Five Alternative Options to Traditional Retirement

retirement

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.

 

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UK Abolishes Mandatory Retirement at 65

 retirement

British employees will not be forced to retire at 65.

British employers will no longer be allowed to force people to retire at 65 years old, unless they can justify the dismissal, the government said Thursday in a bid to lessen pension payouts as Britons live for longer.The move was welcomed by nonprofit organizations campaigning against age discrimination. Others, however, complained that the move will make it expensive for employers to continue to provide benefits such as health or life insurance to employees over 65.

 

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First Baby Boomers Turn 65 in 2011, But Are They Ready for Retirement?

baby boomers

The first baby boomers will turn 65 in 2011, but is this generation truly ready to leave the workforce?

“Baby boomer” is the name given to the generation born in a “baby boom” following World War II, between 1946 and 1964. There are about 78 million in all, which is 26 percent of the population. Those turning 65 this year will be eligible for Medicare, and full retirement in 2012.

 

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