Millions of baby boomers are hitting retirement age this year. And while many may be more than ready to abandon their 40+ hour workweeks, not everyone is ready to embrace the prospect of not working at all. Semi-retirement is gaining in popularity for this very reason.
Some people want to continue to work for the social interaction. Others want to continue to challenge themselves intellectually while also having time to hit the links or soak up the sun. Still others work to supplement a fixed income or, depending on the job, just for the fun of it.
Here are four semi-retirement options to accommodate different motivations and lifestyles. Remember to check with your local Social Security office to find out how any of these pursuits will impact your monthly benefits.
Consider Consulting
Your retirement is likely to be a huge brain drain on your current employer. You have valuable experience and knowledge that will be lost the moment you clean out your desk. A few weeks of training probably aren't enough time to help even the most astute replacement adequately fill shoes you've worn for many years.
If you're itching to get off the full-time treadmill but still enjoy your job, consider a part-time consultancy. Such an arrangement can help ease the burden of your departure on a beloved boss and cherished co-workers. It can also ease the culture shock you may experience from a traditional and complete retirement.
Seasons Change
Plan on being a snowbird in your retirement? Spending part of the year seeking out the sun doesn't mean you can't hold one job with a single employer in two different locations. Dozens of large corporations in the U.S. actively recruit and hire retirees who split their time between two states during the year.
Explore opportunities with bigger organizations that have operations close to your permanent home and near the sunny community in which you winter. Companies amenable to employing snowbirds include Beall's and The Home Depot.
Click here for opportunities at Beall's. Click here for opportunities at The Home Depot.
Turn Your Avocation Into an Occupation
Do you like woodworking? Or baking? How about knitting? You can turn any of these (and other) interests into income. Start by sharing your talents with friends and family. They may not immediately buy your services or wares - but they'll probably sample them for free. In turn, these people will sing praises of your products to others, providing you with priceless word-of-mouth marketing.
Running a one-person business can allow you to work when you wish to -- and take off when you don't. Remember to check with a local chapter of the Small Business Administration for information on any licenses or insurance you may need related to your services as well as information on declaring income generated in this manner to the IRS.
The Best Things in Life Are Free
Volunteer work is a great way to explore opportunities you were unable to pursue while working in your chosen profession. If you have transferable skills, such as accounting, fundraising, marketing, or writing and editing, most non-profit organizations will embrace your contributions.
And if you don't have any relevant experience to offer, don't worry. Non-profits value donated time most of all, welcoming volunteers of every skill level and offering orientation and training programs. So if you want to become a literacy volunteer, socialize shelter animals, or help feed the hungry, don't let your lack of experience stop you from doing good -- for yourself and others.
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