Regardless of how close you are to retirement, it’s something that likely has been on your mind for ages. Though many people dream of the day that they stop working and have more time to themselves, few of them know the healthiest way to do it. According to the experts, there are better ways to head into your retirement years.
What The Experts Suggest
While it’s customary to set your sights on a fixed retirement date and stick to it, experts suggest working on a phased retirement instead. That kind of plan would include steadily cutting down your work hours for a set period and then stopping altogether. It might sound different from what you were thinking about but there are some definite benefits.
5 Benefits Of Retiring In Phases
1. It Maintains Your Sense Of Purpose
Whether you mean to or not, it’s typical to affix purpose to your career. When you stop working all at once, that sense of purpose or meaning can lead to feelings of loss and depression.
If you take things slowly, it gives you time to transition to something else that can have a similar impact on your life. For some people that includes being open to being a consultant or volunteering in their communities. There are many ways to use the skills and talents that you have.
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2. You Can Explore New Hobbies
Apart from finding your purpose, it’s also recommended that you explore different hobbies. When you’re working, you might not have time to fully take advantage of things that interest you.
Retiring in phases gives you more time to look into what else you can do to truly relax. The right hobbies will do wonders for your physical and mental health.
3. Your Finances Become Clearer
One important aspect of retirement is ensuring that you have enough income to maintain a comfortable lifestyle. Yet, some people will underestimate how expensive being retired can be.
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When you retire in phases, you can get a clearer picture of what you’ll spend. You might not go to work as often but you’ll still partake in different activities and some expenses won’t change at all. You can use that information to adjust your financial plan since you’ll still have some money coming in.
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4. There’s Time To Build Your Social Network
Research shows that loneliness and a lack of social interactions can have significant impacts on the overall health of older adults. Even if you didn’t always have the best time around your coworkers, you were still interacting with others.
Going from seeing people every day to being on your own can be quite jarring so it’s important to take the time to fix that. You can either make plans to stay in touch with some of your coworkers or make new connections in your community.
5. You Can Take Preventive Action With Your Health
Your health will be of utmost importance during retirement so it’s a good idea to schedule a thorough check-up before you leave work completely.
Knowing your health status can influence many aspects of your retirement plan - including being physically active, finding another career path, and sticking to a budget.
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How To Implement Phased Retirement
Ideally, phased retirement should take place over a span of a few years. Based on when you plan to retire, you can determine how quickly or how slowly to cut down your working hours. It’s best to make that decision with your finances in mind as well.
Once you feel comfortable, talk to your employer about the best way to accomplish the goal. It may include working fewer hours per day or working one less day. Over time, this number will increase until you’ve reached the time to fully retire. It’s important to note that you can adjust this plan as required.
While most people are looking forward to the day when they’ll be done with work, it’s better for your health to approach retirement in phases. Doing that gives you a chance to establish connections and take a personalized approach to your retirement years. The end result will be a healthier, happier you.
