COVID-19 threw a wrench into everyone’s plans. For some, it resulted in early retirement, and for others, it sparked the idea of whether they wanted or needed to retire at all.
After 50 plus years working, it’s not unusual to be hesitant about the next phase in your life. It’s common for people to feel a sense of restlessness when leaving their jobs.
Traditional retirement isn’t for everyone. The beach waves could lose their appeal over time, and the sand in every nook and cranny of your house might dull the oceanfront vibe.
So what if we told you that you don’t have to retire after all?
Here are four non-traditional alternatives for retirement to consider.
Keep Working, Part-Time or Full-Time
If there was a silver lining from the pandemic, it’s proven that you don’t need to work in the same four walls every day.
With remote working becoming the new normal, you now have the flexibility to work from virtually anywhere. If the beach is where you want to be, your office can be in the sunroom or directly on the ocean—wherever there is an internet connection.
If remote working isn’t your cup of tea, you can keep your full-time role in the office or scale back to part-time work at your same company. You may transition to consulting, team training, or maybe you don’t want to stop what you’re currently doing. There’s no right or wrong way to do it.
Perhaps you want to explore a different facet of your industry or dive into a specific area of focus. Your options are endless, so ditch the tunnel vision and open your eyes and mind to the myriad of possibilities available in later life. Take a step back, decide what you want and what will bring you the most joy, and make it a reality.
Pursue A Passion Project
If you still want to work but are looking for a different perspective, it could be an excellent time to pursue a passion project. Below are some ideas.
- Have you always wanted to write a book about an inspirational time in your life?
- Have you longed to take beautiful pictures outside of your iPhone?
- Perhaps you love nature, and you want to start a community garden.
- If you live in a big city, you could give walking tours or volunteer at a museum.
Whether you want to start a business, invest in continuing education, or make a difference in your community, the door is open. You have the time and resources to turn your dreams into a reality.
Assume A Leadership Role In Charitable Organizations
Charitable giving is often a significant driver within financial plans, and now, you have the time to physically be there and help. Regular volunteering may have always been part of your life—why not make it an even bigger one?
Now you may be able to serve on the board, head up organizations, create committees, or plan fundraising events.
Giving back to the community can be a beautiful way to dedicate your time and talents. Even if charitable giving or volunteering weren’t an active part of your life before, now could be a great time to try it out.
Bring Your Goals To Fruition
Retiring doesn’t have to mean sitting around the house staring at your spouse all day long. That sounds boring and unfulfilling, and that’s not how we do retirement around here. At Step by Step, we view retirement as another chance to achieve your goals.
Take a look at what you’ve been saving for all these years—an extended trip to Europe, a vacation condo on the beach, spoiling your grandchildren, giving to the community—and make those things happen.
You’ve spent most of your life planning and saving for this extraordinary and fulfilling time in your life, and you should be able to reap the rewards of your decades of investing and saving.
Take advantage of it.
This time may even bring about some new goals or dreams that you had never thought of—pursue them. It’s okay to stray from the original plan. Every part of your financial journey is meant to be fluid, and that includes retirement. Don’t hesitate to explore new facets of your life.
Why Consider Not Retiring?
Traditional retirement isn’t for everyone, and that’s okay. Whether you want to keep working full-time, part-time, or pursue a lifelong passion project, it’s up to you.
There are benefits to not retiring, such as the potential for added income, a stronger sense of community, more structure and routine, and a continued feeling of purpose and fulfillment.
At this point in your life, it really is all about you and how you want to live out your golden years—but you don’t have to plan it alone.Our job at Step by Step is to help you live out a retirement (or non-retirement) plan with your goals and values at the center. Take the next step to a fulfilling future with us and schedule a complimentary strategy session.