How can you plan for a phased retirement?

I reduced my hours to two days a week for two years before final separation. Took on major project at home, so dedicated project time felt like work. Restored a trailer boat. Took on a new hobby, takes a day a week. Keep / Kept in touch with old colleagues.

It is important to reflect before deciding to embrace phased retirement. Ask yourself why you are ready for reduced working hours, what your expectations are, and how your lifestyle will be impacted. Take a closer look at your financial situation, including your savings, expenses, income sources, and tax consequences. You may want to consider seeking the advice of a financial planner or a retirement coach to create a realistic budget and retirement income plan. Remember, phased retirement is not just a lifestyle change, it's a life choice. So make it count. #PhasedRetirement #RetirementPlanning #FinancialFreedom

Le dispositif Retraite Progressive est un dispositif qui gagne à être connu, trop peu employé encore! Je l'ai mis en place, cela m'a permis de libérer 1 journée par semaine, pendant 3 années. Pour ne pas perdre de droits sur mes retraites, j'ai choisi de cotiser sur la part de salaire que je ne percevais plus, ainsi mes droits ont été maintenus! N'hésitez plus, à quelques exceptions près beaucoup peuvent en bénéficier depuis la réforme 2023.

The greatest concern for readiness is financial security, but it doesn’t have to be that way. Creating a tax-free, never ending income to supplement Social Security or any other pension plan is the way to go. Most people don’t know how to navigate this beginning with determining their financial independence number, determining their financial gap in retirement, and how to close that gap. More than ever, there are solutions that mitigate risks, fees, and taxes while offering guaranteed income, so this should no longer be a concern. There are many innovative ways to accomplish this without having to work additional years.

Transitioning to a phased retirement is a significant decision that involves various considerations. Reflecting on your motivations for reducing work hours, understanding your objectives from this change, and assessing its impact on your lifestyle is crucial. Evaluating your financial landscape, including savings, expenses, income sources, and tax implications, becomes essential in this process. Seeking guidance from a financial planner or retirement coach can assist in creating a feasible budget and retirement income plan tailored to your needs and aspirations. This holistic approach ensures a well-informed and prepared shift into a phased retirement that aligns with your goals and financial stability.

I retired in 2017 aged 57 just before covid lockdown came along. The best decision I ever made. Sold the big house bought a small place, put 300k in the bank. Drawing two small pensions aged 60 which pay for the shopping and some bills. Savings, pensions and investments give me 25k net a year split with my wife. Still got state pension when 66 in 2025. Get up when I want, bumble in the garden, drink coffee, read my papers and in warm weather ride my motorcycle. Never been happier, lost too many mates under 67 from illnesses mostly cancer to carry on working, enjoy every day like it's your last.

Open communication with your employer is crucial when considering a phased retirement. It's essential to understand the specific policies and options your employer offers regarding reduced hours, role changes, or remote work. This discussion should cover the potential impact on your salary, benefits, health insurance, pension, and social security. Clearly outlining your expected timeline, availability, and transition plan is vital. Being flexible and open to creative solutions can facilitate finding a mutually beneficial arrangement that suits both your needs and the company's operational requirements.

Explore your options and preferences. You need to find out what kind of phased retirement arrangements are available to you, and what suits your needs and interests. You can talk to your employer, your pension provider, and your financial adviser to learn more about the possibilities and requirements of different phased retirement schemes. You can also think about what kind of work you would like to do in your phased retirement, such as staying in your current role, changing to a different role, or working for a different employer. You can also consider other factors, such as your health, family, hobbies, and travel plans, that may affect your decision.

Monitor and adjust your phased retirement plan. You need to keep track of your phased retirement plan and evaluate its effectiveness and suitability. You can review your financial situation and goals regularly, and make adjustments if necessary. You can also seek feedback and support from your employer, your colleagues, and your family and friends, and address any issues or concerns that may arise. You can also explore new opportunities and challenges that may interest you, and enjoy the benefits of having more time and freedom in your life.

Transitioning into a phased retirement requires a mindful adjustment. Adapting to a lower income might involve reevaluating and reducing certain expenses, such as travel, entertainment, or dining out. Exploring opportunities to supplement income through freelancing, consulting, or teaching can help maintain financial stability. Equally important is planning how to make the most of your newfound time. Exploring hobbies, volunteering, or dedicating time to learning new skills can add depth and fulfillment to this phase. Prioritizing family and friends while striking a balance between leisure and personal development can contribute significantly to a rewarding phased retirement experience.

The greatest concern for readiness is financial security, but it doesn’t have to be that way. Creating a tax-free, never ending income to supplement Social Security or any other pension plan is the way to go. Most people don’t know how to navigate this beginning with determining their financial independence number, determining their financial gap in retirement, and how to close that gap. More than ever, there are solutions that mitigate risks, fees, and taxes while offering guaranteed income, so this should no longer be a concern. There are many innovative ways to accomplish this without having to work additional years.

Personally I don't like the word retirement. I feel it is misunderstood by many to think that from a certain stage in life, you go into a retirement mode. Although it is important to plan for the present and future, in life you must never loose sight of your purpose. Hence, plan well, be diligent, be wise in all that you do, but don't think of retirement as a phase in life where you will just drift by, one day at a time. Know that your life's purpose will continue until it is time to pass on one day. Until such time don't retire in life even though you phase off certain aspects of what you do such as work, business and career. Even such should continue to prosper even after others take over from you. Finish well, not on retirement mode.

I did not retire. I changed my way of living with other, new activities with other people, allowing me to learn from them. I have time for activities, in my own time frame including travelling to unknown towns and countries, learning from other cultures.It keeps me still young after 80 years.

My experience was that at 65 I agreed with my employer that I would reduce my working week to 3 days. They were happy to accommodate and as a project manager I planned my own time inputs to fit to the changed work pattern. I worked this way until I eventually retired at 68.

Fully agree Have experienced for past 11 months Have now restructured my time to create purpose On a weekly basis, by doing this also creates calmness

Believe me, when you get to a certain point in your life. That's the point where retirement is welcomed you need a rest. If I hadn't got away from what I was doing I started taking care of my body, it's hard telling where I'd be now. Probably in a cemetery somewhere.