Episode 66 – Is Semi-Retirement Right For You?

Is semi-retirement right for you? We’ve all heard the stories of those who retire at a young age and never have to work again. But what about the rest of us? How do we decide what kind of retirement plan is the best plan for our future?

In this episode, we’ll be talking about how to get started on your own semi-retirement plan. We’ll talk about what it means, what it takes, and how to make sure that you don’t end up regretting your decision.

Show Notes:

Hey there. Welcome back. Let’s talk, jumping all into retirement versus sticking your toe in and trying it out a little bit at a time. Why are we talking about this today? I’ve seen the pure joy of people retiring a hundred percent all in and loving it. They tell me it was the best decision ever.

Then I’ve seen the other side where someone does retire a hundred percent and decided that they really should have chosen to work part-time or moved to contract work. They just were not happy having a hundred percent retirement time on their hands. And I saw them, I’m thinking of a few people, it was lost anxiety, stress, just really questioning the decision.

I’m trying to see if I can track indicators or predetermine where people fall into each category. I don’t think I’m accurate. No, I know I’m not accurate at being able to answer this and come up with the best decision for people. I’ve yet to master this. Once we’ve done all the math and retirement needs are financially reviewed and mapped out, it is a personal journey that only you as an individual can figure.

I haven’t mastered it yet. I don’t know which way people should go, but at the end of this, I will tell you what I think.  But there are a few things that I can ask that we can talk about. And I’ll share a few strategies today that might help avoid that retirement shock. One of those things is what about an extended vacation or sabbatical first before retiring?

That means putting focus and thought into seeing if your days are content without ever having some work activities or work peer socializing. Do you get enough socializing purpose through your days, that time off? And a long time off, like maybe you can do one, two months. Maybe the sabbatical can be six months testing that out before you actually put in for a hundred percent retirement.

I also suggest practice living on the retirement income amount that you have planned and budgeted before you actually stop working. I love the idea of a trial run for about three months to get used to the idea and spending habits using retirement income amount. This can help you make a decision if you wanna continue doing some contract work because of the extra side income, some extra play money and feeling more confident, adding a bit of work and.

The truth is no matter how long you’ve been counting down the daily grind and wanting retirement, some people are surprised by the feeling of a major life change that has added stress and anxiety. So a few things, this is your takeaway, a few things, a few tips for you- if you’re getting close and you’re not sure where you are in that group, the hundred percent excited, elated have a strong retirement life, or that geez should have, could have, or see myself wanting to do semi-retirement first.

Embrace and accept that this is a change in your life and it’ll bring on some different emotions, either good or bad. There’s no right or wrong way to retire. Just your way. If there’s a feeling of apprehension, then consider just dipping your toes in trying the part-time or contract work, reduce your hours and try that. Semi-retire. 

Second- seek social support by building up your social network, stay connected and purposely reach out to your friends and keep your social ties strong. Your community of friends and family are indicators of happiness in retirement. 

Third-stay active and healthy. Look after your health, move, eat right. And challenge your brain, make it a structured part of your retirement plan. Challenging your brain could mean volunteering at something where you still have some great purpose and passion, and you can use your skill set making it structured. Don’t forget that. And walking, swimming, biking, anything, any activity that gets you moving.

I personally love the idea of gradual retirement. If possible, I would love if we all had these amazing employers where you had a career that allowed you to start to do that transition and they supported you. I know that’s not a hundred percent reality, but gradual retirement will help take out that stress and anxiety, the idea of cutting back hours and days while still having some purpose. It gives time to build up that social connection and to build up the activities to stay busy.

That’s it, send me a note [email protected]. And if you have any questions, reach out. 

Thanks. Talk soon.