I like to think of myself as a realist: there is not going to be any such thing as the traditional “retirement” when I reach the ripe old age of 65 (or, is it 68 now?).
Experts, such as those who put together the 2010 Social Security Trustees’ Report, expect that Social Security will be running a permanent defiicit by 2015. With pending legislature changes to sap even more of those funds, people of my generation do not believe there will be anything left to shake our wrinkled fists at.
We would still have our own personal retirement funds though, right? Wrong!!
After the collapse of the market this decade, and my subsequent 60% losses (I hate you GE), I am pretty sure that my 401k, IRA and savings accounts are not going to get me through 30 years of retirement.
Old ideas out. New ideas in.
Semi-Retirement
Whilst parusing the internet a few years ago (after checking the dwindling balances in my retirement accounts) I came across the term “semi-retirement.” According to Bob Clyatt, authore of Work Less, Live More: The Way to Semi-Retirement, this is an idea where you value living more than work; where you only work to live and then enjoy the rest of your time doing what you love. It sounds like a bunch of ba-hoey.
Bob says that once you can live comfortably, start cutting back on your work life. Maybe get a part-time gig. Or, a job making nothing but doing what you love. Bob is not the only one espousing this philosophy. Timothy Ferriss claims that our work week need only be 4 hours. I cannot decide if this man is my hero, or annoyingly successful and thus the target of spite and more than a little envy.
But it is working for thousands of baby boomers. And it has worked for generations of Europeans. Why did it take us so long to catch on?
Will this guy ever retire?
This is the second (and probably my favorite) idea that supplants the traditional ideals of retirement.
A sabbatical (litterally “ceasing” in Latin) is a reset from work, or a hiatus, often lasting from two months to a year. The foundation of the “sabbatical” is that God rested from his labor on the seventh day. Teachers take Sabbaticals every 7 years. Why don’t the rest of us in the working world do the same?
In fact, it is a growing trend among employers to offer sabbatical leave. In the United Kingdom 20% of companies have a career break policy and 10% more are considering introducing the same.
So, why not plan for a year of “retirement” early? Take a year off: travel, volunteer, go back to school full-time… Do something you love!! You’ll come back to the working world personally and professionally refreshed.
There are tons of ideas out there so here are some places to start:
Are you ready to change your life? http://www.thecareerbreaksite.com/
Because life is out there! http://careerbreaksecrets.com/
Volunteer abroad http://www.crossculturalsolutions.org/volunteering-abroad/when/career-break.aspx
I, for one, am planning on taking my first Career Break in 5 years. I am not sure what I am going to do, but am putting the necessary funds in a savings account, not GE stock.
I’m not sure it qualifies as well because it was more of a career absence than a break but I’ll share anyways.
A few years ago when a good friend and I found ourselves financially comfortable but newly unemployed at the same time. We decided to take a break. We spent the next 6 months just enjoying the absence, we held a few odd jobs along the way but mostly just went out and enjoyed ourselves.
It was a liberating experience to just stop worrying about the future and start enjoying the present, the reward was well worth the relatively small financial setback.
It makes me sad sometimes to see people toil with work for the entirety of their prime years only to find themselves financially stable but unable to truly enjoy the fruits of their labor later in life. You are not getting any younger.
Thanks for reminding me that I’m getting old!! Ha ha! No, really.
Thanks so much for the mention and the link. Keep me posted on your career break plans. I’ll gladly help! All the best. Jeff
Thanks Jeff! It’s truly a revolutionary idea.
Jeff and Career Break Secrets has some great video inspiration for career breaks. And if you want to meet other career break dreamers and veterans, Jeff is actually hosting our Austin Meet, Plan, Go! event in October – you should check that out! http://meetplango.com/national-event/2011-austin-event/
Thanks for the comment Michaela! October’s event looks interesting!
Great stuff–all of you! One soul at a time, we shall gently push people toward free time. Now it’s your turn, HRablaze, and I’m green jello. Keep us posted! *kirk