STEM Career Guide

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If you’re unsatisfied with your current career, changing to a career in STEM — which stands for science, technology, engineering and math — might be a solid option.

Employment in STEM occupations has grown 79 percent since 1990, from 9.7 million to 17.3 million and has outpaced overall U.S. job growth. The thirst for STEM workers hasn’t subsided, either. The demand for STEM professionals creates a huge need for new entrants into the STEM workforce.

Transitioning to a STEM career can come with financial barriers, but it can be worth the initial investment in the long run. Personal loans, grants and other sources of funding can mitigate career-change expenses.

Interested in opting for a STEM career instead of your current nine-to-five? We’ll help you understand the financial benefits, obstacles and how to get around any barriers to your STEM-related future.

Why you should consider changing your career

There are several reasons you might change to a STEM career, and they include high salary potential, job satisfaction, positive impact on society and job flexibility.

High salaries

STEM jobs pay out about 70 percent more than the national average, says StratoStar, an education company. More specifically, data from Pew Research Center states that the typical full-time, year-round STEM worker earns $54,745 and a similarly educated non-STEM worker earns $40,505, or 26 percent less.

Though not an exhaustive list, here are the different STEM sectors and possible opportunities within those sectors:

Science: Physics, chemistry, life sciences, geoscience, astronomy, social sciences, environmental studies and biology.

Technology: Information technology, programming, web development, software development, IT architecture, database administration and security and systems analysis.

Engineering: Mechanical, chemical, civil, electrical, management and geotechnical engineer (and hundreds of subcategories as well).

Math: Applied and theoretical mathematics, statistics, calculus, finance and probability.

Growing field

STEM careers are some of the fastest growing, most in-demand career categories, partially because of technology’s constant evolution.

There’s high demand for diverse, talented individuals to seek careers in these well-paid, future-shaping STEM fields. “By far, the greatest labor shortages of women and minorities will be in information and communication technologies,” says Dani Gehm, who works for ChickTech, which engages women and girls of all ages in the technology industry.

STEM unemployment rate is low, and according to the U.S. Bureau of Statistics, STEM jobs are expected to grow almost twice as much as other jobs, at 21.4 percent. In addition, 80 percent of jobs will require technical skills within the next decade.

Job satisfaction

A Pew survey indicated that 66 percent of those working in a STEM profession or teaching felt their job gave them an identity. Only 43 percent of those working in manual or physical occupations and 37 percent of those working in retail or service jobs said the same.

Impact on society

STEM extends beyond petri dishes and coding on a computer. It includes food production, manufacturing and more than meets the initial eye. Its impact on society and current gaps in U.S. STEM jobs are two reasons why many schools so heavily push STEM education. In total, the Department of Education committed $279 million in STEM discretionary grant funds in 2018.

“You can make a material difference in humanity’s quest to increase our knowledge of the universe,” says Jason Gibson, an electrical engineer who worked for NASA then started an online tutoring company helping students in the STEM field. “Whether you work in a factory, a chemical plant, design computer chips or launch rockets, people who go into STEM fields in a tangible way increase the sum total knowledge of our species on this planet.”

Flexibility

Only 18 percent of Americans believe careers in STEM have more flexibility for balancing work and family compared to jobs in other industries, according to Pew.

From virtual physics teacher to technology marketing manager, there are more flexible STEM careers available than you might think. For example, many registered nurses such as case managers or hotline nurses (who answer patients’ questions over the phone) can telecommute.

Here are a few other ideas of flexible STEM sectors and/or jobs:

• Software development

• Some engineering careers

• Medical science liaison

• Technical support representative

Affording your career change

Once you’ve decided to make the leap to a new STEM career, figure out whether your new career will require you to go back to school. If so, can you get the degree online? Or will it require attaining an online certification?

Do your research

Research the salary potential and years of school needed for your anticipated career. This will help you with a financial budget and plan.

Any initial investment could be offset by your high-paying career down the road.

However, the costs depend on what stage of your career you’re in and what degrees you’re going after. Do the math to make sure the cost of an educational program or degree will be recouped in the increased salary you’ll earn.

Always look for any grants or scholarships you can find. Grants and scholarships are free money that you don’t have to pay back for college or career school. Grants are often need-based, while scholarships are usually merit-based. Grants and scholarships can come from the federal government, your state government, the college or career school you’re considering or an organization.

You can also consider getting a student loan. Direct Subsidized and Unsubsidized loans are great options because interest rates are lower than private loans you could get from a student loan lender.

Finally, visit the schools you’re considering and ask for a full breakdown of all of your potential costs, from tuition to transportation to technology costs and more.

Online learning/certifications for specific skills

Not sure you want to fully go back to school or want to prepare before you do? Many classes and certifications are offered online. You can find both free and fee-based programs to advance your career and knowledge base.

You can find course materials, videos and lecture series through the following free and low-cost programs, some at highly-ranked colleges and universities.

You’ll need a blend of technical and professional skills to make a STEM career switch. In addition to training programs offered from colleges, universities, certificate programs, coding academies and more, take advantage of tech-focused meet-up groups and workshops. Networking is just as important as technical skills and can lead to a job, according to the National Center for Biotechnology Information.

Creating a new 529 or using leftover funds

A 529 plan is a tax-advantaged investment vehicle that encourages savings for future qualified higher education expenses such as tuition, fees, books, computers, computer software and other supplies and equipment. The advantage of a 529 plan is that while it’s not tax deductible at the federal level, it may be tax deductible at the state level or you may qualify for a tax credit. Check into your state-sponsored 529 plan.

You may still have money left over in a 529 plan if your child didn’t use it all or if he or she didn’t go to college. You can change the beneficiary to yourself by completing a form found on the plan’s website. Note that the beneficiary cannot be changed to a parent if the 529 plan is a custodial 529 plan.

You can also start a new 529 plan for yourself even though you may not have as much time on your side to build savings as you might have with a child’s account.

Grants and funding for going back to school

Don’t forget to see what educational opportunities your company currently offers — your company may pay for you to go back to school part-time. Visit your current company’s human resources office for more details on the particular back-to-school tuition reimbursement program your company offers.

Once you’ve done that, check out federal opportunities for STEM students based on various STEM sectors.

Minority and female resources

There are fewer females in traditionally white male-dominated STEM fields. The National Science Foundation reported that women’s lowest degree shares are in computer sciences and engineering (S&E).

When it comes to occupations, female and underrepresented minority scientists and engineers were more likely than their male counterparts to work in a non-S&E occupation.

Despite these numbers, female and minority numbers in STEM careers continues to increase each year. In addition to searching for grants and scholarships, it’s important to seek out women or minority mentors already in the STEM industry who can provide guidance on entering a STEM career.

Scholarship and grant opportunities for women include:

BHW Scholarship

Society of Women Engineers Scholarships

Women Techmakers Scholar Program

National Physical Science Consortium’s Fellowships in the Physical Sciences

Women in Engineering and Computer and Information Science Awards

Regent’s Healthcare Scholarship for Medicine and Dentistry

Scholarship and grant opportunities for minorities include:

National Action Council for Minorities in Engineering

Xerox Technical Minority Program

Ford Foundation’s Pre-doctoral Fellowship for Minorities

National Black Nurses Association

National Physical Science Consortium’s Fellowships in the Physical Sciences

Regent’s Healthcare Scholarship for Medicine and Dentistry

Other ways to pay

If you can’t get the assistance or funding you need to go back to school, there are a few other possibilities. Look into the benefits of a personal loan over student loans. Personal loans can be used for any purpose and have less stringent requirements than student loans. You also won’t need to verify that you’re enrolled in college when you apply for a personal loan.

Consider a side hustle or an extra job while you’re going to school — or don’t quit your day job so you can pay for your education. Being a part-time student can be a great way to pay the bills.

 

Alzheimers Financial Guide

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You or a loved one may have just received an Alzheimer’s or dementia diagnosis, and while you may ride waves of shock and sadness, your thoughts may also turn to how you’ll take care of your loved ones (and yourself) financially.

Americans living with Alzheimer’s currently number 5.8 million. One in three seniors dies with Alzheimer’s or another form of dementia, according to the Alzheimer’s Association.

“That number is expected to increase as the population age 65 and older increases. By 2050, nearly 14 million Americans will be living with the disease unless treatments are advanced,” says Ruth Drew, director of information and support services for the Alzheimer’s Association.

Medicare provides limited assistance with costs for families of Alzheimer’s and dementia patients. Medicare benefits are for medical needs and some of the care for Alzheimer’s or dementia is non-medical in nature.

“The reality is that very few people are prepared for the cost of caring for someone living with Alzheimer’s. Many believe health insurance or Medicare will cover costs, but the costs of caring for someone living with Alzheimer’s often extends well beyond these coverages,” says Drew.

Most costs fall on your own shoulders — or those of your family members. As soon as you’re diagnosed, it’s a good idea to get a plan in place because you (or your diagnosed loved one) might not always be able to make sound decisions. 

Costs you may face with the diagnosis

There are several types of costs you’ll face with an Alzheimer’s/dementia diagnosis. Remember, these are progressive diseases and your needs will change over time. Insurance may or may not cover these costs, so it’s important to know your options.

Long-term care or caregiver costs

Long-term care services can involve home-based and/or community-based services, assisted living and nursing home care. The Genworth Cost of Care Survey 2018 totaled the following costs:

• Non-medical home health aide: $22 per hour and $132 per day

• Adult day services: $72 per day

• Assisted living facilities: $4,000 per month or $48,000 per year

• Private room in a nursing home: $275 per day or $100,375 per year

• Semi-private room in a nursing home: $245 per day or $89,297 per year

Legal fees

It’s a good idea to attack the legal angle as soon as possible, too. Consult with an elder law attorney or estate planning attorney as soon as possible to discuss a power of attorney, power of attorney for health care, a living will and/or guardianship. 

Power of attorney

A power of attorney gives an agent  — the person you designate — the legal authority to act on your behalf if you do not want to or are unable to take care of certain things for yourself. 

“If the person already has advanced dementia when first diagnosed, he probably would not have the capacity to create a valid power of attorney,” says Margaret “Pegi” Price, J.D., professor at National University and the author of the book, “The Special Needs Child and Divorce: A Practical Guide to Evaluating and Handling Cases.”

Price says that you should get a letter from your doctor that states that you are of sound mind, can make good decisions and can handle your finances at that time. “He should get this letter at the same time as he prepares the durable power of attorney in case someone later questions the validity of the power of attorney,” she says.

Cost: $200 to $500, depending on the complexity of the document and where the person lives.

Power of attorney for health care 

A power of attorney for health care allows someone to make medical decisions for you. You must sign a medical records release so that the agent is allowed to look at your medical records when making decisions, according to Price.

“The healthcare POA needs to be durable, or it will be useless when the person needs it,” says Price. “It is always a good idea to execute several originals of this type of POA, and have one in your medical chart with your primary care doctor, one with the dementia specialist, one in the long-term care or memory care facility and one with the agent named in the POA.”

Cost: $200 to $500, depending on the complexity of the document and where you live.

Living will/standard will

“A living will does the same thing as a medical power of attorney, except that a living will usually only controls end-of-life decisions, or the last days of a person’s life,” says Price. 

You might need someone to handle your health care decisions but a living will cannot do that. The health care POA can include authority to make end-of-life decisions in addition to ongoing medical care before you die.

“If the person with dementia is in an advanced stage of the disease and does not have legal capacity, he cannot create a valid living will or standard will, which distributes a person’s assets after his death,” Price says.

Cost: $200 to several times that amount, depending on the complexity of the document(s) and where you live.

Guardianship/conservatorship 

Sometimes, a diagnosis doesn’t happen until well after an individual has advanced progression of Alzheimer’s or dementia. Guardianship, also called conservatorship, gives decision-making authority to someone else. It’s the only option if the person with dementia is not of sound mind. 

Cost: $1,500 on the low end to several thousand dollars or more for the lawyer filing the guardianship, several hundred dollars in court costs and a couple thousand dollars or more if the court appoints a lawyer to act on behalf of the allegedly impaired person.

Prescription medication

Drugs to treat Alzheimer’s disease average about $177 to more than $400 per month according to Consumer Reports. There are three drugs approved by the Food and Drug Administration to treat mild-to-moderate Alzheimer’s currently on the market. 

Personal care

Personal care services involve help with personal hygiene or other personal care. Costs vary, depending on the type of care involved.

The average rate for unskilled home-care assistance is $21 an hour. Medicare generally doesn’t help cover the unskilled care most Alzheimer’s patients need, like bathing, dressing and administering medications.

Memory care

Memory care units are specifically designed for Alzheimer’s patients. For example, a memory care facility is often set up in a circular layout because individuals with dementia sometimes feel anxiety when they encounter a dissimilar area. They offer more safety, security and relaxation than a regular care facility. It can cost $5,400 per month to reside in a memory care unit or approximately $64,800 per year, according to Dementia Care Central.

In-home care

There are a variety of types of in-home care you can pursue, whether you opt for companion care or skilled nursing care. Besides personal care services, in-home services could include:

• Companion services: Companion services are a non-medical option that offers supervision, recreational activities and/or visits for those with Alzheimer’s or dementia. Cost: Varies, depending on the type of care needed.

• Homemaker services: These services help with cleaning a home, shopping or meal preparation. Cost: $72 per day.

• Skilled care: This is an option that involves a licensed medical professional. Typically, skilled care nurses injections, physical therapy and other medical needs by a licensed health professional. Cost: $132 per day.

Out-of-home care

Eventually, it may not be possible to live at home or do in-home care due to safety or family members’ inability to care for you. Specific options include the following:

• Retirement home: In the early stages of Alzheimer’s or dementia, a retirement home could be a good fit, particularly because you’ll be able to care for yourself independently. Cost: Between

  $1,500 and $10,000 per month.

• Assisted living: Assisted living is a good option as you become less able to take care of yourself independently. You’ll receive help with meals, basic needs and health care. Cost: $4,000 per month or $48,000 per year. 

• Nursing home: You’ll get 24/7 medical care. Specific nursing homes could offer care specifically for Alzheimer’s and dementia. Be sure you’re choosing the right type of facility. Cost: $275 per day or $100,375 per year for a private room; $245 per day or $89,297 per year for a semi-private room.

• Specialized care unit: Specialized care units put people with Alzheimer’s and dementia together in a unit within a large residential facility. Cost:

  $233 per day, or $85,045 per year.

• Care retirement communities: These types of communities include all of the different levels of needs (retirement, assisted living, nursing home) all together and residents are able to move back and forth. Cost: Upfront fee of $10,000 up to $500,000. You’ll also pay a monthly maintenance fee of roughly $200 to more than $2,000.

Paying for the costs

Use Genworth’s state-by-state guide to calculate the cost of in-home vs. out-of-home care in your state. 

Once you know the true costs of paying for the type of care you’d like, here are a few financial resources you can consider:

Personal savings and assets

Now is the time to total up your savings and assets and see how it can fit into the plan of how you’ll pay for your care. Consider any money you might have in the following types of accounts: 

• Savings accounts

• Checking accounts

• Certificates of deposit (CDs)

• Money market funds

• Treasury bills and notes

• Stock and bond funds 

It might also be time to consider how you’d like to handle your real estate assets. Do you have a rental property or properties that you’ve used as a source of passive income? If you believe you need to move into a retirement community.

Personal loan

You can also look for a personal loan that has a low APR and interest rate as a back-up plan in case your personal assets can’t cover everything. A personal loan is an unsecured loan, which means it doesn’t require collateral to back it — in other words, you won’t have to give your lender your home or other assets if you fail to pay back your loan. Another benefit to using a personal loan is that if you have a high credit score, you could receive a low-interest loan in as little as 24 to 48 hours.

Retirement benefits

Whether you’re retired or aren’t quite there yet, you could consider taking distributions from an IRA if you have one. Two major types of IRAs are Traditional and Roth IRAs.

Distributions from Traditional IRAs prior to age 59½ are subject to a 10 percent penalty. On the other hand, you can take qualified distributions from a Roth IRA as long as you’re 59½ without penalty. However, you’ll be penalized for withdrawal of any investment earnings before 59½ unless you have a qualifying reason. Paying for medical expenses (including Alzheimer’s and dementia care) does count, as long as they’re greater than 10 percent of your adjusted gross income.

Look into withdrawing from employee-funded retirement plans, such as a 401(k), 403(b) and Keogh as well.

Insurance and government insurance programs

You might find that you qualify for government insurance programs. 

Medicare or supplemental policies

Medicare is a federal health insurance program for people who are 65 or older and who receive Social Security retirement benefits. You may also be able to receive Medicare if you are younger than 65 and have received Social Security disability benefits for at least 24 months. 

• You can qualify for inpatient hospital care, doctors’ fees and prescription drug coverage through Medicare.

• You may qualify for up to 100 days of nursing home care in some circumstances, though Medicare will not cover long-term care.

• Hospice care can be covered for end-of-life care.

Disability insurance 

You might have disability insurance from an employer-paid plan or personal policy. Long-term disability sometimes takes time to process, even up to 90 days and sometimes longer. Some policies pay benefits for the rest of your life, although this varies by policy and by the insurer. Your best bet is to contact your employer-sponsored plan or the disability insurance you’ve paid for on your own.

Group employee plan or retiree medical coverage

A separate group employee plan or retiree medical coverage collaborates with Medicare and also helps pay deductibles, co-payments and out-of-pocket medical expenses not covered by Medicare. Check to see what you’re eligible for if you belong to a group employee pan or another type of retiree medical coverage.

Life insurance and long-term care insurance

Life insurance pays out a sum of money either on the death of the insured person or after a set period. Long-term care insurance helps with the costs of long-term care, such as nursing home care. It is not provided by Medicare, which is an important factor in the decision to purchase it. 

Unfortunately, life insurance and long-term care insurance are not usually available for purchase after symptoms of Alzheimer’s appear, but if you had a policy prior to being diagnosed, now is the time to call your insurance company to find out how both can help you. 

Government help

In 2019, Medicare and Medicaid are expected to cover $195 billion, or 67 percent of the total health care and long-term care payments for people living with dementia. 

“While these programs offer vital support to individuals living with Alzheimer’s, out-of-pocket expenditures for families are expected to reach $63 billion this year, not including an additional $234 billion for unpaid family caregiving,” says Drew.

Other potential avenues for governmental help include Social Security Disability Income (SSDI) for workers under age 65, Supplemental Security Income (SSI), VA benefits for current and former military personnel and tax deductions and credits, such as the Household and Dependent Care Credit. 

Understanding and accessing these resources can be challenging. Consider consulting with an elder care attorney or contacting your local Area Agency on Aging (AAA) for help.

Veterans’ benefits

Servicemembers eligible for a VA pension and who require the aid and attendance of another person or are housebound may be eligible for additional monetary payment through Aid and Attendance and Housebound allowances. You can apply through the VA website.

Additional resources

The most common concern regarding financial resources is often how to pay for long-term care. Some legal aid societies can help. Often, the social services department at some large care facilities can give your family resources available in the area. Also consider community support, including low- or no-cost support services, respite care, support groups, transportation and meal delivery.

Many states offer financial assistance for persons with Alzheimer’s and dementia, which is paid for by the state’s general fund. Some of these programs are specifically for dementia (and require a formal diagnosis) and others are simply intended for individuals with age-related care needs, according to Drew. California, Delaware, Kentucky and West Virginia have programs for adult day care. Wisconsin, Vermont and Oregon have programs that pay for in-home dementia care.

Many of these programs are funded through the Older Americans Act. The programs receive a limited amount of funding and are only able to help a smaller percentage of individuals, and waiting lists are common. To find out about programs in your area, contact the local Area Agency on Aging (AAA).