A mini-retirement is a planned, intentional break from your normal work schedule that can help you recharge and rethink your career trajectory.
Your mini-retirement might mean downshifting to a four-day work week. It could be an extended stay-at-home vacation. Or it could be a longer break from work, like a sabbatical. Older workers who are nearing the "traditional" retirement window might also use mini-retirement to test drive their vision of what life without work will be like.
Use this three-step process to plan your mini-retirement and make the most of the experience:
1. Assess Your Time and Money.
Younger workers who are either between jobs or preparing to change jobs usually have the easiest time planning a mini-retirement. They can take stock of their finances, figure out how much money they can afford to spend, and budget accordingly. Some might take a year or so to plan ahead and save for mini-retirement.
Folks who are currently employed should review the benefits available to them. A planned mini-retirement could be a great way to cash in saved vacation days or an allowance for sabbatical or volunteer time.
If you're an owner or CEO, stepping away from your company for weeks or months might sound crazy. But managing your time your way is also one of the perks of being the boss. An extended break from your company is also a great way to test just how durable and valuable your company really is, especially if a major exit is part of your retirement plan.
Soon-to-be retirees should talk to their employers about creating a glide ramp to full retirement. Moving some of your key responsibilities to colleagues' desks or shortening your office hours might help you create long weekends or longer vacation time you can use for mini-retirement experiments.
2. Set Goals.
The most successful retirees don't retire FROM work. They retire TO something.
For younger folks who aren't yet financially independent, one of the challenges of mini-retirement is that "something" will probably be another job. If you don't set clear goals for your mini-retirement, you might slip into "vacation mode" and return to the real world without a clear plan. Whether you want to explore talents, start working towards a new degree or certification, find a coach, or see how a change of scenery might help your professional prospects, establish daily action items that will build towards a successful mini-retirement.
Seniors should also try to avoid "vacation mode" during mini-retirement. Even the most ambitious retired travelers still anchor their time in everyday activities: hobbies, giving back, and spending time with friends and family. Try blocking a typical at-home week and see how many mornings, afternoons, and evenings you can fill with activities you'll look forward to seeing on your calendar.
3. Manage Expectations, Review, and Move Forward.
Sometimes the reality of retirement doesn't quite meet a senior’s expectations. A mini-retirement, at any age, might have the same effect. You might fall out of love with your dream job. Spending too much time on one talent or hobby might make it feel like work. You might miss the structure and responsibilities of your previous job, and the people you spent your time with.
Remember that you can’t “fail” a mini-retirement as long as you learn from it. If one set of goals doesn’t fulfill you, set some new ones. Having the willingness to try while also giving yourself permission to fail will benefit you at every stage of your life.
Our suite of interactive tools might also benefit younger workers who are contemplating mini-retirement or major life changes. Let’s talk about how our Life-Centered Planning can help you make the next step the most impactful one yet.
