The retirement scene has a few complexities. You can find different ways you can retire and each route will come with its own timelines. The article below lists out five types of retirement you’ll find happening in the current scenario. Team RetyrSmart
Retirement routes — what makes sense to you?
Tell me if this sounds familiar: Get a good job, work hard for forty or fifty years, and then retire around age sixty to enjoy the last decade or two of your life.
This “better way” was early retirement. After running the numbers, employees figured out if you worked hard to increase your income while keeping costs low, you could save enough to stop working at age 50, or 45, even sometimes 40.
If you were to follow Terhorst’s plan, you’d go to work for 10-15 years, then take time off to pursue passions and spend time with your family until your money runs out and you have to go back to work.
Semi-retirement is about finding work-life balance. For some, that means continuing with their previous career, but in some sort of reduced capacity. For others, it could mean changing jobs completely to something that pays poorly but offers a sense of satisfaction. And for others, semi-retirement could simply mean supplementing investment income with a carefree job at the local coffee shop or fabric store.
With this model, you work on and off as your savings permit. For instance, you might work for five years and then take two years off. You repeat this process over and over again. Hence why they’re called “mini retirements.”
Which Type of Retirement Is Right for You?
As you can see, there’s no one right way to retire.
All of the above options offer some advantages and disadvantages. It’s up to you to decide what type of retirement best suits your interests, values, health, and savings.