There are other ways besides traditional retirement to allocate work and leisure time throughout our lives.
Traditional retirement generally requires us to work and save consistently for 30 or 40 years so we can have an extended period of leisure in our golden years. But there are other ways we could allocate work and leisure time throughout our lives. Some people take sabbaticals, mini-retirements, and other career breaks in exchange for working until older ages or even indefinitely. “Retirement is becoming a temporary hiatus, akin to a sabbatical, and then it’s being moved to a point later in life where it will likely be 10 years as opposed to 30,” says Marc Freedman, founder and CEO of Civic Ventures and author of Encore: Finding Work That Matters in the Second Half of Life. “People want to take these breaks to get some rest and relaxation before moving on to another phase in their working life.” Here are a few alternatives to traditional retirement.