Is Semi-Retirement For You?
These days, it can be hard to tell what is the best decision to make about retirement. If you retire too early, you don’t get to draw on your full Social Security benefits. But if you continue full-time work for years longer, you may miss out on some of the major advantages to retirement, while you still have the energy to enjoy them. Many people are realizing that semi-retirement is the answer, and preparing for it.
What should I do?
If you are approaching retirement age, you have already thought at length about what you want to do when you retire. It might include vacations for sightseeing and visiting friends and family, or hobbies you don’t have time for right now. But how will you fill your time otherwise? If you enjoy your current job, you may like performing the same functions as a consultant, or on a part-time basis. You may even be able to retain your health benefits this way. Otherwise, look at your hobbies. There are a lot of options for small businesses out there, and perhaps your skills would make you some extra money.
How do I prepare for semi-retirement?
The key is to start early, before you retire. Now is the time to decide what you want to do. If you need training for new opportunities, look into classes and certifications while you are not yet on a fixed income. Talk to your professional friends and colleagues about connections they may have in the industry where you are hoping to start a business. And if you need money to start, get saving right away.
Retirement doesn’t have to be tiring. It can actually be the most invigorating experience of your life. If you choose semi-retirement, you will enjoy freedom but also security.