Take It Easy: What You Should Know About Semi-Retirement
Retirement is something most people work toward their entire career. However, switching from a full-time job to no job at all can often be a big adjustment. That’s where semi-retirement, a trend that continues to gain in popularity as more people ease into retirement by gradually cutting back their hours, comes into play.
“Semi-retirement refers specifically to a person’s relationship to paid work. The semi-retirees work for pay only enough hours to meet their monetary needs. After that they spend much of their time in non-paid work like strengthening relationships, pursuing hobbies or performing community service. Semi-retirees arrange their lives so that they can afford the ‘luxury’ of not having to work for pay from sun up to sun,” according to Why Work.
U.S. News & World Report writes that a study completed by HSBC and the Cicero Group found that more than a third of working Americans would like to semi-retire before retiring completely.
Of those who responded to the survey, 19 percent between 55 and 64 said they consider themselves to be semi-retired, while another 32 percent hope to transition into semi-retirement before completely retiring. It’s a trend that is growing among the younger generations, too. In fact, 43 percent of 25- to 34-year-olds and 41 percent of people between 35 and 44 hope to one day semi-retire. Interestingly enough, workers between 45 and 54 aren’t as inclined to consider semi-retirement, with only 27 percent planning to, according to U.S. News & World Report.