Phased retirement, the idea of gradually reducing hours and workload, has slowly been gaining in popularity. Many who are working today look favorably on their possible phasing into retirement.
Many Plan To Work Into Retirement
Half the respondents in a recent national AARP study replied that their ideal job is one that offers phased retirement. According to an Ameriprise Financial Retirement study, just about three quarters of workers between 35 and 50 plan to keep working into retirement. Not only does working fewer hours offer you more family and free time, but it keeps you mentally engaged, while offering social interaction and some income.
Phased retirement offers an easier transition from full-time work to full-time leisure. After big changes, such as the death of a spouse or divorce, retirement is one of the most stressful life transitions, for a number of reasons.
1. Material loss: Retirees not only lose their security of a pay check, but may also lose their family home because of downsizing or moving to a retirement community.
2. Relationship loss: After retiring, retirees no longer have interaction with coworkers daily leading to lose of company and friendship.
3. Identity loss: The loss of a title can make a retiree feel stripped of their personal status.
4. Dream loss: Some retirees may have not accomplished everything they hoped for, or they are retiring with less funds than expected. Retirees also may have to let go of post-retirement plans and dreams because of financial or health reasons.
With phased retirement, many of these triggers can be lessened and good planning can alleviate the rest.
Career & Retirement Goals The Beginning
The first step to phased retirement begins years before you enter the retirement age. Start making career and retirement goals mid-career, so that when you working sunset gets closer, you’re ready.
Contact Mid Oregon today to discuss how we can help make your retirement transition a successful one.