Semi Retired Life – Things to consider before Early Retirement

We have the aim of discussing about Semi Retired Life for this article. Check what you need to know, in case you wish to retire early in your life, for whatsoever reason.

Lets get started & know why people like to Retire Early.

What is Semi Retired Life?

Retirement from a job is a significant event in our lives. People say “your life changes completely after you retire.” We couldn’t have agreed more to the statement.

Indeed, life changes drastically when you were so much involved in one commitment, and the next day you are completely free.

Of course, there are financial aspects which we all must consider, but emotionally, there is a lot to process as well.

Today, however, we are not focusing entirely on life after you retire. Instead, we will discuss some scenarios where you do retire early.

We will talk about the possible reasons for you to quit your job. What can be the consequences that you might have to face, and of course, how can you move forward to the next phase.

We will discuss semi-retired life today.

Open Demat Account Now! – Zero Brokerage on Delivery

What makes people Retire early?

One question that you may have in your mind is – “why would I like to retire early?” Technically, we couldn’t give a definite answer to this question as the decision is personal.

What we can do is speculate the reasons that could make you semi-retire.

So, here they are –

Lucrative Earning Option

Life often provides some lucrative earning options which we couldn’t have expected when we have joined the current job.

So, when you believe that the other source of income can or may surpass what you are earning from the job that you are doing, the choice is always yours to quit the current one.

Health Condition

Sometimes, your physical health doesn’t permit you to do the current job you are doing.

Of course, it would be financially draining, but in that scenario, you won’t have any other option but to quit.

Boredom from Office Work

There is an old saying, “when you feel you have everything, it means you don’t have something you desire.”

So, when you have accomplished everything which is to get from that particular niche. You may feel the sameness, which apparently may lead you to boredom.

The decision that you can take is to leave the job, or be there for only the financial benefits.

Jobs with Age Limit

There are some jobs where the duration is considerably lower than in most professions. The likes of professional athletes and military men are the two burning examples.

So, either way, you would have to figure out what you will do in future, once your job tenure is over.

Become an Entrepreneur

When you spend a considerable amount of time in a particular industry working for others, you acquire ample knowledge more than anyone who joins the industry as a newbie.

So, that open doors for you to be an entrepreneur. You can then quit the job and be your own boss for the rest of your life.

Learn everything about Retirement Planning here

What kind of work scope is available for Semi Retired people?

Let us assume you have retired early from your job. That won’t resolve your financial needs; neither it will lower down the boredom level of your life.

So, you got to find alternatives to, first of all, take care of your monetary requirements, and second, to make you satisfied in doing that work.

Most people figure this out before they opt for semi-retired life, but if in case you need a guide, the following points should help you:

Finding part-time options

If in case your job is demanding a lot of physical stress, switching to part-time shifts of that particular job can be ideal.

Of course, it depends on the job you are doing, and whether the company allows that option to you.

But if that is an option, instead of finding a replacement outside, you should apply in your existing company. However, you can always try working part-time elsewhere.

Consultation

We have already covered this point when we have discussed the option of you to become an entrepreneur.

To explain a bit, when you gather years of experience in a particular domain, you can always be a consultant. For that service, you can charge fees.

Work-from-home

Work-from-home (WFH) is a smart option to expand your skills to a vast demographic, even on a global scale.

You see, you can be a freelancer of a particular niche where you have tons of experience working.

As you are working from your home, you can save the travelling costs and a few other infrastructural costs, in some cases. So, the earning margin increases significantly.

Change your domain

Suppose at 50 you have a decent pension plan which will take care of your financial requirements.

So, you have retired early and started a YouTube channel for live sports commentary. This is an ideal scenario for you to enjoy the best of both worlds.

Learn in detail about all Pension & Savings Schemes here

What are the barriers to consider before opting for Semi Retired Life?

When you are planning to retire early, every plan you make is hypothetical. So, in theories, they do work, but you can’t 100% bet, everything will fall into line perfectly.

So, the following points are the things that you should consider before you semi-retire:

Back-up financial source

While you are contemplating semi-retirement, it would be best to devise a decent pension or retirement plan.

It should give you the minimal coverage that will boost your confidence in moving forward with your actions.

So many things could go wrong while you plan to retire early. You should make sure you discuss your financial affairs with experts first.

Social Barriers

The concept of retiring early from any respectable position in our country is not a popular one.

Family and friends often go against this decision that is primarily yours to take. However, if you are sure you have a clear path, we suggest you should follow it.

Reluctance

Perhaps the crucial factor that you should consider before you do the stunning of semi-retirement.

Sometimes, we make a decision, and then when things don’t go as planned, we tend to doubt our original decision.

So, you should ask two questions to yourself – “Am I physically and mentally fit to take this decision?” and “do I trust my abilities?”

If both the answer is yes, you should dive in with full commitments.

The Conclusion – Semi Retired Life

It is safe to say that semi-retirement is among the hardest decisions of our lifetime.

We all plan something, hoping it to yield positive results. But whatever the reason it may be, things don’t always happen as we plan.

So, our suggestion is not to expect your planning executed with 100% efficiencies. If 80% turns into reality, you will be happy with peace in mind.

Open Demat Account Now! – Zero Brokerage on Delivery

Most Read Articles