Alternatives to Traditional Retirement
Emily Brandon
Traditional retirement generally requires us to work and save consistently for 30 or 40 years so we can have an extended period of leisure in our golden years. But there are other ways we could allocate work and leisure time throughout our lives. Some people take sabbaticals, mini-retirements, and other career breaks in exchange for working until older ages or even indefinitely. "Retirement is becoming a temporary hiatus, akin to a sabbatical, and then it's being moved to a point later in life where it will likely be 10 years as opposed to 30," says
Sabbaticals.
Some companies allow workers to take a sabbatical and then return to their job.
Mini-retirements.
Some people try to space extended periods of leisure time--often called mini-retirements--throughout their lives instead of retiring in their 60s. "From a practical and financial standpoint and philosophical standpoint, it makes sense when possible to try to carve up retirement into smaller pieces," says
Focused career breaks.
Second careers.
Career breaks can be used to transition into a new and more enjoyable job. "I think we are going to see adult education and recareering and personal reinvention become a standard part of the later years," says
Entrepreneurship.
Some people don't want to retire completely, but wouldn't mind having more control over how they spend their time. "Most of my clients use a sabbatical to make a shift in career that is toward something that is more relevant personally and societally and it usually involves something more entrepreneurial," says
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