As a child, were you ever told the way to succeed in life is to go to college so you could get a good job that provides security? One day, when you are older you will be able to retire. Then you can do anything you want; set your own schedule, travel, spend time with family and pursue your hobbies. But what if you didn’t have to wait until retirement to live the life you have always dreamed of? What if you could retire on a part-time basis while still making an income and having more free time? It is possible to restructure your career decisions to allow you to retire part-time (in your 40s, if you wish). Then you can spend less time working and more time doing the things you love. #beachvacations #holiday #relax
What does a day of retirement look like to you?
In the United States, the average retirement age is 65 years old. That means you spend approximately 45 years of your life working full-time. When you reach retirement age you stop working under the assumption you can spend the rest of your life doing what you enjoy and pursuing your passions. During retirement you live on the pension (if you’re lucky enough to get one) from your many years of service at your job. But not many jobs offer pensions anymore and if you don’t get one, you’ll have to live off your social security check and the money you have saved during your prior years at work. If you haven’t been able to save enough money you will not have the opportunities or freedom you desired. This probably doesn’t look like the retirement you’ve always dreamed of, does it?
What Does it Mean to Retire Part Time?
When you retire part time, you make career decisions about how you want to balance your work and leisure. Having a balance of both creates a better work life balance. Retirement normally means quitting your job and stopping paid work, but retiring on a part-time basis means you structure your career to allow you more freedom creating your own schedule. You work the hours you choose and have plenty of time for family and doing the things you enjoy.
Sounds Like a Dream
No doubt you are wondering how this can possibly work. Well, depending on what skills you have and how resourceful you are, you can find jobs that allow you the flexibility you need to make this dream a reality. You have so many options to live life on your own terms. Keep reading because I’ve listed a few of them below.
Corporate Jobs
Work with what you have
I believe the best course of action is to start with what you already have available before pursuing other options. If you currently work in a corporate job and want to continue full-time employment, you may be able to work remotely. Working remote is on the rise in the U.S. and if your job doesn’t require you to physically be in attendance, this could work out well for you. Also you could work remotely using your mobile phone and laptop while you are traveling. You could spend your days working then spend your evenings and weekends enjoying the local treasures.
Negotiate more vacation time
If your job only offers 2 weeks of vacation you could take advantage of negotiating more vacation time in lieu of another benefit that you don’t need. I knew someone who negotiated more vacation time and dropped their pay rate a couple of dollars. The employer was happy getting such a good employee for a little cheaper and the employee was thrilled to take more vacations. Doing this will allow you to keep your job, your benefits and plan your travels in advance.
Discuss it with your employer
Before making the decision to move to part time make sure to discuss it with your employer to find out how it will affect your benefits. Depending on how many hours you work you may be able to keep your benefits like 401K, insurance and sick and vacation time. Your employer will be able to give you more information.
Job Share
Keep your current job
If you want to keep your job and stay with your current employer you could consider job sharing. Job sharing is an arrangement which enables two employees to voluntarily share the responsibilities of one full-time job. Pay, benefits and sick and vacation time are divided by the hours each employee works. In the past, this was most commonly utilized by new moms who wanted to spend more time with their newborn baby. But today it is becoming more common amongst companies wanting to retain their employees by offering a better work life balance.
Find Someone to Job Share
If you can find another person in your company who wants to drop down to part-time, you might be able to work out a job sharing agreement. Ask Human Resources if they would approve this type of arrangement. If they favor this type of arrangement they may know of a qualified person to share the job with you. I have a friend who wanted to go to part-time but he didn’t think his employer would allow it. He liked his job and didn’t want to lose it so he started talking to other people about his desire. Within a week he found someone else who was wanted to reduce their hours because they had a family member who had health issues and needed more care. They discussed it with Human Resources and two weeks later they were job sharing.
Married Couples or Partners
Job sharing is a good arrangement for married couples who want the benefit of a full-time income but only part-time responsibility. One spouse works while the other is free do whatever they want. This could be arranged in whatever works best; rotate days, 20 hours per week each, weekly rotation, or each partner working a designated amount of months in a year. You will still retain your benefits and job security. I have seen this work out really well and the couple were very happy.
Independent Contractor – Freelancer – Small Business Owner
If you have skills that are in demand you can become your own boss by becoming an independent contractor or freelancer and offer your skills through a variety of platforms. By definition, independent contractors are considered small business owners and able to dictate their own schedules. This means that employers should not tell an independent contractor when to work unless they want to give the contractor the benefits of a true employee.
Benefits of Being an Independent Contractor
Tax Benefits
The first benefit is you are considered an independent contractor for tax purposes. You can reduce your tax base by utilizing deductions for your work related expenses like office supplies, work space (if you rent an office or use a room in your home as an office) and your equipment – laptop, printer, fax machine, business phone, and etc. You are essentially a small business owner and you are responsible for paying your own taxes quarterly and keeping a good record of income and expenses. You should consult with an accountant to find out all your responsibilities and the tax advantages available.
Bring your family with you
A second benefit of being an independent contractor is you can travel with your spouse and children while working. You can take a temporary project for 3, 6, or 9 months in duration. Choose a project that supports the length of time you want to work. Depending on the duration, you can rent a hotel room, an apartment, or bring your RV or travel trailer for living quarters until the project is complete. You can spend your evenings and weekends sight-seeing or visiting the tourist attractions. While you are working try to save as much money as you can until the project is done. Then take time off or travel until you want to work again.
Travel while working
Another benefit is you can travel while working. You can bring your laptop and cell phone and work anywhere you like; the beach, the mountains, visit relatives, attend festivals and fairs or travel to a new location every week.
Where do you find jobs like this?
Whether you decide to work full-time or part-time, there are so many platforms where you can find jobs. Depending on your skill set there are a variety of job boards that will post remote and independent contractor jobs. Job boards like FlexJobs, CareerOneStop, Indeed.com and Monster.com just to name a few.
These are just a few options available to you to create the work life balance that works best for you and allows you more freedom to enjoy your life. There are so many more options available to you that I will not be able to list all your options in this blog. Take advantage of my other resources that will outline how you can enjoy the freedom when you retire part time.