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One Foot on the Golf Course: The Facts About Partial Retirement

February 27, 2014 By Gail Gardner 5 Comments

Born to Golf ~ Forced To Work

So you’ve worked a long career at your job and put away plenty in your retirement fund…but is it enough? With prices steadily rising over time and your likely hope for a long life, it can be difficult to know when you’ve finally stored away enough nuts to go home for the winter.

If your retirement fund fades away before you do, you could be left with little or no income long after your working years, but after 40 or 50 years, the novelty of waking up early to sell your entire day to a company has worn off. Do you struggle through another 5 or 10 years just to be sure, or do you walk out that door for the final time with your long-term future uncertain? Faced with this decision, many seniors choose a partial retirement as a solution.

Partial Retirement

At first glance it offers the best of both worlds: less work with the ability to still keep the lights on at home. Nevertheless, there are a few things anyone considering a partial retirement must weigh out to determine whether it’s the right move. A partial retirement does allow you to gradually transition to retirement with shorter hours or less days reporting, but this is a double-edged sword. Check out Suncorp to find out how much super you need to retire.

The reduced number of hours may affect your eligibility for employer-sponsored healthcare offered to full time workers, and if you are left without coverage, you may need to pay out of pocket for medical expenses in your advancing age with less income.

The reduced hours could also affect your pension. Many employers calculate pension benefits using a combination of salary and years of service, and if you spend significant time on a partial retirement with a lower salary, it could drastically affect your final average salary, reducing your benefit. Many union jobs have hourly minimums that constitute a year of service, and if your time is cut in half, the time it will take to accrue tenure will double.

One way some employees avoid this is to quit their jobs entirely on a short term basis. With the approval of the employer, an employee can quit the job and begin collecting a full pension, returning to work in short order as a part-time consultant or contractor.

Partial retirement allows you to gradually slow down instead of slamming the brakes, but it can be more complex than it seems. It is important to know your employer’s policies about partial retirement or if they maintain a dedicated partial retirement program before considering it. After all, the only thing worse than having to delay retirement is having to unretire.

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Gail Gardner

Small Business Marketing Strategist at GrowMap
Gail Gardner is the founder of GrowMap.com. She is a Small Business Marketing Strategist who mentors small businesses, bloggers, and freelancers. After 23 years in the field with IBM and 5.5 years managing AdWords accounts, her focus shifted to small business marketing strategy. GrowMap.com is listed by Cision as a Top 100 Site for Marketers and has received three Small Business Influencer Awards from Small Business Trends. Named by D&B a Top 50 SMB Influencer on Twitter, you can follow Gail @GrowMap and on LinkedIn.
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Filed Under: Careers, Edu, Gov't, Legal Tagged With: retirement

Comments

  1. Nk robert says

    November 23, 2018 at 1:44 am

    It really helps alot every one should plan its retirement golf is one of the major thing which help to get rid of retirement boring life.
    Nk robert would love you to read ..Womens golf bag clearanceMy Profile

    Reply
  2. Jonathan Look, Jr. says

    March 19, 2014 at 5:10 am

    I know some people that have partially retired. It seems to work okay but their problem really is spending. I was able to retire early because I drastically reduced my spending. I am saving more now in retirement, even a reduced one, than I was when I was working.

    Reply
  3. Tracy Roland says

    March 12, 2014 at 4:00 pm

    I think the issue of retirement is something that I’d love to plan well ahead of time because I am already seeing various arrangements that has to be made for one to have a peace of mind.
    Tracy Roland would love you to read ..Top 10 Most Visited Websites in The World Right NowMy Profile

    Reply
  4. angel says

    March 2, 2014 at 6:10 pm

    Your Post is very Used full thanks for Sharing I am really enjoyed this post.he Facts About Partial Retirement.

    Reply
  5. Mary Ann says

    February 27, 2014 at 7:20 pm

    I have many friends that are retired and semi retired. Those with adequate income don’t work and the rest do to some extent. All, however, keep very busy. As for myself I’m a workaholic and am trying to keep healthy so I can keep doing the things I love to do.

    Reply

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