Quick Retirement Tips for Boomers — Think About Easing Into Retirement
If you’re like many individuals approaching retirement, you’ve probably spent the past 40-something years building your career. Chances are, you identify with your profession and it’s become a significant part of your life.
Rather than abruptly leaving your job at a certain date, think about your options. If you like what you do and enjoy the social interactions of the office, consider working part-time or becoming a consultant. You can also benefit from the extra spending power and mental stimulation of being employed.
Phasing out of the workforce is popular
According to recent research from the LIMRA Secure Retirement Institute, one in five employees transitions into retirement by gradually reducing the number of hours they work. Some of the reasons they’re motivated to stay on the job include:
- Staying intellectually engaged
- Having money for discretionary spending
- Being physically active
- Engaging with colleagues
- Enjoying their work
Today, many pre-retirees find the idea of working beyond retirement age appealing. As a matter of fact, 27% anticipate working part-time with no plan to stop, and 17% want to gradually cut back on their hours before eventually retiring.
So, whether you decide to ease out of your career, or just call it quits one day, before you do, talk with a financial professional about planning for your retirement income security.
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Source: LIMRA, "Transitioning to Retirement: LIMRA SRI Finds 1 in 5 Continue to Work in Retirement," 8/13/2019.
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