Is Phased Retirement for You?

In my book, Retirement: The Ultimate Life Journey, I write, for many people retirement signifies a permanent withdrawal from their job. For some, it’s leaving a job they dislike, dropping out of the rat race and turning their back on the pressures of employment.

For others, it’s a time to pursue hobbies, travel, or simply enjoy leisure. This means no work of any kind! No part-time or free-lance work.

Semi-Retirement

For some, retirement is stepping down from their previous role at their place of employment and becoming a consultant or changing careers completely to do something they may feel more fun or meaningful. For myself, I became a professor at a community college teaching human resources, my area of expertise. This type of retirement (known as semi-retirement) is a great way to supplement one’s income while also remaining active.

Temporary Retirement

Then there are those who take temporary retirement. This combines the benefits of both traditional retirement and semi-retirement. It’s characterized by working one career for a period, retiring from that career for months or years, and then returning to the workforce. Temporary retirement offers the flexibility to change careers, explore interests, or pick up where you left off.

Here is an example. Louise is a secretary at an elementary school. Every third year after her 50th birthday, Louise takes a six-to-nine-month sabbatical during which she travels, volunteers and takes field trips with her camera club. Louise spends time honing her photography skills with the idea of becoming a professional photographer when she fully retires.
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In your quest for a successful retirement, whether you select full retirement or some other alternative, you need to recognize its challenges and opportunities. This means having a realization that retirement is much more than money and that planning for our non-monetary needs is important. We need to plan what we’ll do with our time, how best to maintain or improve our health, and how we’ll develop new social circles outside of work.

The importance of these things and more – a holistic approach- has become as vital as the financial issues for one simple reason: We’re living longer!

For assistance in building a well-rounded, holistic, happy, and stimulating retirement, read Retirement: The Ultimate Life Journey. It’s a navigational guide for life after work. Available in print and e-book formats.

Rick Atkinson, (a.k.a. Mister Retirement), B. Com, MBA, CHRP, CMC, FDFS.