![]() I believed I’d made a real contribution to the communities and initiatives I worked with. And yet, many courageous people do just this.īack in 2014 I already thought I was the luckiest person in the working world. I had a thirty-year career as an oncology nurse and community health consultant. This is a good backup for retirees who want to experience full-time retirement, at least for a while.It’s a daunting proposition…nearing that ‘ magic age’ 50 to 55+ and trying to make the call if we’re ready to jump into a new career as an independent Health Writer, especially knowing the tremendous work ahead to become a powerful storyteller. The pay rate might be low, but if that’s not a priority to you maybe this is just what the doctor ordered. Also, many employers have been slow to adapt their policies to a post-retirement age labor force. You’re probably not going to get close to that hourly rate taking a part-time job outside of your profession.ĭisadvantages: Some full-time positions, such as supervising other staffers, may not be adaptable to reduced hours. ![]() If you’re drawing down a salary of, say $100,000, that’s about $50 an hour. As the Boomer generation reaches retirement age, Human Resources managers and the companies they represent are beginning to consider new strategies to retain high-value staffers nearing retirement age.Īdvantages: You may be able to retain the per-hour rate that you spent your career building up to. If you love your job and your employer highly values your skills and experience, you may be able to negotiate a reduction in hours from 40/week down to 30 or 20. ![]() What could semi-retirement look like for you? You might also opt to increase the dollar value of your future Social Security benefit by waiting a few more years before you start drawing on it. The income from a few years of limited employment might enable you to delay taking much from your savings-letting it grow some more in the meantime. Semi-retirement-under your own terms-could also provide a significant boost to your retirement financial plan. But in between those extremes, 44% envision a period of semi-retirement in which they are either working fewer hours or in a less demanding type of job. That means knowing what kind of work experience you’d like to have and including that in your plan for retirement.Īccording to Transamerica’s annual retirement survey, 22% of workers want to keep working indefinitely and another 22% want to immediately quit working upon retirement. Multiple studies also indicate that working in retirement can be good for your health-if you do it right. “Flexibility” and “less stress” are the job qualities most often cited by pre-retirees who say they desire to have a retirement job. Your “Plan A” retirement plan assumes you will never work another day in your life.īut you probably will-and if you’re like most people you will probably want to. When your financial advisor estimates how much monthly income your retirement fund will someday provide, that computation usually does not include any income from continuing to work. How semi-retirement can change the equation In retirement, our savings have to cover those unpredictable costs-and do so for a longer period of time. We pay higher premiums and more out-of-pocket expenses. Each generation is living longer and has access to more advanced medical care-but at a cost. Healthcare costs are another big unknown. We may generally express confidence in our retirement plans, but we also have a steely post-2008 Great Recession awareness that even the best-laid plans could be undercut by some future economic downturn. The advent of Individual Retirement Accounts and employer-matched 401(k) plans in the 1970s and 1980s empowered us to build up our own retirement funds, but now the pressure is on us to make sure we have saved enough. Today, workers have more choices, but also more uncertainty. Such an abrupt retirement was more common in an era when defined-benefit pension plans and Social Security were the dominant sources of retirement funding-and when federal law discouraged Social Security recipients from working past their full retirement age.įor better or worse, things have changed. When we look ahead to retirement, we tend to imagine a specific future date on the calendar when we will transition from full employment to full retirement overnight-or perhaps over a weekend if we start counting from the Friday afternoon goodbye party at work to the first Monday of our new life. Financial Insights About Us Customer Service Online Banking Login Branch & ATM Locator Search.Additional Sources of Capital for Small Businesses.
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