Retirement or Flextirement - Which Option Are You Choosing?

A confident mature woman in a professional setting, embracing a phased retirement with a positive outlook.

Years ago, when considering retirement, you envisioned staying at home and occasionally traveling. Now, as you approach 65, your plans have evolved. Due to your active lifestyle, the idea of being home every day equates to boredom. Instead of retiring completely, you are opting for flextirement or a gradual transition into retirement. According to a recent Kiplinger article, "phased retirement allows employees nearing the end of their careers to gradually reduce their work hours or responsibilities over time rather than suddenly shift into full-time retirement. Phased retirement can provide a smoother transition for both employer and employee, enabling workers to remain employed, typically on a part-time or flexible schedule, while adjusting to their new lifestyle. It's a flexible option that is particularly attractive to older workers who are not ready to fully retire but wish to lessen their workload or take on a more adaptable role".

There are three reasons why some people are opting for flextirement or phased retirement:

1. Pride - individuals take pride in their work achievements

2. Professional Relationships - individuals have built strong professional connections with colleagues, customers, and clients

3. "The structure of work, which occupied up to 70% of their waking hours for decades, will be gone."

   
   

Some people still prefer retiring from the their full-time job:

While some individuals wish to continue working on a reduced schedule, others choose to retire fully. They view retirement as "a different phase of work". Upon retiring, they aim to "dedicate time to deepening enduring relationships". Additionally, some thrive on hobbies or non-work interests they enjoy. Finally, for those wanting to pursue their passions further, some retirees are starting their own businesses. These new interests have led to activities and achievements that occupy their time, allowing them to develop "a great set of new relationships". As a result, boredom is the last thing on their minds during retirement.

A retired man passionately works on a car engine, surrounded by tools in his workshop.

Whether you choose flextirement/phased retirement, or full retirement, we wish you happiness in your chosen path. Enjoy!

We hope this information is helpful. Please do not hesitate to contact Benefits-4-Retirees if you have any questions about insurance options for your new path of your life.

"I see retirement as just another of these reinventions, another chance to do new things and be a new version of myself." ~ Walt Mossberg

Resources:

• How To Step Confidently Into Life After Retirement?

• It's Not Retirement. It's 'Flextirement'

• Phased Retirement Why Easing Into Retirement Might Be Your Best Move

• Brainy Quote: Walter Mosberg