I plan to retire twice during my lifetime, maybe even three times. As an MSN Money article notes, “Retirement has been cut short for many workers with close to 48 percent being forced back to work due to financial reasons, according to a new study.”
But my multi-retirement plan is set up this way because I want it to be. For several reasons, I think that retiring several times could actually be a good thing rather than something to be dreaded.
Forging a new and exciting path
It seems like I get that seven-year itch. No, not when it comes to marriage, but when it comes to my careers. I was in the hotel business for just about seven years before I became self-employed as a freelance writer. Now it’s been nearly seven years since I made that transition, and I’m feeling the urge to switch careers again.
Therefore, it seems to be a running theme in my life that every seven years I begin looking for something new and interesting to keep me occupied, productive, and earning money. So it wouldn’t surprise me if after seven years of retirement I’d feel the same way. And with the experience of trying new employment endeavors behind me, I can use my entrepreneurial acumen to give something new a shot in retirement without risking a large part of our nest egg. With the internet providing a variety of learning and work options that require little or no initial startup costs or overhead, this is making it easier for many retirees to try their hand at new income-earning roles relatively risk free.
Additional financial security
Retiring once, only to find myself working again sometime thereafter, could act to provide additional financial security. I really have no desire to hang up the work role altogether in retirement. Finding work that I enjoy means that the thought of having to go back is not something I dread. Therefore, the thought of retiring twice doesn’t frighten me. Instead, it comes as a welcome option that means I could find something new or that I like doing better that might draw me back to work, while also providing extra income that could bolster existing income streams such as Social Security, retirement funds, and savings.
A pit stop to refuel and refocus
Sometimes we get so wrapped up in doing what we’re doing that we can’t see the forest for the trees and we forget to enjoy life a little bit along the way. Being able to retire, take a break, refuel, and re-energize may provide that second wind for taking the next step in life, whatever it might be.
Having done this to a point with my own career when I left the hotel business allowed me to work from home while caring for our children, something many parents miss out on due to working outside the home. Retirement may allow me to do something similar with our grandchildren, helping to care for them if needed while exploring new work or income-earning options.
More From This Contributor:
Building a Revenue Producing Blog
I Won’t Be Waiting to Take Social Security
Preparing to Publish My First E-book
The author is not a licensed financial professional. This article is for informational purposes only and does not constitute advice of any kind. Any action taken by the reader due to the information provided in this article is solely at the reader’s discretion.