Retirement is the ultimate financial goal for many workers. You finally get to take back control of your schedule and live life on your terms. No more getting up for work at a certain time, or limiting yourself to a few weeks of time off, or battling the daily commute. You’re finally free from the rat race.
But what if the idea of being free isn’t appealing to you? After all, maybe you’re still as sharp and energetic as ever. You don’t want to stay in your current role, but you’re not ready to be home all day or spend your time golfing or fishing.
Or what if you’re close to being financially ready, but you’re not sure you’re completely prepared? Maybe you’d like to leave your current employer or job, but you still want some income. What are your options?
There’s nothing saying that retirement means you can’t continue to be productive. It’s simply a change in lifestyle. You get to define what your own retirement looks like. Below are a few alternatives for how to structure your retirement if you’re not ready to leave work completely. Consider these alternatives as you plan your golden years.
Consider a phased retirement.
Maybe you want to retire from your current role, but you don’t necessarily want to leave your company. And maybe your employer values your knowledge and experience and isn’t ready to lose you.
Who says you have to make a clean break? Instead, talk to your employer about a phased retirement. That’s when you retire gradually over several years rather than all at once. You shift down in responsibilities and time commitment while still contributing your skills and knowledge.
Your company may want you to serve as a consultant or as a trainer for new employees. You may be able to create your own role. Obviously, this solution varies by industry and company. However, the only way to know whether it’s an option is to ask. Talk to your employer about a phased retirement.
Work for a nonprofit.
Many nonprofits are desperate for staff and workers who can bring decades of experience and knowledge. Whether you sit on a board, work in an administrative function or simply volunteer, helping a nonprofit gives you the chance to give back and fill your time in a productive way.
Think about causes that are important to you, and then look for nonprofits in your area. It’s as simple as calling their office, telling them about yourself and asking how you can help. Most will be thrilled to take your call.
Start your next venture.
What’s that dream business that’s always been on your mind? Or what is a special skill or passion that you have and may be able to share with the world? Retirement is a great time to launch a new business so you can actually work doing what you love.
You don’t have to start something with ambitions of being a business giant. It could be as simple as teaching piano lessons to local kids, or helping area residents set up their first spice garden.
Think about your skills, talents and interests. Then think of ways to use those skills to generate revenue. If you’re interested enough in something and have enough knowledge, it’s likely there’s a viable way to make money from it.
Not sure how you want to proceed into retirement? Let’s discuss it. Contact us at Foote Financial Group in Manhattan, Kansas. We love helping our clients design the retirement that’s right for them. Let’s connect soon.
This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation. By providing your information, you give consent to be contacted about the possible sale of an insurance or annuity product. This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.
15945 - 2016/8/3