9 tips to set yourself up for semi-retirement. Presented by Fidelity.
Under the traditional idea of retirement, you work for decades, all the while saving up enough money to ultimately cut the career cord and live a life free from work. The dream is to be able to visit family, travel, volunteer, maybe pursue a favorite hobby. Full retirement was the ultimate goal, representing freedom and stress-free living.
"Even funding 25% of yearly spending with outside sources can make a previously shakey retirement portfolio rock solid," Grumet says."Furthermore, employer-sponsored healthcare and access to retirement savings vehicles like 401s with an employer match make semi-retirement an even a wiser choice." Many employers who once only hired full-time positions are seeing the benefit of keeping retirement-age employees around longer. These employees are loyal, have good work ethics, and offer decades of knowledge and experience. Part-time work and flexible positions are expected to become more common in the next decade.commissioned by the Employee Benefit Research Institute found that 70% of workers think they'll work for pay in retirement.
"One of the most important aspects of semi-retiring is ensuring that you have enough saved up to cover your costs," says Linda Chavez, founder and CEO of"Take some time to assess your current financial situation and set goals for how much money you will need to support yourself during semi-retirement."
."Having clarity around your reasoning will help you achieve these goals. For a successful outcome, give priority to the things important to you."High debt loads and big monthly payments can strain your budget, especially if you're making less than you did when working full time. Decreasing your debt as much as possible helps semi-retirement go more smoothly.
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