Why Retirement Can Be the Key to Financial Freedom
Why choose between working 40 hour weeks and leaving your job forever? Retirement can be a happy middle ground that provides the key to financial freedom.
Part-time professionals pursue a retirement lifestyle as it allows them to work fewer hours while still making money and having a routine. If you’re longing for more flexibility in your work life, learn about the benefits of this growing trend – and how you can make it a reality for yourself.
Financial Benefits
Working part-time allows you to still collect income to help cover your expenses and grow your investment portfolio. And some part-time jobs offer health insurance, which can help you avoid major expenses.
Having some cash also gives you more options when it comes to withdrawing from your savings and investment accounts. Instead of following the 4% early withdrawal rule, you can live off your dividend income and let your portfolio continue to compound.
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The sideways lifestyle: Freedom with a purpose
Retirement will give you more time to pursue hobbies and other areas of enjoyment than if you were stuck working full time. Some people use extra time to volunteer and teach others, or learn new skills.
Some retired workers are pursuing remote positions, which give them the opportunity to travel and participate in jobs that require a flexible work schedule.
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Real World Examples
There are several ways to pursue retirement. Part-time freelancers – such as consultants, writers and social media managers – can work and build their own client pipelines according to their plans. This method may require more effort to find clients, but freelancers can maintain additional sources of income for the retired lifestyle.
Some freelancers go into business when they find a lot of demand for their services. Business owners can offer digital services, physical services or both. Some entrepreneurs start multiple businesses and see them as passion projects that can make extra money.
You can also become a seasonal employee – especially during the holidays – to make extra money. Seasonal employees have full-time schedules with short assignments. This option can be a great way to make extra money, and free up your annual parts plan when the season ends. It’s a way to make money without committing to a long-term job.
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A smart middle ground
Semi-Retirement can offer the best of both worlds. You don’t have to work 40 hours a week and endure constant commutes, but you continue to earn money and maintain any sense of purpose tied to your work.
If you only work 20 hours each week, that’s up to four hours a day, allowing for other jobs. Remote workers with flexible schedules may be able to clock in and out at any time that allows them to work around family and holidays.
Reviewing your finances and deciding when to take semi-retirement (retirement) can help you cash in on this opportunity sooner rather than later. Instead of retiring at 65, you might be able to retire at 60, but it’s important to review your budget before making that kind of decision.
People who want to take up this career path or work remotely may want to try this job while still having the security of a full salary. That way, the pivot from full-time employment to semi-retirement is likely to be easier.
