Retirement Options
I was recently talking about retirement life design with someone in their early 40s, and was fascinated to learn they have a totally different approach to retirement than I did at that age. They are not waiting for some future date to step away from work, but intentionally weaving short, periodic “retirements” into their career path, and managing their current lifestyle choices to support their plan.
If you’re mid-career today, you work in a world that accepts and often values sabbaticals, careers shifts and career breaks. That can create a fundamentally different vision of retirement than the perspective of an older generation who did not work in that type of environment.
But even if the sabbatical approach scenario above isn’t possible for you, you do have choices in how to think about, plan for and enjoy a post-career phase of life that is stimulating and supportive.
Traditional Retirement - stopping work of any kind entirely when you reach a certain age and moving into a life more focussed on leisure and activities of personal interest.
Semi-Retirement - continuing to work in some way, usually part-time, either in the same career or engaged in something new that is meaningful to you.
Temporary Retirement - a blend of traditional and semi-retirements characterized by leaving your primary career for some period of time and then returning to the workforce.
Phased Retirement / Flextirement - a type of company benefit that can create more seamless transitions for both employees and employers. Employees work part-time while easing into a new pace of life, which allows employers to bridge knowledge gaps, succession plan, and avoid potential operational disruptions.
If you’re a pre-retiree (no matter whether you are years or months away from that event), take some time to think about what kind of retirement you’d like. Talk with your employer (if possible) and financial team to understand your options and build a plan that benefits your vision for life now and in the future.
If you’re already retired, consider if the lifestyle you’re living is still working for you or if you’d like to shift. Conversations with your family, financial advisor and maybe a coach could help you adjust to something more interesting and comfortable.
The concept of retirement is being redefined. Our perception and mindset is changing. The length of time in this stage of life could be 20+ years. Today it’s less about stopping and more about shifting to contributions and activities that are fulfilling. A longer, healthier post-career life is full of potential and it demands some thoughtful planning.
What new paths are you curious about exploring?
How will you reframe retirement to embrace its possibilities…shifting from “pushed into retirement” to “pulled into retirement”, from “I have to retire” to “I get to retire”?
How will you devise a plan to support a healthy transition?