Career Advice & News Center

Older workers seeking to stay ahead of changes in the economy or to expand their savings are switching careers shortly before retiring. Though a wealth of experience aids these employees in making the professional change they desire, some jobless seniors are seeking new degrees to help them build credentials for a career change.

Though she'll be 60 years old when she finishes school, Linnea Schmidt gave up her Florida pottery business, which was upset by the recession, to work toward a degree in business administration with an emphasis in healthcare management, the Sun Sentinel reports.

"I will be able to offer more by getting an education," Schmidt told the news source. "There isn't a lot of call for buying pottery when people have to pay their bills."

According to the news provider, unemployment rates among workers 55-years-old or older are at their highest level since 1948. Schmidt, says she is ready to shoulder the expense of degree programs in order to make $85,000 to $90,000 in a new career.

Betsy Richards, director of career resources at Kaplan University told the news source, "[Older workers] are coming back to solidify their credentials or transition to a new career." According to Richards, the enrollment of students over the age of 55 at the university increased from about 200 in 2007 to more than 2,200 today.

Kaplan officials say business, education, healthcare, criminal justice and information technology are the most common areas of study for Americans in this age group.

A 2005 study by the Bureau of Labor Statistics found that 57 percent of U.S. homes? maintained at least one retirement account, with the average sum in the accounts totaling $49,944.