Help Clients Unlock Career Longevity

With your encouragement and guidance, they can make the most of employer benefits, education tax credits and upskilling opportunities.

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Editor’s note: Marguerita (Rita) Cheng is a longtime columnist with Rethinking65. To read more of her articles, click here.

Marguerita Cheng
Marguerita Cheng

Gone are the days of a single employer providing a clear path to retirement. Today, people navigate multiple careers, master new technologies and repeatedly reinvent themselves. Smart use of employer benefits, education credits and strategic upskilling opens doors at every turn.

Every generation rewrites the career playbook, and the Bureau of Labor Statistics shows how dramatically that occurs. People born between 1957 and 1964 typically spent three years in each job role, while those born two decades later averaged two-year tenures. Each employment transition creates an opportunity to leverage available benefits and explore new skills.

Financial tools and employer benefits can transform occupational challenges into stepping stones. From professional development budgets to education tax credits, these often-overlooked resources help fund new skills and credentials. The key lies in knowing when and how to use them.

One of my clients in the DC metro area proved this when his public policy position disappeared through right-sizing. He turned to community college courses in social media marketing and digital communications, using the lifetime learning credit to manage costs. Building on his legislative affairs background, he launched a new chapter in his professional journey. He demonstrated how combining smart financial planning with targeted upskilling can create pathways at any point in your journey.

Understanding Available Resources for Career Growth

The path to longevity in one’s job often depends less on age than on our ability to spot and seize opportunities for growth. Training allowances offer a prime example. Many employers provide annual training allowances, which can support broad occupational growth — not just role-specific training — yet 52% of these education benefits go unused. Even a modest $1,000 annual allowance can pay for certifications, conference attendance, or specialized courses that open new career paths.

For anyone looking for a more formal approach to skill development, the lifetime learning credit proves especially valuable, providing the opportunity to offset up to $2,000 in school expenses. According to the IRS, “This credit can help pay for undergraduate, graduate and professional degree courses — including courses to acquire or improve job skills.” Unlike some education credits, there is no limit on the number of years you can claim the lifetime learning credit.

Professional development support can come from unexpected sources, including unused 529 plan funds. The Education Data Initiative reports that there are 16.25 million education savings accounts nationwide, with an average balance of nearly $30,000. While typically used for children’s education, your clients can transfer any remaining funds to themselves as the beneficiary and use this tax-advantaged money to pursue programs and certifications that can advance their  careers.

Turning Employer Benefits into Career Opportunities

When staring down a career pivot, timing and strategy can make all the difference in turning available benefits into tools for job-level growth. The client I mentioned earlier, who worked in public policy, offers a blueprint: By timing his community college courses with financial planning, he maximized his education tax credit to build on his legislative experience while gaining the technical expertise to land a new position.

I often advise my clients to use a combination of benefits when they’re looking to upskill. Start with company-sponsored benefits while employed. Less than 10% of eligible workers take advantage of employer-provided education benefits, according to The Hechinger Report. Then leverage tuition reimbursement for longer-term education goals. Employer programs may cover classes even if they don’t directly relate to your current role.

Also encourage your clients to consider their employer’s fiscal year. Many companies refresh their employee development budgets annually. This means that to fund more expensive education programs, clients may be able to potentially access funds from their employer’s current-year allowance as well as the following year’s budget. They can also ask for work location flexibility, which is now offered by more than 4 in 5 large U.S. companies, as reported by the Journal of Accountancy. This can make it a lot easier to balance career growth with one’s current responsibilities.

Support During Career Transitions

If your client is in between roles, state and local programs can be powerful alternatives to employer benefits. Take Massachusetts, for example. Through MassEducate and MassReconnect programs, residents without a bachelor’s degree can attend community college for free. Similar options exist in other states, making vocational transitions more accessible without employer support. By combining this with the lifetime learning credit, clients can further reduce the cost of additional certifications or specialized courses.

In addition, your local American Job Center offers free career services to support your client’s transition strategies. This includes everything from training referrals to personalized career counseling. Field-specific associations in one’s target industry can complement these services by offering access to training resources, certification prep materials and networking opportunities. These are all valuable tools for building expertise in a new field.

Building a Path Forward

Occupational transitions happen throughout our lives — sometimes by choice, sometimes unexpectedly. Understanding and strategically using available benefits — from employer professional development funds to education tax credits — can transform these moments into opportunities for growth.

Advise your clients to take inventory of current resources. If employed, encourage them to review their company’s education and training budget and tuition reimbursement policies. Also encourage them to research state education programs in their community. Consider how tax credits like the lifetime learning credit could help fund their next career move.

Your clients’ job path is unique, but the tools and strategies for a successful transition remain the same for everyone: Help them identify resources, strategically time their use of benefits, and invest in skills that open new doors.

Marguerita (Rita) Cheng, CFP, is the chief executive officer of Blue Ocean Global Wealth. She is passionate about helping clients navigate some of life’s most difficult issues — divorce, death, career changes, caring for aging relatives — so they can feel confident and in control of their finances. Rita is a past spokesperson for the AARP Financial Freedom Campaign. She volunteers her time as a SoleMate for Girls on the Run, raising money to win scholarships for girls.

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