Changing careers can feel a bit intimidating at any age. That’s especially true when considering making a significant transition late in life. Then again, recent trends suggest that your chances for success may be greater than you think.

An American Institute for Economic Research survey found that more than 80% of respondents said they could launch a new career after age 45. Even when they had to take an initial pay cut, most of them could increase their income over time.

What does that mean for you? Sticking it out until retirement doesn’t have to be your only option when you can do something you love, even if it means making less money temporarily. Plus, with retirement ages increasing, you might be able to benefit from your new career for many more years to come.

Whether you’re a mature adult who wants to pursue your passions, reduce stress, or enjoy a change of pace, an encore career might be just what you need.

Consider these strategies for preparing for the next stage in your professional life:

Prepare Financially

1. Cut expenses. Most career changes mean a smaller paycheck initially. You’ll feel less pressured if you trim your budget by eating out less or selling a second car.
2. Pay off debts. For more peace of mind, work towards becoming debt-free. Pay off your most expensive debts first and stop credit card spending as much as possible.
3. Consider moving. Relocating to a less expensive area can significantly impact your budget. Browse online for destinations that match your lifestyle.
4. Share housing. Housing is the most significant expense for most adults. Maybe you can rent a room in your home or share an apartment with a friend.
5. Delay retirement. You’ll be entitled to more extensive checks if you delay claiming Social Security. Your monthly benefits increase each year you continue working between ages 62 and 70.
6. Be flexible. Full-time jobs aren’t the only way to work. Consider working part-time or consulting.

Prepare Professionally

1. Research your opportunities. According to a recent report by MetLife Foundation, teachers, registered nurses, and home health aides are among the fastest-growing occupations for older workers. Visit your local library or browse online to learn more about opportunities that interest you.
2. Increase your skills. See what qualifications you’ll need. You may want to take evening classes to complete an additional degree or certification.
3. Strengthen your network. It’s important to keep networking even when you have a job. If you’re feeling rusty, start attending more networking events or invite a former colleague for lunch.
4. Use social media. LinkedIn and other platforms make researching the job market easier and connecting with others. Update your profiles to reflect your new ambitions. Share information and participate in relevant discussions.
5. Build support. Starting over in a new field will require time and effort. Ask your family and friends for the encouragement and assistance that you need. Team up with another mature professional going through a similar transition, or start a Meetup Group.
6. Gain visibility. As you’re trying to rebrand yourself, publishing and public speaking will help you to gain attention. Start your website or contact other sites to ask if you can become a contributor. Once you have some experience, design an online workshop or give a talk at a local community center.

Start preparing now if you’ve been dreaming about taking your career differently. You may find that the later stages of your professional life will be the most rewarding.