Retire Early Lifestyle
Retirement; like your parents, but way cooler

In 1991 Billy and Akaisha Kaderli retired at the age of 38. Now, into their 4th decade of this financially independent lifestyle, they invite you to take advantage of their wisdom and experience.

What Are the Alternatives to Retirement?

Corinne Jerganmeyer

You likely have a strong savings account and have extensively read about the FIRE (Financial Independence, Retire Early) movement. Consequently, you're eager to tidy up your workspace and embrace an early retirement lifestyle with carefree abandonment. However, is that your sole choice?

Although early retirement holds allure, it's worth acknowledging that, on average, retirement spans longer than 13 years. Therefore, ensuring financial readiness becomes paramount, especially considering life's penchant for throwing unexpected curveballs. We tried to analyze alternatives to retirement and offer you alternative paths.

Early Retirement Alternatives

#1 Phased Retirement

You can make retirement a gradual transition instead of going from full-time work to complete leisure right away. Gradually reduce your work hours or the number of days you work each week. Alternatively, explore the possibility of continuing to work in a limited capacity as a mentor or advisor. However, make sure to assess how this arrangement may impact your workplace benefits.

#2 Work from Home

A carefree lifestyle can now be achieved thanks to the recent surge in remote job opportunities. The number of workers who work from home full-time increased by 3.3% since 2000, reaching 5.2% in 2017.  Millennials and Gen Z staff aren't the only ones benefiting from flexible work arrangements. Remote work appeals to retirees as well, offering them the opportunity to save time on commuting and prioritize family time. Additionally, individuals with dependents or other commitments also find this option advantageous.

Of course, not all positions can be performed remotely. It is necessary to evaluate whether each role is suitable for remote work. If you decide to allow remote work, conduct a risk assessment for telecommuting. Additionally, ensure that employees receive training on new systems to enhance their efficiency while working from home. Furthermore, remote work doesn't have to be full-time; consider flexible options that involve a combination of workplace and home office presence.

#3 Second Career

If you're retiring to escape an unpleasant work situation, consider transitioning to a second career. Certain industries offer accelerated retraining programs designed to assist older employees in securing new roles. Additionally, explore how you can utilize your current skill set in different ways or for a more compatible employer.

#4 Freelance

When you possess the capability to create your own schedule, the opportunities become limitless. According to Upwork's 2019 annual report, freelancers, who make up 35% of the US workforce, are on the rise. Think about the potential of your career if you dive into freelancing, and seek guidance from a financial advisor to ensure it's the right path for you.

Perhaps you could create financial independence without retirement as a freelancer or by creating passive income streams. These options help you engage in digital nomadism and live life to the fullest. Even if you have gap years with your spouse, you can switch to online cooperation with companies and live wherever you want. Of course, this approach is associated with certain difficulties, such as the issue of cybersecurity. You will have to rethink your payment habits, and think about whether PayPal is safe and whether you can use it on an ongoing basis. You can read an article on this topic on VeePN. However, all these issues can be solved if you are determined to change your life.

#5 Part-Time Work

Consider also the possibility of adjusting their work hours. You have several alternatives at your disposal:

•           Transitioning from full-time to part-time

•           Reducing the overall number of work hours

•           Implementing flexible start and end times

Once again, the feasibility of these options will depend on the specific role. However, few positions can accommodate some level of flexibility. Engage in a conversation with the individual to determine what would be most suitable for them—involve them in the decision-making process. Are there specific days they would like to have off? Could they achieve this with a later start or an earlier end time?

#6 Co-Working Spaces

Co-working spaces provide an opportunity to rejuvenate your surroundings while still keeping your job intact. These modern workplaces prioritize community, collaboration, learning, and sustainability. They offer more than just a place to work, with amenities like gym access, food services, conference rooms, and more, ensuring a refreshing environment as you work.

#7 Seasonal Work

You can avoid working the full year if you receive retirement income. Explore seasonal job opportunities that require only a few months of work per year. For example, you could consider employment at a ski resort during the winter, at a park or tourist site in the summer, or pick up some retail work during the holiday shopping season. Working for shorter periods throughout the year can make your job more enjoyable.

#8 Entrepreneurship

Individuals aged 50 and above frequently possess the expertise and connections necessary for profitable entrepreneurship. Being your own boss allows you to avoid dealing with demanding supervisors and select your own team members. However, exercise caution and refrain from investing funds that you cannot afford to lose in the company.

Conclusion

Each of these retirement living ideas offers a unique approach that caters to various interests and preferences. The key lies in finding a lifestyle that aligns with personal values, fosters a sense of community rather than isolation, and brings joy and fulfillment to this distinctive chapter of life. With retirement still years away, I have a feeling time will pass quickly, especially considering the rapidity of recent years.

Retire Early Lifestyle appeals to a different kind of person – the person who prizes their independence, values their time, and who doesn’t want to mindlessly follow the crowd.

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