Taking early retirement is easier said than done and needs careful planning. A typical semi-retirement or working retirement plan involves:
determining of the length of semi-retirement,
accumulating savings to fund mandatory and discretionary spending during semi-retirement,
budgeting for expenses and spending during the time off; and,
developing a back up plan if ventures do not succeed
Once the savings target is reached and before the resignation letter is tendered, semi-retirement activities should be planned out carefully to ensure that the temporary time off from work is well spent, efforts are worthwhile and goals are achieved.
Spending Time With Family
The best time spent by most people is probably with their parents, spouses, children and pets. Although the time is not necessary career building, it is likely one of the main reasons for a semi-retirement. Do not overlook the importance of the opportunity to spend quality time with family during this period of extended time off with no work stress, particularly for those with aging parents. Regular family dinners, weekend road trips or even weekly grocery shopping can be time well spent with the family.
Volunteering and Networking
The extended time off offers an excellent opportunity to engage in activities of causes and interests via volunteering. Whether it is serving on the board, organizing fund raising activities, or coordinating pet adoptions at a local animal shelter, volunteering provides an opportunity to learn about different organizations, to network with potential employers or business associates, and to acquire new skills.
Returning to School
Going back to school may be a necessary step for those who are contemplating a career change requiring technical training. However, returning to school requires careful financial and admission planning. Many schools require application up to a year in advance with admission essays, prerequisite testing, and a portfolio of accomplishments. However, if planned properly, returning to school during semi-retirement allows full-time participation in school work (and school life) and a normal programme completion time line.
Contracting or Working Part-Time
Taking on contract work or a part-time job provides a continuation of income, flexibility of work hours, networking opportunities, and most importantly, opportunities to stay current on technical knowledge. Of course, the earnings also make financing vacation trips here and there a little easier and help continue to contribute to the real retirement fund.
Writing & Publishing Articles
Writing helps organizing thoughts and goals while publishing articles on work expertise helps building a portfolio of published work for the next career or business endeavour. A list of published articles in addition to the resume can demonstrate to the interviewer or potential business partner a passion in the topic area.
A Rewarding Semi-Retirement or Early Retirement Experience
Taking early or semi-retirement has become more and more popular, from the U.K. to North America. Whether the goal is to take a break from work to spend time with family, to allow oneself an extended sabbatical to travel, or to explore a second career, a well planned semi-retirement or voluntary early retirement can be a rewarding experience. It provides an opportunity to rejuvenate and to reconsider and reassess one’s career choices for the rest of the working life until the real retirement.
Retirement Advice Changes with Time & Population
Seniors can expect to make changes in retirement plans as life spans increase and the exploding elderly population attempts to navigate proposed healthcare reforms. Baby boomers that were hoping to transition gracefully into the golden years of old age may not have enough financial savings to meet expenses. Predictably, savings from retirement plans will need to last twenty-five to thirty years, or longer.
Secure Retirement Planning
Employee retirement savings plans, Social Security benefits, lifestyle, and a number of other factors can influence retirement planning. The Bloomberg website offers an online retirement planner on their Personal Finance page and gives detailed information on what it takes to work toward a secure retirement. A retirement calculator is provided on the same page.
Seniors traditionally retire at age 65, but instead of indulging in leisure activities many of today’s retirees will move on to other employment. Income status doesn’t always dictate who works and who does not. Some seniors are forced to return to the workplace so that they can survive and make ends meet. Other retirees – particularly those who retire early – decide that too much free time is not healthy and return to work for the stimulation.
Advice for Retiring Includes Retirement Wishes, Spouse, and Finances
The decision to retire involves more than money. A good retirement plan factors in age, family history (life expectancy and health issues), current health conditions, retirement wishes, consideration for a spouse, changes in lifestyle, Social Security benefits, current mortgage and debts, and more.
Retirement advice can come from professional sources such as a physician or personal financial planner, or it can come from the guy next door who retired a few years ago. Advice can come from a spouse, best friend, or retirement group. Retirement agencies such as the American Association of Retired Persons (AARP), and the AARP Foundation, provide sensible advice and information to seniors ready to retire or who may be thinking of retiring.
What’s the soundest advice? Give early attention to retirement planning and investing, and develop a thoroughly researched retirement plan.
There are preparations one can make for retirement that may be considered advice:
Have a backup plan before retiring. Consider working part time; it might be more satisfying than not working at all.
Check out volunteer jobs if money isn’t going to be an issue after retiring.
Take classes while still employed and learn something new – something that may occupy spare time or be of use in a second job after retirement.
Stay abreast of senior advocacy programs, political decisions that affect seniors, and healthcare reforms. Lend an active voice or hand to get the healthcare benefits retirees and older persons need and deserve.
Successful retirement demands careful planning. Financial security is probably the most influential factor when deciding at what age one will retire, but mental and emotional needs are equally important and should be carefully evaluated before making a decision. Retirement advice can come from a variety of sources, both nonprofessional and professional. Solid financial planning is imperative to a long retirement that may last thirty years or longer. Implementing a carefully devised plan to stay active suggests a satisfying and productive retirement.
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