3 type of retirement oh 3 type of retirement
3 type of retirement:
- Full early retirement—You never need to work for money again. By saving enough that your investments can grow to cover your expenses forever, work becomes entirely optional for the rest of your life. There’s no rule that says you’re never allowed to work again if you feel inspired to do so, but with this approach, you’ll never have to. You are financially independent.
- Semiretirement—You only need to work part-time, seasonally, or in a lower-stress position. By saving enough for a traditional retirement later so that your only concern now is covering your basic living expenses, you make work something that you can do entirely on your own terms. Semiretirement can involve continuing the work you already do but on a part-time basis, or it could look a lot more like low-risk entrepreneurship, in which you start your own business but without the same pressure most entrepreneurs feel to make it hugely successful right out of the gate. You are financially secure.
- Career intermission(s) —You can take a break from work for an extended period before having to go back. By saving enough to cover you for the length of your intermission, along with a buffer, you give yourself the opportunity to take a breather from work without jeopardizing your financial well-being in your later years. You can also think of this model as a self-funded sabbatical, and you might take a few of these intermissions over the course of your working years. You are financially flexible.
