“Trying Out” Retirement: Is It for You?

Many boomers are exploring ways to “try out” or ease into retirement before fully leaving the workforce, a trend often driven by a mix of financial necessity, fear of losing purpose, and the desire to balance freedom with continued income.  Rather than a hard stop at age 65 (the normal retirement age in Canada), many are opting for “phased retirement” which involves reducing hours, switching to part-time, taking sabbaticals, or pursuing “mini-retirements” to test their readiness.

Why are boomers “Testing” retirement?

  • Financial security concerns. Over 58% of boomers suffer from financial stress. Testing retirement with a part-time job helps gauge their affordability.
  • Fear of losing purpose. Transitioning to retirement often means leaving social connections and identity. “Testing” helps determine how they will spend their time and re-define themselves.
  • “Unretiring”. 13.2% of retirees re-enter the workforce.
  • Workplace flexibility: Over 35% of boomers expect to work during their retirement, often seeking flexibility rather than a full exit.

How They Are Trying It

  • Phased Retirement: Gradually reducing work hours over several years.
  • Consulting/Contracting: Moving from a full-time role to consulting to keep a foot in the door.
  • Mini-Retirements: Taking extended, uppaid leaves of absence to travel or pursue hobbies.
  • Changing Roles: Shifting to less demanding, part-time, or more fulfilling roles.

While some are testing it, others are forced to work longer, with roughly 20% of pre-retirees 65 and older still employed, nearly double the share from 35 years ago.

In my book, Retirement: The Ultimate Life Journey, I write about alternatives to full retirement.  I provide true-stories and examples of actions taken, including when retirees are forced into retirement due to health or layoffs.  See: Chapter 1: Your retirement, Your dream!

If you are around or between the ages of 45 to 65, it’s time to explore your future as a retired person. In your quest for a successful retirement, whether you select full retirement or some other alternative, you need to recognize its changing image.

For information about workshops, webinars and/or personal coaching, contact Rick: www.whencaniretire.ca or write: ramgt75@rogers.com