Financial planning aside, tell me how to successfully transition into semi-retirement

[Midlifeponderer]

I’m mid 50s and want to step down from my FT senior role in the next year/18 months. I’m pretty sorted financially - decent pension that I can access late 50s and some frantic saving added to some inheritance will mean I could bridge a couple of years quite easily.

However, what’s worrying me is the ‘cliff edge’ feel to it all. Ideally, I’d like to leave my role and then either work for 2 or 3 days (voluntary would be an option), or have a ‘portfolio’ of things such as trustee roles etc. My current role is so demanding of both my time and energy that there is little opportunity to start to do the ground work for these whilst still in employment - I am a trustee for one charity at the moment but I’m struggling to even give that the time it needs.

It feels like I am going to have to take a leap of faith and stop working, accept I will have a lot of time to spare for a while and start building new things as I go.

I should say, I really want to do this to free up some time, particularly to spend with family who live a distance away. Working part time in my current role isn’t an option, neither is moving to another lower paid role in the same field really.

If you’ve managed this successfully, please tell me how you did it!

I'd start applying now. Finding the right ad-hoc roles takes a while and many have a start date several months in advance. I firmly believe its easier to get a job when you have a job too.

Since I semi retired I can't work out how I managed to find time to go to work. There are so many things to do!
Suggestion for continuing to feel useful - school governor would be top of my list. It's really hard for the governing boards to find governors from business backgrounds. Look at SGOS www.educationandemployers.org/governing-boards-2/
But - semi retirement is your chance to find more time for yourself. Art classes? Walking groups? Creative writing groups? I got into art and have my first mini exhibition in a shop for the whole of November.

I did art, yoga classes and also took to doing crafting and gardening. I have health issues so am limited unfortunately. I have three friends who all took early retirement in the last year.

One runs a community cafe in a centre that runs free courses and is there quite a lot. One is a trustee for a charity and also helps with her grandchildren and the other is a very young retiree at 51, he looks after his primary age DD after school and the house as his wife is much younger and will work for at least another decade. He has also built a library shed in his garden and reads in there most days. They all get their pensions, he like me was medically retired.

You’re all making me very excited at the thought now!

On the hobbies front, I’d definitely want to build on my interest in walking and gardening, I’d join local groups etc. One of the other things in my life that has suffered due to work is friends, and I need to think about how to build up new friendship groups. I like some time to myself but don’t want to become too solitary!

@Disfordarkchocolate I agree about it being easier to get a job when you’re already in one, which is pearly why I’ve taken on one trustee role for now. I may look to do another if work can accommodate it.

A word of warning - don't jump into more commitments that will restrict your time to do what you want. I personally wouldn't take on a voluntary role that committed me to being in charge of something, or being there for set days and times of the week. Don't create yourself a voluntary "job" as so many do. This is your time to be relaxed, use your time flexibly and prioritise yourself.

Listen to the podcast retirement answer man

I gave up a senior role at the end of August and have to say, it's been a breeze. I joined the U3A, spend more time cooking, gardening and DIY.

I may look for voluntary positions in January but am taking my time before committing to anything.

@10yearwarranty that’s such a good point. I don’t want to end up taking on a ‘part time ‘ role and end up having to do stuff at weekends and Bank Holidays, or be restricted with leave etc. That’d be worse than now!

Great idea re podcasts, I hadn’t thought of exploring that route for advice, I’ll have a listen.

@10yearwarranty

My totally retired friend says the same!

She has just recently seen a load of films. It ends up that whatever films us others talk about going to see, she of course has already seen it! She has also been gardening and sewing her own cloths. Phew. Next year there will be major flat rejigging!

My DH retired from a very senior role a couple of months ago, his roll got halved a few months prior to that so that really helped. Also WFH for 18 months (covid) helped with the transition. He’s 55, since the retirements we’ve both joined a fancy spa/gym. I’m not working and am 52. He’s joined a golf club and goes on the days I see my friends. We have a few lunches out per week, go for walks, shopping. We go to the cinema a lot but also did go quite a bit before. We’ve always holidayed a lot but now have a serious amount of trips booked.
So far all is going well, there’s no boredom.

@DampSquidGames - that sounds like a lovely life for you and your DH. One of the factors for me is that I don’t live with my DH. We spend each weekend and holidays together and it works pretty well. He’s also likely bro be working for a few more years so I’m keen to organise things so that they work for me on my own.

It depends a bit on what your current job is but I found that my retirement from full time exec work morphed very quickly into a portfolio non exec career. It’s better than I ever thought it could be and wasn’t what I intended - I got asked to do the first and that led to another. It’s the best bits of my previous job. And I’m still earning so the financial planning has benefited too. I get a couple of enquiries a week now I think so if you might be interested/suited PM me and I’ll put you in touch with the recruiters. Good luck whatever you decide - I ‘retired’ at 53 and it’s one of the best decisions I’ve made.

@MrsWobble3 - that sounds like exactly the sort of thing I’done interested in. Thanks, I’ll DM you later