Is it worth doing a Masters in your 50's?

[RoseyPosiePie]

I've been offered a place on a Masters, it's in a subject in which I have worked for about 30 years in various different areas. My qualifications are mainly from 30 years ago and a hotchpotch of various professional organisations that no longer exist. I haven't even got a degree as I did equivalent professional qualifications.

I'd really like to personally do the Masters, as I feel it will tie everything up nicely, bring it all together, and give me something to be proud of.

But everything I read talks about how a Masters will improve your income, your career prospects etc, and that's not really something I'm interested in. I'm on a fairly decent salary now, I work four days a week, and I can image over the next 15 years or so gradually dropping another day, and then perhaps just before retirement doing some consultancy work or something.

If I carry on as I am, the Masters loan would be paid off in about 8 years, possibly less if I pushed on with the "career advancement", but if I drop hours as I wanted to I'll be paying it into retirement (assuming my pension takes it over the £21,000 threshold)

What would you do?

I took a Master’s in my 50s (decades after first degree and professional qualifications). It was the most terrifying, exhausting and thrilling thing I’ve ever done in my life. I cannot honestly say it vastly improved my actual earning power (niche subject that prioritises youth) but it opened worlds and doors in all sorts of unexpected ways.

Perhaps I’m mistaken but I don’t get any sense of excitement or anticipation of challenge in your post - it’s all a bit meh … Which suggests to me that you’ll either find the course an unexpected slog (have a look at all the mature students tearing their hair out every Spring on this board), or it will be so intensely boring as not to be worth your time.

What do you think?

I am doing one at the moment. Chose it to take my mind off job where I don't feel particularly challenged but alternatives would involve a pay cut. I have really enjoyed it ( but it does take a lot of time), I have no expectation that it will enhance my career or earning prospects but I am enjoying thinking about my role from a different perspective . I am fortunate to be able to do it without a loan and just pay one year at a time.

I did at the age of 55! I loved every minute of it.

I did one in my 50s and went on to get a PhD at 60. Age itself is no barrier at all to studying and enjoyed it very much. It has opened doors so that my career in recent years has become much more interesting and rewarding as a result of my studies. It hasn’t really benefited me financially though. Do it if you think you will really enjoy being a student and don’t let ill informed and old fashioned ideas about ageing put you off. But, it’s not an investment in your 5os.

I’d definitely do it for personal satisfaction if I had the means.

Would a Government Postgraduate Loan not be of any use to you, @OriginalUsername2?

https://www.gov.uk/masters-loan

If it's something that you'd enjoy, that would give personal satisfaction and a sense of achievement, then go for it, regardless of career advancement.

If you think it would be a slog, with no guarantee that it would benefit your career, then don't.

How does the cost compare with what other people might spend on a hobby such as golf or cycling or following their football team?

It might open up opportunities which you can't foresee. You'll be meeting new people who are working in your field. There might be opportunities to attend conferences, do research, publish articles. Those are all things you could continue into retirement, as it suited you, if you wanted.

I am in my 50s and looking at additional training now. I realise that it isn't going to help my earning power other than to possibly keep me in work for longer. However I am still keen to learn new things and so yes I would be grabbing the opportunity if I could, provided I felt I had the time to fit it in and do it justice.

Just to add I would be weighing up the cost versus what I would get back financially before I retire.

Only if It was for interest personal growth. As a career move it's pointless in my line as I'm at the top of payscale and thinking about retiring!

and don’t let ill informed and old fashioned ideas about ageing put you off.

In truth it’s terrifying to think anyone might reach their 50s and feel they have nothing more to learn and will never do anything new with their brain / creativity / physical potential / whatever. Half your life still to live …

You don’t have to do a masters for career/earnings advancement. It is entirely reasonable to do it for personal satisfaction, as long as you can make the cost and time work for you.

I did one. I don’t think it particularly advanced my career (though I did it in my early 20s before my career got started, so it’s hard to say), but it was a brilliant experience that gave me so much knowledge, confidence, and a circle of aquaintances very different to my first degree.

I don’t dispute what you say - but you’re surely missing the point if you’re conflating postgrad study in your 20s with doing the same in your 50s, @OnceICaughtACold?

Thank you all. Some point to think about definitely.

I've been reflecting and I think my biggest concern is having to pay it back from pension income. I have a bit of a worry thing about pensions - in that whilst younger if I needed a bit of extra cash I'd take an extra job, but obviously that's not so easy particularly when you're in later retirement, and I dread being in the position of heating or eating. If I keep doing what I'm doing now it would be paid off with no worries, but if for some reason I have to drop my hours or take a less demanding job, it would just be mounting up interest.

Perhaps I need pension advice to reassure me! Or perhaps doing a Masters would make me more employable, for short term contracts if I did need to...? Hmm lots to ponder! Thank you all for your thoughts.