Types of Work When You’re Able to Retire

{The Case For Retirement Work}

Was having a good dialogue with a client the other day as he was contemplating does he retire or not.  He technically is able to, based on copious financial modeling and discussions.  We crunched the figures and looked at them from every single angle possible.  The facts were the facts – this individual, if he shall choose, is in a position to retire.

The question du jour is, should he?  Now I know all of you reading this are screaming at your little screens saying yeah dummy retire would ya!  And you wouldn’t necessarily be wrong, but you aren’t necessarily right.  For the next few minutes, I’m going to make a case for the different types of retirement work and the reasons why.

For this conversation let’s agree on a basic principle, what is retirement work?  Well, the good news is I am coining the phrase as I speak so I get to decide 😊!  So as judge, jury, and executioner I now dub retirement work as the work you do once you are financially able to retire.  Be careful, as this is very, very different than mentally being able to retire.

The 6 Types of Retirement Work

1. ·  Retirement Work 1: Complacent Connie– Complacent Connie is the guy or gal that hits their number but still has a little more gas in the tank.  They enjoy the work they do enough that the path of least resistance is to keep plugging away a few more years being paid handsomely.  They’ve decided although they could retire, they aren’t quite ready for one reason or another.  Not enough energy to start something new and why not sock away a few more dollars for retirement or that big project by putting in a few more years.  I see this all the time and it is clearly the most common, as we as humans love inertia.  This is a great way to sorta top of the retirement bucket list with minimal effort.
2. ·  Retirement Work 2: Opportunistic Ollie– Oh, Opportunistic Ollie, how I love thee.  This is the retiree who realizes they have 40 years of expert experience that you simply can’t teach.  Like in basketball how they always say you can’t teach height.  Well in business, you can’t teach 40 years of experience.  That said, employers love Ollie.  He or she isn’t going to stick around forever and can help at a high leadership level pass down ages of wisdom.  Generally speaking, these veterans warrant top dollar from the open market and can really cash in on a payday.  But why you may be asking?  Well, if you have big retirement goals or dreams and want to hoard an extra six or seven figures this is great for you.  Or if you’ve always wanted that big-time position to be the feather in your cap for when you retire have at it.  A lot of times for high-level execs it is really hard to drain all that octane out at once, and sometimes they need to burn the rest of the fuel in their engines before turning their sights on retirement.  Many of you reading this can’t fathom this being your retirement path, but listen being someone built like this I get it to the core of my being.
3. ·  Retirement Work 3: Lifestyle Lucy– Now most of you are going to start resonating I think a little more here.  The lifestyle Lucy person is one that says, you know what – 3 bad days, brother, I’m out.  I’m sick of the rat race and am burned out.  However, I wouldn’t mind work supporting some of my expensive habits or keeping me busy for a few more years.  Thus, Lucy will find part-time work making more than she thinks.  This could be in the world of consulting or mentoring at another company.  It is a fun new challenge, but yet one Lucy doesn’t care too much about.  She lends her talents and doesn’t ask much in return.  Pay her fairly and let her work from home a few days a week.  It is great for the employer and great for Lucy.  I love this option for many of my clients as it generally stops them from drawdown for a few more years and simply helps solidify the retirement picture.
4. ·  Retirement Work 4: Challenge Charlie– I have a client, not named Charlie, who retired from work.  He did so to go back to get his Ph.D. and literally be a student again.  He is in his final year of a Ph.D. program before he can apply this talent in academia.  This one seems the most bonkers to a lot of you, right?  The reality is, this was his life challenge.  A box or accomplishment he never got to check in his younger days.  So why not go back to school to get your Ph.D. at the end of your career?  I get the college parties and single women don’t get me wrong, but he is happily married and prefers expensive red wine (not good for college parties).  For the Charlie’s of the world, they are looking for that new challenge.  For this person it is his Ph.D., for others, it is starting a business or something else that otherwise would seem crazy to the outside world.  The case here is NO REGRETS.  Think if you are that inclined to start an uphill battle in your mid 50’s to 60’s, this battle isn’t a sudden one.  Rather, it has been eating away at you since your youth, and what better time to say screw it, I’m all in when you don’t have to rely on finances anymore?
5. ·  Retirement Work 5: Passion Patty– I think many of you would fall into the Passion Patty category.  You see this is different than Challenge Charlie as this is more outward passion than inward.  Think retiring to go work at the boys and girls club, or foodbank.  Maybe you’ve always loved kids and been surrounded by spreadsheets for 30-40 years.  Now that we’ve met and you are able to retire, you decide you’re going to give your time to your passions.  The case here is that you get to spend your time doing something you truly love.  Added bonus is if it pays you something even nominal those dollars are generally “bonus” dollars that will simply allow you some extra mad money.  Or in many cases, I see this money get donated right back to one’s passion.  It truly is a beautiful thing to see.  
6. ·  Retirement Work 6: Free Franny– Oh Franny how I envy you.  This person has decided their time has come to move on and be free.  They may do some work here or there, they may not.  What they know is they need to spend some time away from the rat race to contemplate what the next chapter looks like for them.  Franny doesn’t want to make the wrong decision and instead decides she’ll let the decision come to her.  My spirit animal is Franny and I truly admire her for choosing to live her best life.  This is a great option for that burnt-out individual or even that person living their happiest life.  Work did not define them and they are ready to take that next step.

1-6 Which one are you?

Decisions, decisions, decisions right?  Are you a Connie or a Lucy?  A Charlie or a Franny? A Patty or an Ollie? Find out by taking our quiz. Retirement is an extremely emotional and difficult time in many of our lives.  It seems easy, retire and call it a day.  But for many, just because they can doesn’t mean they are “ready”.  Instead, they may be ready to do something new or set their sights on a life dream.  Don’t feel bad if you aren’t ready, despite “being ready” as it is very normal.  Especially with all the unpredictability in retirement, it isn’t always a bad thing to delay your drawdown or sock a few extra dollars away for the unknown.  The fun thing about this is the decision is uniquely yours.  The only wrong decision is not giving it enough thought and following your heart.

Hope you enjoyed today’s installment and as always stay wealthy, healthy, and happy.