Have you considered a transition to retirement in lieu of a dead stop from full time work? A “victory lap retirement”, as Mike Drak and Jonathan Chevreau have termed it in their new book of the same title, includes both work and leisure.
This idea, after leaving full time employment, is to blur the line between work and play. That means choosing work that is considered for a reduction of stress, the flexibility it can offer, and the enjoyment it would bring.
If you were to set goals for a year of “retirement”, they would most likely include some adventure, opportunities to get together with others, and things that could stave off the effects of aging. It seems likely that an interesting part-time job would, in part, fulfill your list.
The benefits of engaging in work that is carefully selected are many. Longevity reports consistently address the importance of health in body, mind, social interactions, and financial affairs. By continuing to work in some fashion, you may be connecting with others, continuing to learn, getting up and out of the house, and enjoying supplemental income. In these seemingly simple ways, you are contributing to your health and staying power.
Most meaningful things in life take contemplation and planning. If you like the idea of a Victory Lap Retirement, the authors recommend planning for it several years in advance of leaving your current employment. This gives you time to bone up on any skills you think you might need, get your social connections working for you, and ponder what might bring you the most joy. (Click here for an interesting interview with the two authors.)
Living Better, Longer is our mantra at W.R. Borton & Associates. Every day we see the benefits of contemplation and planning. Knowing the right questions to ask is a start. We encourage discussion that reveals what matters most – to individuals, to advisors and to families. Once clear aims are identified, solutions can be tailored to achieve them.
