For most workers, retirement is the ultimate goal. It’s your time to live life as you want, free from a work schedule and career obligations. You can wake up every morning and set your schedule. Or you can simply relax and enjoy your friends and family.
But what if you’re not looking for more free time? You might be anxious to retire from your current position, but you’re not excited about having an empty calendar. You feel like you still have skills and knowledge to offer, so you don’t want to spend your remaining years sitting at home.
You may feel emotionally ready to leave your current position, but also feel like you could use some extra income as you transition into retirement. How can you retire in a way that allows you to still be productive and possibly earn some level of income?
Fortunately, you have a few options available. Only you get to decide on the type of retirement you lead. If you don’t want to retire to a life of leisure, you don’t have to. Below are a few options for how to gradually transition into retirement:
Help a favorite charity.
Many nonprofits are desperate for talented, experienced individuals who can help them meet their objectives. You may have skills or knowledge that a nonprofit would find valuable. You could sit on their board, work in their administrative offices or even volunteer.
Think about the causes that you’re passionate about and look for relevant nonprofits in your area. Reach out to them, describe your skills and experience, and ask how you can help. Most will be more than happy to have a conversation with you.
Try a phased retirement.
What is a phased retirement? As the name suggests, it’s a process in which you retire in phases, usually in cooperation with your employer. For example, you could gradually shift down in responsibilities and roles over a period of a few years. You could possibly go to part-time work or even stay on as a consultant or an adviser.
Your employer may be supportive of this idea. After all, they may not be ready to lose you yet. If they can keep you on a part-time basis, they may prefer that to losing you altogether. Be creative and talk to your employer about ways to gradually retire.
Start a new venture.
Retirement doesn’t mean you have to stop working. It just means you stop working in your current career. Now could be the perfect time to start a new venture you’ve always dreamed about. You may have had a business you never got the chance to launch, or maybe you have a favorite hobby or passion you could turn into a side gig.
Use this time to pursue that dream before it’s too late. Just be careful not to invest too much of your retirement savings into the business. You don’t want to have to go back to work because your venture drained your retirement assets.
Not sure how to approach your retirement? Let’s talk about it. Tommy Mai Financial is happy to help you better understand your goals, objectives and priorities. Let’s connect today and start the conversation.
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