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Midlife Job Loss: 5 Tips to Bouncing Back

Posted May 01 2012 12:00am

ID-10079215 Losing a job at any age can be a trying period. This is especially true during midlife, when you likely have many financial obligations to meet. It can also be very difficult to leave a job that you held for a number of years. You have not only developed a level of expertise, but also must sever long-held relationships.

Following are five tips for bouncing back after midlife job loss. Follow them, and you can begin a new career search with a more positive outlook.

No. 1 - Allow time to grieve. It is natural to go through some period of grieving, but don’t extend it too long. If your career has defined you, it is particularly difficult to be without a job. It can lead to a loss of self-worth and self-confidence. However, keep in mind that job loss is not personal, in most cases. It often arises from a company’s financial difficulties, due either to restructuring or lost revenue. While you will certainly grieve the loss of your job, you also must accept your situation. Keep at the forefront of your mind all the benefits that you will bring to a new employer in terms of skills, abilities and knowledge. This will improve your outlook and enable you jump start the job search process.

No. 2 - Get your finances in order. You will need to review your financial circumstances, including how much savings you have, as well as what you can expect from your employer in terms of severance pay and outplacement services. You can also research how much you may be eligible to receive through your local unemployment office. Unemployment benefits typically last for a six-month period. You also want to be sure you have continued health insurance through a COBRA program, which allows you to purchase health insurance at reduced costs at a group rate. If necessary, you can always take a temporary job while performing a search for new employment.

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