Can You Semi-Retire Earlier Than You Think?

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  • Опубліковано 29 жов 2024

КОМЕНТАРІ • 22

  • @RC-fh2lk
    @RC-fh2lk Рік тому +9

    Semi retiring is a real possibility in today’s economy. Unlike 10-20 years ago a seasoned or mature worker is highly valued and sought after. I plan on retiring around 58 yrs old but will work part time or casual for 5 years or so. A extra $200-$300/week is massive if it’s considered extra income.

  • @kenp4464
    @kenp4464 Рік тому +5

    I'm 53 and semi retired 2 yrs ago. Total control of my work time. Can front load 2 weeks for a month, and rear load 2 weeks the next month, for a month long vaca. Or just work a 3 day week.
    With kids in university I still need to make a few bucks, but this is great.

  • @Green__one
    @Green__one Рік тому +4

    I semi-retired 5 years ago at age 40, I now work about 70% of what I did before, in a completely different field, and I get to choose when I work. I'm just starting to consider it I can take that 70% down even further.

    • @MelissaCoup
      @MelissaCoup 11 місяців тому

      Good for you! I love hearing these stories.

    • @hannathehappynomad
      @hannathehappynomad 7 місяців тому

      Can you please share the field you work in with that schedule?

    • @Green__one
      @Green__one 7 місяців тому +1

      @@hannathehappynomad I retired from telecommunications, and now work as a paramedic. I've stopped saving for retirement, and am just letting my existing savings grow. My paycheque now only has to cover my spending, so I adjust my work schedule to match. Since I made the comment 8 months ago, I've reduced my work down to about 8-10 days a month.

    • @hannathehappynomad
      @hannathehappynomad 7 місяців тому

      @Green__one sounds like a great life to coast FiRE. I'm on the edge of this transition but can't find work that I would be happy with and would give me the flexibility. Thank you for sharing! People like you help people like me with the example.

  • @CorneliuBacauanu
    @CorneliuBacauanu 19 днів тому

    Excellent point. Everyone should do their math.

  • @Suz47
    @Suz47 Рік тому +2

    I've just started to watch your videos and they are very informative and very timely for me. Thank you! This is exactly where I'm at. I'm running numbers in various free programs out there, and it seems that I could fully retire, but with a very modest income which is ok by me. It's still very exciting to see the possibilities. I want to delay both CPP and AOS until 70 so it would leave me with 11+ years to rely on savings alone once I make the move!. Plan B would be to find part - time work so I don't start depleting my savings too fast. And it would a great way to ease into retirement. I can't help but wonder if the changes at her work are same changes at my work which have put me in the same scenario! 😁

    • @wellbuiltwealth
      @wellbuiltwealth  Рік тому

      Awesome to hear! Way to go :)
      And another great thing about easing into retirement with part-time work is that you can quit anytime you like. You’re in control now 🤓

  • @Pkeats817
    @Pkeats817 9 місяців тому

    If I didn’t semi retire, I would not have had my mortgage paid off and a pension fund. I chose to do it at 49. Took a transfer value. I mean, I would have had a government controlled fund that I could never see, and I would have had to cross my fingers and hope I would get to use it someday. I like being in control, and this suited me. It was an unpopular opinion, but it made sense to me.

  • @terryevp4084
    @terryevp4084 Рік тому +2

    Another very informative video. Many Thanks...!!!

  • @rtbull11
    @rtbull11 8 місяців тому

    I’m 58 and considering semi-retirement. I’m fortunate to have a pension, which makes this decision easier. I guess I’ve been more focused on achieving the 7 figure retirement portfolio number for additional security. This video and a few others I’ve seen today have made me pivot. I’m fortunate to make my own schedule, so I’m definitely reducing my schedule by 1/3 next year at 59 1/2.

  • @danbruno5945
    @danbruno5945 Місяць тому

    Im 36(uk) and my mortgage payments are just £271 per month
    Sometimes it crosses my mind mmm i could get a part time job e.g Mon to Wednesday 3 days per week and still be okay if i can bring £1200 >£1500 per month with 4 days off per week Thursday to Sunday

  • @davecarpenter4917
    @davecarpenter4917 Рік тому

    Semi-retired at 58 to a different employer and part-time hours. This income, when added to my pension brings in a little more after-tax than my previous full-time work. Pro: Much more time off. Con: My YMPE for CPP is less than full for the approx 2 years in part-time, so my CPP will take a small hit.

    • @wellbuiltwealth
      @wellbuiltwealth  Рік тому

      But probably very worth it!

    • @davecarpenter4917
      @davecarpenter4917 10 місяців тому

      Passing by the comment, and thought I should clarify. I should have said "after tax and deductions", and really.. it's more about the deductions. I'm grossing a tad less overall (pension + part-time) , but I'm no longer paying into the pension and no longer paying CPP/EI on the full-time job.. just the small amount on the part-time job. So, the net take-home is now higher. I'd like to hold this position until 65 (where I lose my "bridge") , but I'm not sure the effect on the CPP.. will it be watered down too much by the part-time low income years ?

  • @slf5141
    @slf5141 Місяць тому

    Yes.!!