Going from full-time employment to retirement is a major transition, both personally and professionally. With modern life expectancies and new medical breakthroughs every year, statistically speaking, you may look forward to a longer retirement than any previous generation.
But with that extended retirement come some challenging questions: How much do I need to save for an extra 5-10 years of retirement? Will I get bored of early-bird specials and parcheesi every day for 25 or more years?
For many retirees, a planned career transition that extends the working years by some measure into the retirement period makes sense both personally and financially. After all, a job can be about so much more than the paycheck. Working as you transition to, or even during, retirement can provide fulfillment and allow you professional flexibility that suits your changing lifestyle.
Here are a few career transition options you might consider:
Transitioning from your full-time job to retirement may be as simple as paring down your role as a full-time employee and taking on certain responsibilities as a part-time one. If you appreciate the benefits at your current job or love your company’s mission, it may be worthwhile to explore what a part-time employment option might look like.
On the other hand, you may want to look at part-time employment in an entirely different field. If you’re eager to escape office life but want a steady paycheck that will keep you from dipping too far into your savings, look into part- or flex-time jobs in your community.
Have an old idea that refuses to let go? Maybe your retirement transitional period is the time to flex your entrepreneurial muscle and see what happens.
Whether your new time flexibility allows you to spend more time turning a beloved craft into a full-fledged artisan brand or you want to chronicle your retirement travels on a monetized blog, there are endless options for exploring entrepreneurship during your retirement. If you plan carefully, you may even be able to supplement some of your retirement income needs with income from your small business.
Many retired professionals find themselves facing retirement with not only too much time on their hands, but too much knowledge that simply has no outlet. If you want to put your years of industry knowledge to good use, you may consider consulting or coaching.
Business consultants have the ability to control their schedules by choosing which projects to take and how many they want to take on during a year. They can also command a decent hourly or per-project rate that can offset retirement expenses and help to support a robust retirement lifestyle. If you have already have people asking you for advice during your spare time or have unique skills to offer to the next generation, consulting might be a worthwhile career transition option.
When considering a career transition option, it’s important to look at the big picture: where do you see yourself in your retirement years? While an extra paycheck might be nice, if the idea of working during your retirement or postponing full-fledged retirement as you phase out of the career world makes you uneasy, then you may want to consider other ways to meet your retirement ideals.
As always, when piecing together the unique components of your retirement, it’s important to consult your financial advisor. They can provide insight to your retirement budget, feasibility of retirement dates, and ways to fill financial gaps in your retirement plan.