Would you consider starting a masters degree at age 55?

[Anonymous]

Piggybacking on the everyone gets laid off at 55 post and turning to the Internet for advice.

Would you attempt to get a masters degree in social work at 55 years old or is it too late?

I have a college degree and a job that pays about the same as I would make as a social worker, maybe a little more but not much. In no danger of getting laid off but the job is boring and obviously not financially rewarding. I own my home outright but have all the usual expenses which I meet by living frugally. When I sell I will receive a large windfall because I bought so long ago in a now highly desirable area and if I can get a handle on capital gains as a non married person, I should be ok. I have some retirement savings but nothing spectacular although I picture working until I physically can't. This would be by choice regardless of my financial circumstances.

I want to throw caution to the wind and just go for it. I'm looking at a cheaper public program and two more expensive privates which are truly better programs with better professors and a better caliber of student. For this program only! Not dissing public programs in general. I would have to take out loans but I'm not scared of them since I am so old. Part of Mr feels like if I'm going to put in the work, I should go for the highest level option.

I have ruminated on pursuing this degree for years and although I regret not doing it sooner, I don't want to give up this dream unless I am being completely unrealistic right now. Interested in any thoughts or advice.

[Anonymous]

You only live once. Ask about loan forgiveness and financial aid, however.

[Anonymous]

I think you only have one life and if pursuing an MA would be fulfilling, I say why not? I agree the right fit is important. Excellent faculty who will be good mentors for your research are critical.

[Anonymous]

Anonymous wrote:Piggybacking on the everyone gets laid off at 55 post and turning to the Internet for advice.

Would you attempt to get a masters degree in social work at 55 years old or is it too late?

I have a college degree and a job that pays about the same as I would make as a social worker, maybe a little more but not much. In no danger of getting laid off but the job is boring and obviously not financially rewarding. I own my home outright but have all the usual expenses which I meet by living frugally. When I sell I will receive a large windfall because I bought so long ago in a now highly desirable area and if I can get a handle on capital gains as a non married person, I should be ok. I have some retirement savings but nothing spectacular although I picture working until I physically can't. This would be by choice regardless of my financial circumstances.

I want to throw caution to the wind and just go for it. I'm looking at a cheaper public program and two more expensive privates which are truly better programs with better professors and a better caliber of student. For this program only! Not dissing public programs in general. I would have to take out loans but I'm not scared of them since I am so old. Part of Mr feels like if I'm going to put in the work, I should go for the highest level option.

I have ruminated on pursuing this degree for years and although I regret not doing it sooner, I don't want to give up this dream unless I am being completely unrealistic right now. Interested in any thoughts or advice.

At your age, you should be thinking about retirement, not ruminating about unfulfilled dreams and opportunities that are long gone.

[Anonymous]

Which schools if I might ask?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Piggybacking on the everyone gets laid off at 55 post and turning to the Internet for advice.

Would you attempt to get a masters degree in social work at 55 years old or is it too late?

I have a college degree and a job that pays about the same as I would make as a social worker, maybe a little more but not much. In no danger of getting laid off but the job is boring and obviously not financially rewarding. I own my home outright but have all the usual expenses which I meet by living frugally. When I sell I will receive a large windfall because I bought so long ago in a now highly desirable area and if I can get a handle on capital gains as a non married person, I should be ok. I have some retirement savings but nothing spectacular although I picture working until I physically can't. This would be by choice regardless of my financial circumstances.

I want to throw caution to the wind and just go for it. I'm looking at a cheaper public program and two more expensive privates which are truly better programs with better professors and a better caliber of student. For this program only! Not dissing public programs in general. I would have to take out loans but I'm not scared of them since I am so old. Part of Mr feels like if I'm going to put in the work, I should go for the highest level option.

I have ruminated on pursuing this degree for years and although I regret not doing it sooner, I don't want to give up this dream unless I am being completely unrealistic right now. Interested in any thoughts or advice.

At your age, you should be thinking about retirement, not ruminating about unfulfilled dreams and opportunities that are long gone.

Silly comment. She could complete a master's degree in 1-2 years and still have decades to enjoy the fruits of that labor.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Piggybacking on the everyone gets laid off at 55 post and turning to the Internet for advice.

Would you attempt to get a masters degree in social work at 55 years old or is it too late?

I have a college degree and a job that pays about the same as I would make as a social worker, maybe a little more but not much. In no danger of getting laid off but the job is boring and obviously not financially rewarding. I own my home outright but have all the usual expenses which I meet by living frugally. When I sell I will receive a large windfall because I bought so long ago in a now highly desirable area and if I can get a handle on capital gains as a non married person, I should be ok. I have some retirement savings but nothing spectacular although I picture working until I physically can't. This would be by choice regardless of my financial circumstances.

I want to throw caution to the wind and just go for it. I'm looking at a cheaper public program and two more expensive privates which are truly better programs with better professors and a better caliber of student. For this program only! Not dissing public programs in general. I would have to take out loans but I'm not scared of them since I am so old. Part of Mr feels like if I'm going to put in the work, I should go for the highest level option.

I have ruminated on pursuing this degree for years and although I regret not doing it sooner, I don't want to give up this dream unless I am being completely unrealistic right now. Interested in any thoughts or advice.

At your age, you should be thinking about retirement, not ruminating about unfulfilled dreams and opportunities that are long gone.

That was mean. Pursuit of dreams doesn’t have to end in your 50s.

[Anonymous]

Is it the degree or the change in career you want? Talk to a lot of students and professionals to make sure you are being realistic about what it’ll be like. It’s easy to romanticize school when you’ve been out for a while.

Also, more expensive may not equal better. Taking out loans to make the same or less $ just doesn’t seem smart; I believe life is about a lot more than making money, but the idea of loans at 55 makes me nervous. If you had saved up, ok, but where is the repayment coming from? An even more frugal life?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Piggybacking on the everyone gets laid off at 55 post and turning to the Internet for advice.

Would you attempt to get a masters degree in social work at 55 years old or is it too late?

I have a college degree and a job that pays about the same as I would make as a social worker, maybe a little more but not much. In no danger of getting laid off but the job is boring and obviously not financially rewarding. I own my home outright but have all the usual expenses which I meet by living frugally. When I sell I will receive a large windfall because I bought so long ago in a now highly desirable area and if I can get a handle on capital gains as a non married person, I should be ok. I have some retirement savings but nothing spectacular although I picture working until I physically can't. This would be by choice regardless of my financial circumstances.

I want to throw caution to the wind and just go for it. I'm looking at a cheaper public program and two more expensive privates which are truly better programs with better professors and a better caliber of student. For this program only! Not dissing public programs in general. I would have to take out loans but I'm not scared of them since I am so old. Part of Mr feels like if I'm going to put in the work, I should go for the highest level option.

I have ruminated on pursuing this degree for years and although I regret not doing it sooner, I don't want to give up this dream unless I am being completely unrealistic right now. Interested in any thoughts or advice.

At your age, you should be thinking about retirement, not ruminating about unfulfilled dreams and opportunities that are long gone.

You also don’t want to die with regrets.

[Anonymous]

Sure why not


Getting an education doesn’t discriminate

[Anonymous]

I strongly advise you not to pay any more than you have to for social work degree. It does not matter in social work where you get your degree. Additionally, most jobs will require that you have an independently clinical license. You will not be be reimbursable by insurance companies until you have this licensure. This will take at least two years post graduation. You will need to work under supervision during this time. Some jobs provide the supervision as part of the job, but in other cases you will have to pay for the supervision. During those two years, the pay may be fairly low.


We will need to do internships as part of the program. Typically about 20 hours a week, and these internships are typically unpaid.

I am finishing an MSW program online right now. I love the work, and already have a job post graduation. However the pay is not even close to what I was making as an attorney. Once I get my independent licensure, I can go into private practice and drastically increase my income. However, that is assuming I am able to fill my caseload.

[Anonymous]

Go for your dreams, but why are your living in this expensive house? If you sell the house, invest the money for 5-10 years, you can buy your house back cash and have 100s of thousands left over. I don't get it.
Same would be true if you had sold the home 5 years ago.

[Anonymous]

No. You already make more money than you would with a social work degree. Volunteer on the side to be more fulfilled. Put that tuition money and lost years of work into your retirement.

[Anonymous]

Do a little math about what the perhaps $150,000? In list income+tuition would mean if you invested it for 15 years. If that were to grow to $350,000 - while giving you a cushion along the way then that is the cost just to pursue the degree. Also you have a lot riding on that house sale. Be certain it is fully insured at current value and you probably need to sell and diversify your investments. If its value declines you may have a problem.

[Anonymous]

I got a masters in debating but when I tell folks they laugh at me.