Semi-retirement

[ER Eddie]

How many here are semi-retired or aiming to be?

By semi-retired, I mean working part-time (20 hrs/week) or less. Usually you're working because you want to, rather than because you have to, but some semi-retirees will be doing it because they have to.

I'm planning on downshifting to part-time in about a year. I could retire completely if I wanted to, but I'd rather keep working part-time at my current job, for a number of reasons. Here are some of them:

• I like the additional income. It'll mean I don't have to draw down my other accounts. I'll continue to get some benefits as well.
  
• I enjoy the intellectual stimulation and challenge of work, and I like being around most of the people there.
  
• I know my stuff by this point, and I like contributing. My work feels meaningful, and it's not too much of a headache.
  
• If I retired completely and took a few years off, it would be much harder to re-enter the field.
  
• I'm really not ready for full retirement at this point; I think I would eventually get bored and want to do some type of work.
  
• It'll provide a transition period so I can have more time to think, relax, and consider what my next step is (e.g., continue working there, shift to another job, move, etc.).

Many of the benefits of retiring will come along with it, too, such as more free time, more time for relationships, more time to pursue interests/hobbies, increased health, more time to pursue personal and spiritual growth, less time on the job, less job-related stress, etc.

I get the impression that this forum is mostly full of people who have made a complete break from the work world or are aiming to do that. I was wondering if there were other semi-retirees or hopeful semi-retirees here. I was just reading that 42% of people plan to semi-retire. It seems like a good option for me, at this point.

 

[aaronc879]

I'm not sure what you call my situation. I quit full time work just before my 32nd birthday. Since then, i've been self employed working about 80 days/yr. I make just enough to cover my low(<$15K/yr) expenses so I don't have to touch my tax deferred savings. If a 60 year old in my situation is considered semi-retired then shouldn't I also be considered semi-retired even though i'm only 36?

Going to a part time schedule has made my life so much better. I highly recommend it to anyone who has the means to do so.

 

[brewer12345]

I consider myself semi-retired. Rather than consistent part time work I have settled for lumpy work. I bailed almost 2 years ago on the career job. Took 8 months off. Stumbled into a contract gig which is allegedly full time (the pay is, the work is not) which will end at YE. I have since rustled up another contractor gig that goes in fits and starts and is nothing like full time. Some years I will have lots of work and high income, other years I will have a lot less of both and more free time. I am 42 and doing this because I have two kids under 12 and don't have so much money that I can afford to walk away and never work again.

 

[Bamaman]

Intellectual stimulation, challenge of work, contribution and meaningful were not words I often thought of while working for my Megacorp. We worked harder than any other individuals I know. And at least my early retirement gave me time to relax, think and consider what contribution to society I'll make tomorrow.

That is after we watch Let's Make a Deal and Price is Right to start our day.

 

[Sojourner]

Definitely in the semi-retired camp here. I'm in my late 40s and have realized since leaving my full-time job a few years ago that I still need some structure and and sense of "purpose", I guess. Doing some part-time work for a few clients has helped to provide that while I'm in this transition mode, where I haven't quite figured out the whole retirement puzzle yet. And of course, the extra income doesn't hurt. It actually feels pretty nice whenever I log a few billable hours, knowing that I did something that I felt was "productive" (especially if I learned something interesting in the process) and that I put some extra money in my checking account that I would otherwise have had to fund through dividends or CG distributions.

 

[HtownRose]

Semi-retirement is my short-term goal. Not because I love work so much, but think my quality of life would increase substantially if I just had less of it & more free time. And I will feel much more secure financially if I can keep medical insurance with employer subsidy until Medicare age. The struggle is finding the right position.

 

[travelover]

I thought I'd work part time once I retired, too. But I have all the money I need and I hate having a schedule. So, part time never happened.

 

[Senator]

I will still manage and maintain my 24 rentals. I will also continue to be the president and HOA property manager while my portfolio grows. It will be 20-40 hours a month.

It will allow a nice transition period with lots of travel.

 

[daylatedollarshort]

I work part-time from home. I like the extra income and the mental work.

 

[soupcxan]

Stumbled into a contract gig which is allegedly full time (the pay is, the work is not) which will end at YE. I have since rustled up another contractor gig that goes in fits and starts and is nothing like full time.

How have you been finding these gigs? Networking? Job postings? Recruiters? I assume they're financial in nature...which is why this is interesting to me.

My plan is to do something similar in another 5 years, but not sure how hard it will be to find part-time or contract finance jobs that are not entry-level.

 

[brewer12345]

How have you been finding these gigs? Networking? Job postings? Recruiters? I assume they're financial in nature...which is why this is interesting to me.

My plan is to do something similar in another 5 years, but not sure how hard it will be to find part-time or contract finance jobs that are not entry-level.

The first was pretty much dropped in my lap by a buddy and former colleague. The second was from responding to a want ad on the Mom Corps site.

 

[soupcxan]

a want ad on the Mom Corps site.

I didn't know you were...a mom? Thanks for the tip. What you have sounds like exactly what I want in about 5 more years.

 

[prose3589]

I intend to semi ER early next year. I am an attorney and I will rent my office to another attorney. I will
Keep my transactional work, mediation and gal work. All are low stress but give me satisfaction. I will be 44 in dec and I will need the income to bridge the gap until 55-60. Of course if the plan goes south I can go back to work. The hard part is proving to be disconnecting myself from all current clients.


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[brewer12345]

I didn't know you were...a mom? Thanks for the tip. What you have sounds like exactly what I want in about 5 more years.

Silly name for a recruiter that focuses on part time, flexible and contract work for highly skilled people. And some people have called me a "mother" at times...

 

[ziggy29]

I'm in an odd situation. I "retired" in April 2013 when I was laid off from my IT job. I got a nice severance package and did the math, and realized I probably never *had* to work another hour in my life. But I didn't intend to entirely withdraw from the workforce, but rather took time off like a sabbatical, knowing I'd never again be a wage slave in terms of *needing* to work. I also knew I never wanted to be a corporate drone or work full-time ever again.

Three months later I started working one morning a week at a tiny post office about 25 miles away, just for something to do and (just in case) close the unemployment gap on my resume. One thing led to another, and two years later, even though I didn't seek it (and really had little choice other than to quit entirely), I wound up in a "career" 20-25 hour a week position as a postal clerk. For now it seems fine; the job itself is fine and my boss is pretty easy to work for, even though waking up at 5-5:30 AM six days a week sucks sometimes. But I tell myself that not many people get full FEHB medical benefits and retirement (FERS and TSP) for 20-25 hours a week, and that aspect makes me feel a little more lucky to be where I am.

In reality, I'd prefer to be in my sleepy PO here in town, three blocks from home as I was for a while, working 2-3 days a week and 4 hours a day as I used to. And I still consider myself semi-retired, even though I am now a "career" postal employee, since we don't NEED for me to work and I probably average about 23 hours a week. That all said, I run the numbers again and again and I know, especially with the ACA as a backstop, we'd be fine if I quit tomorrow. Knowing that -- really *knowing* that, not just telling myself that -- makes the w*rk day MUCH easier. Knowing I can walk away and working a part-time schedule makes me feel semi-retired, even now.

There is no one "right" way to do retirement or semi-retirement. Though I'd say if you still need to work in order to pay the bills and put food on the table, you're probably not even semi-retired.

 

[Pbkmaine]

I work approx. 5 hours per week for my firm on various projects. The hourly rate is high enough so that with DH's pension, we do not have to use our investments. DH will also have no need to take SS before age 70. When DH turns 70 in 3 years, I will most likely retire for good at 62.

 

[ExFlyBoy5]

I fully enjoyed my 10 months of doing NOTHING after I "officially" retired. Since the DW isn't ready to retire, I figured out I need to do *something* to keep myself occupied. Sure, I could log a good 13 hours a day in the hammock, but it might get old (or not). SO...I decided to go to law school. It's a crazy thing, I know...but it's something that has been a pseudo goal of mine since about 1996 and since I really have nothing else going on, I decided to see what it's all about. As expected, I am pretty busy with it...but it's a good busy. It's intellectually stimulating and I am learning much more about the law than I thought I would.

The bonus of it all is that there is NO pressure to compete with classmates, no pressure to be "the best of the best" and NO pressure to do anything other than learn/do what I want to do. Since I don't have any *real* intention of being a lawyer, it makes the learning much more pleasurable. Probably the best part is that I DON'T have to do it. I can stop going tomorrow if I want..,no harm, no foul. The only real challenge I face is sitting in class with a bunch of 23 year old kids.

Oh and just for the record, I am not paying for law school. As a matter of fact, I am making a cool $11K a year to sit in class 20 hours a week for 8 months out of the year. So...no worries on "spending down" my assets.

If I weren't doing this, it's quite possible I would look into "other opportunities." I don't think it would revolve around w*rk per se, but perhaps advanced cooking classes or something of the sort. But, I am still pretty young...lots of adventures yet to explore!

 

[Pbkmaine]

How do you make $11k per year by going to law school?

 

[hnzw_rui]

Oh and just for the record, I am not paying for law school. As a matter of fact, I am making a cool $11K a year to sit in class 20 hours a week for 8 months out of the year. So...no worries on "spending down" my assets.

Curious, retired military?

 

[ExFlyBoy5]

Curious, retired military?

'Sho 'Nuff!

 

[scrabbler1]

I worked PT at my old job for 7 years (2001-2008) before fully retiring in late 2008. The main reason was the commute, a long, tiring, and sometimes sickening.


My 7 PT years were in 3 parts. The first one was in 2001-2003 which was a mostly telecommuting deal where I went to the office 1 day a week and worked from home for the remaining ~14 hours of my total 20 hours. It was nice reducing my commute from 5 days a week to 1 day a week and being able to have lots of free time during the week to pursue other hobbies and interests. I was able to retain most of my benefits, at least on a prorated basis.


That lasted until late 2003 when the company ended all open-ended telecommuting. I could still work 20 hours per week but had to make 3 trips to the office to fulfill them instead of 1 trip before. I hated that but put up with it until 2007 when I asked to reduce my weekly hours worked to 12, or two 6-hour days. I had to give up my company-subsidized health insurance and went on COBRA for 18 months. I gave up most of my remaining benefits, too, but still earned enough to cover my expenses.


In those 7 PT years, I was able to shed some of my less desirable work tasks but it was still becoming less enjoyable over time. So, after 17 months of that, and with my company stock's value skyrocketing, I ERed at the end of October, 2008.

 

[iac1003]

I semi-retired aka w*rking part-time in April. I hope to fully retire by the end of the year. I no longer enjoy work although I am very involved and occupied when I am there.


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[Asher Aion]

I have worked 30 hours per week for the past 2 years with a former business I used to own. After this October I agreed to work 16-20 hours a week following up on projects for a satisfactory hourly wage, with a lot of flexibility for time away. Current plan is to do this until late 2016.
I don't really 'need' the income but it will be appreciated. I have thought about law school or volunteering for certain causes but for now I really need the time to regroup. I never realized how tied I was to the business I used to own. I am really enjoying doing things I had never had time before, but still feel a little guilty being idle in the afternoon. But, I certainly don't want to go back to w@rk!

 

[MooreBonds]

How many here are semi-retired or aiming to be?

By semi-retired, I mean working part-time (20 hrs/week) or less. Usually you're working because you want to, rather than because you have to, but some semi-retirees will be doing it because they have to.

I have probably a somewhat uncommon situation: I have a unique, very desirable and sought-after set of skills involving design of construction projects as well as coordinating them in 3 dimensions. To complicate things, I work for my family's construction company and am in the process of finalizing taking an ownership stake.

They are still finalizing the buy-sell agreement, but they are including the provision that in order to be a shareholder, you have to work for the company. If you leave to go work for someone else (I left in the past when the stress/BS/lots of variables drove me out), or retire, then you officially have to sell your shares back to the other shareholders for half of what you paid for them.

I currently do a little moonlighting work for an engineering firm for design, so I do have some resume experience to try and find a little job here and here....but the problem is that my type of work isn't something you can steadily expect a constant X hours/week type of work, since jobs are somewhat variable for both my family's firm and engineering firms in general. There might be a project for an engineering firm that has a budget of 200 hours over the course of 3 months. There might be a few other jobs going on at the same time with 1 or more progress deadlines in the same week sometimes...and other times, several weeks with no deadlines and just sporadic working.

My goal is to semi-retire at 48 or thereabouts (still single, trying to find "the one", which would cement long-term plans). I should have enough money to make things last, but if my wife doesn't retire until later, I'd certainly be open to doing some side work or part-time work for a year or three.

My dad (a shareholder) tried to tell me that "you mentioned early retirement before, but if you buy part of the company, you are expected to work until you're 60. At least....".



I'm sorry. Forgive me if his slave forgot his manners in a public forum. I just find it funny when people expect to be able to tell you how to live your life and live "for the company". Funny how no one cares how many extra hours I work now (unpaid). But they expect to tell me how long I am 'supposed' to work for!

Rather than be proud that his son has busted his butt like no one else and saved and invested well and is able to retire early, he just wants to exert his control in his narcissistic way.

 

[inky]

Eight months ago I moved to a new experimental work group within my company that allows employees to choose their projects and hours. I downshifted to half-time, working a three-month-on, three-month-off schedule. It's been a good experience but how great it was to have those three months off really solidified my determination to leave, and I'll be retiring in January next year.