It's One Thing to Sit at Your Desk with Fantasies about Work With Less Pressure, More Flexibility ...

 Ah. It's the collective daydream of overworked overwhelmed and overlooked careerists: Pull the plug on all that and settle into, yes, semiretirement. 

Sure, the money could be less. Or it could be more. After all, you're very smart. 

The benefits would be gone but eventually you will be eligible for Medicare and right now you are very healthy.

That fantasy is wonderful escapism. But you can't allow it to distract you from the realities of leaving your career, at this time. Most of those I coach simply can't afford to embrace semiretirement. Not financially. Not Emotionally. Not Socially. At least not at this point in their lives.

Here is the deal:

Too soon for government entitlements such as Medicare and Social Security. So, what will float your boat until you're eligible? You may have savings and investments. But you have to delay reaching into them since they might have to keep you living a comfortable life until age 100 or more. 

Almost 80% of those in America live paycheck to paycheck. In semiretirement you might not even have a paycheck coming in, not initially when you are getting your ducks in a row and maybe not regularly. 

While you still have a paycheck coming in experiment on the side with your ideas for bringing in revenue when semiretired. 

What about health insurance? Medicare doesn't kick in until you are 65. Purchasing your own coverage will be expensive. If your spouse carries you that adds plenty to the household expenses. For a specified period you can do a COBRA with the coverage you had with your employer but you will be shocked about how much that will run you. 

The most bankruptcies result from medical expenses. 

You are your title. Capitalist America is unforgiving and disrespectful of anything less than 100% productivity. Your current title sends the signal that you are a productive citizen in good standing. 

Being semiretired can tarnish that branding. Overall, there is a stigma attached to not working full-time and moving-on-up in a prestigious organization. Both junior lawyers and established partners endure the extreme demands of practicing law at firms like Skadden, Jones Day, Simpson and Paul Weiss because the prestige constitutes their calling card in business, society and even in their intimate relationships. 

Can you handle being perceived in some circles as not fully engaged in being productive? Some of us need more external validation than others.

Can you build something? Careers come with an infrastructure. You may complain about it but it provides direction. In semiretirement you have to create every aspect of how you will bring in revenue from your labor. 

Here's gallows humor: There is no need for you to rush exiting your well-paying career. Soon enough "they" will do it for you. 

Way back in 2018 Pro Publica documented that if you are 50 years of age or older there's more than a 50% chance that the decision to leave your employment will not be yours. If you are lucky enough to then land another job in your field after you get the boot there will only be a 10% chance that you will earn the same compensation. 

Takeaway: The longer you stay in your job the more you're increasing the amount of money you will be receiving from Social Security and the more you can plow into investing.

You made it this far. The next phase could be semiretirement. But maybe not right now. 

Coach For Seniors Jane Genova welcomes providing you with a complimentary consultation about that transition. Text/phone 203-468-8579, email janegenova374@gmail.com for appointment. Fees custom-made for your current budget.


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