues. My edge is a background in marketing communications. For a confidential complimentary consultation please text/phone 203-468-8579 or email janegenova374@gmail.com. Remote and in-person. 

 


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