Charting New Paths: 6 Alternatives to Retirement

Lately, it seems like every other day there’s a new report published that says retiring might not be the best thing for your mental, physical, or financial health. While these reports do make some valid points, it’s important to remember that everyone’s circumstances are different. 

For example, some people have a long daily commute that gives them less time to spend with family. Others work in jobs that make them miserable due to toxic relationships with coworkers. 

Still others work in very physically demanding jobs that can take a toll on the body over the years. 

The point is, from where we work to what we do to how much we’ve saved for retirement, we’re all very different, meaning that you should consider your personal circumstances when deciding what’s right for you. 

In this article, I’m going to discuss:

• the case against retiring
• to retirement or not to retire: that is the question
• 6 alternatives to retirement worth exploring
• crafting your unique journey beyond traditional retirement

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The Case Against Retiring

I’m not trying to be hypercritical of the research that says retiring is bad for your health. Actually, I think a lot of the research has some very valid points. Some of my favorite books that speak to this topic are: 

• Keep Sharp by Dr. Sanjay Gupta 
• Feel Better in Five by Dr. Rangan Chatterjee 
• How to Make Disease Disappear by Dr. Rangan Chatterjee

These books are also great for understanding how to stay sharp as you get older. Anyone who’s seen a loved one start to lose their grip, mentally or physically, knows how tough that can be. For many, this kind of advice is more than welcome; it can literally be a lifeline.

Other research such as this article in U.S. News & World Report points to a few key benefits of not retiring:

• your investments can continue to grow
• you’ll get a higher social security check
• work gives you fulfillment
• work keeps you active
• you can gain new skills

Good points, right? When I retired from my career I definitely considered these issues, so I can sympathize with anyone who has concerns about retiring. 

Again, however, because everyone’s situation is different and everyone has different retirement goals (including financial ones), it’s important to carefully consider your decision based on your circumstances.

Quick side note: To dive deeper into my journey, listen to episode #60 of Steve Dotto’s Grey Matters podcast, on which I was Steve’s guest. It was a fun interview! I hope you’ll check it out. 

To Retire Or Not To Retire: That Is The Question

The decision to retire can be an emotional one, no matter who you are. The good news is that you have some options to consider before jumping in. First, let’s talk about your skills, areas of expertise, and of course, the things you just love to do. You know—those things you’d do even if nobody paid you. 

Uncovering these things can be a daunting task. Many people build skills and expertise in a career but don’t necessarily love their job. However, there may be some aspects of the role you really liked. So how do we get to those gold nuggets? Here’s an exercise that might help you out.

The Nouns Versus Verbs Exercise

Back when I was working in my previous career, I ran a summer internship program for a few years. It wasn’t the official corporate internship; just something a few of us created to help out some kids.

We welcomed students who, for a variety of reasons, wouldn’t be accepted into the big, formal internship programs. There were no fancy perks or promises of a job at the end. We expected them to work hard, but we paid them well and gave them valuable experience to beef up their resumes and chat about in job interviews. Most of these kids weren’t exactly dreaming of a career in banking, and that was totally okay.

At the start of the summer, I gave them a homework assignment to jot down what they enjoyed and what they didn’t each day, focusing on the actions (verbs), not the tasks or job titles (nouns). Each week we’d go over their notes during our lunch and learn sessions.

My goal with this exercise was for our interns to get to know themselves a bit better through their experience with our program, with the hope that they would be able to use this knowledge beyond their school years.

Five years later I received an email from a student who’d been in our program. He shared his journey of finding a job after college and mentioned how the “verbs versus nouns” exercise really stuck with him. It helped guide him to figure out what he actually wanted to do.

Hearing from him after all those years, just to say how much that little exercise helped him, really made an impression on me. It reminded me that this simple approach can be a game-changer for anyone, at any stage of their life or career.

So how might you benefit from this exercise? 

Let’s say that in your previous job, you were a Financial Reporter (noun) for a large bank. While you don’t necessarily want to continue to be a Financial Reporter, there were certain parts of the job you really liked.

Thinking about your previous role as a set of verbs, your responsibilities might’ve looked something like this: 

• Investigate  A financial reporter delves into financial news, market trends, economic reports, and financial statements to uncover newsworthy insights. This involves rigorous research and analysis to ensure accuracy and relevance.

• Analyze  Beyond just reporting the facts, a financial reporter analyzes complex financial data and market trends to provide readers with context and help them understand the implications of economic events and market movements.

• Interpret  A financial reporter interprets financial information and economic indicators to make this data understandable for the general public. This requires a deep understanding of financial terms and principles to translate complex concepts into accessible language.

• Report  Reporting is the act of conveying information through articles, news stories, and broadcasts. Financial reporters craft engaging and informative content that keeps the audience informed about the latest financial news and trends.

• Communicate  Effective communication is essential for a financial reporter, not only in writing and reporting but also in interviewing sources, engaging with the audience through social media, and presenting complex information in a clear, concise manner.

Breaking your previous role down into verbs helps you see what you did on a daily basis. From here you can start to think about which parts of your job you liked and which parts you’d just as soon leave behind. 

For example, let’s say you loved investigating trends and news and then communicating your analysis. These skills certainly aren’t limited to the finance industry, so your post-retirement possibilities just got a whole lot bigger! You might sit down and think about some other areas you’re passionate about (animal rights, for example) and consider how you can use your investigative reporting skills in these niches. 

Sit down with a piece of paper and pen and start jotting down all the verbs that come to mind. Want to double-charge this exercise? Reach out to a friend or colleague to get someone else’s perspective. People close to us can sometimes see those things that make us come alive even better than we can. 

For more help with uncovering those things that “light you up,” check out Your Roadmap to Purpose: 5 Tips to Find Your Why in Retirement.

6 Alternatives to Retirement Worth Exploring

Whether you decide to keep working, find a different job, volunteer, or retire altogether, you likely agree that engaging in activities (paid or not) is good for our minds and our bodies.

Now that you’ve completed the nouns versus verbs exercise you should have a really good idea of what activities might be in line with your passions.

Here are 6 alternatives to retirement to explore when considering your options. 

1. Semi-Retirement: The Best of Both Worlds

Semi-retirement is a concept that’s gaining traction among those who aren’t ready to leave the workforce entirely but crave more freedom and time to enjoy life. It’s a balance that allows you to keep one foot in the professional world while dipping your toes into the leisurely lifestyle of retirement. Think of it as having your cake and eating it, too.

This alternative to retirement can be an excellent opportunity to phase into retirement gradually. You can adjust to a slower pace of life, figure out how to structure your days without the 9-to-5 grind and explore interests that you may want to pursue more fully in retirement. Plus, semi-retirement can help ease financial transitions by providing a steady income stream, allowing for a smoother adjustment to a fixed retirement income later on.

Navigating the transition to semi-retirement can be tricky. It would help to have someone you can trust either in HR or somewhere in the management chain high enough to make decisions. If you’re lucky enough to know such a person, see if you can have an unofficial brain-picking side discussion.

If you don’t know anyone you trust with this discussion, try doing some online research. See if you can find someone who has taken one of these routes. Even if you do not know them directly, reach out anyway. And again, consider the skills and experience you bring (your “verbs”) beyond your specific department or role.

2. Take a Sabbatical: Recharge and Rediscover

Have you ever toyed with the idea of taking a breather from your career but aren’t quite ready to call it quits for good? A sabbatical might be the perfect middle ground. It’s a chance to step back, recharge your batteries, and perhaps even rediscover your passions without fully stepping away from the professional world.

Think of a sabbatical as a time-out to explore, learn, or simply rest. It’s more than just taking a long vacation; it’s an opportunity to engage in activities you’ve always wanted to try but never had the time for. Whether it’s traveling to new destinations, diving into a hobby, or dedicating time to a personal project, a sabbatical can provide the space and freedom you need.

Moreover, a sabbatical doesn’t have to be a solitary journey. It can be an enriching period filled with new connections and experiences. Many find that this time away from their usual routine rekindles their creativity and passion and gives them a fresh perspective on their careers and lives.

When considering a sabbatical, plan how you’ll use this time to ensure it aligns with your personal and professional goals. Will you learn a new skill, volunteer, or perhaps start a small project? The possibilities are endless, but having a purpose will make your sabbatical both rewarding and fulfilling.

Returning from sabbatical you might find yourself more invigorated and ready to tackle your career with renewed vigor. A sabbatical is not just a pause—it’s a powerful tool for transformation and rejuvenation.

3. Switch Companies

If you find that you really do enjoy your job but are simply ready to switch things up, consider switching companies as an alternative to retirement. You’ll get a fresh start while keeping the income rolling in.

It’s helpful to have connections at other companies when considering this approach so you don’t end up in an undesirable situation. Think through your contact list or your connections on LinkedIn.  

Speaking of LinkedIn, if you haven’t updated your profile there in a while, this is a great time to give it a refresh! Be creative with the value you bring.

4. Entrepreneurship

Ever thought about doing your own thing? If this idea seems daunting because you’ve spent years in a big company or structured organization, it may be time to pause and rethink. This might just be a golden opportunity to pivot and look at your skills differently.

Entrepreneurship is all about focusing on what you do (there are those verbs again!) rather than where you’ve done it.

Can you offer coaching, training, or consulting based on your expertise? Now’s the moment to really think about your skill set or even explore new interests.

Why not take a course or two? Platforms like Skillshare and Udemy are fantastic places to start this journey of self-discovery. And these platforms aren’t just for learning; they’re also on the lookout for folks who can share their knowledge as instructors. Take a peek at their current courses; it might just spark an idea for a skill you can teach. For a deeper dive into these opportunities, check out ‘Mental Sharpness At Any Age: How to Exercise Your Brain.” 

But what about the loneliness you fear you might feel after leaving your office buddies behind? Here’s something I learned on my own journey: being a sole proprietor doesn’t have to be lonely. The online world is buzzing with communities ready to embrace and support solo adventurers.

Take The Grey Wave, for instance, a hub of supportive, like-minded Gen-Xers and Baby Boomers who value embracing your professional experience as your superpower to create new things. Through such communities, I’ve discovered mastermind groups, found a co-writing buddy, and connected with people who’ve become my go-to for advice and guidance.

The entrepreneurial path seemed daunting and solitary at first, but reality told a different story. Entrepreneurship is a world brimming with connections, learning, and growth. If you’re at a crossroads, pondering your next move, maybe it’s time to consider whether entrepreneurship could be your next adventure.

5. Volunteer Work

Volunteering offers a ton of opportunities for engagement and fulfillment in retirement. For many, the traditional route of volunteering—applying to assist in various roles—provides a straightforward path to making a difference. It’s a fantastic way to contribute, and if this excites you, there’s plenty of guidance available to help you find the right fit. You can learn more in my article, Is Volunteering After Retirement a Good Idea?.

However, have you considered leveraging your professional background in a more advisory capacity? Many companies have ties with nonprofit organizations where your skills could be invaluable.

Investigate whether there’s a possibility for an introduction through your company that could lead to an advisory role. This is about utilizing your expertise—focusing on your actions and skills (the verbs) rather than the job titles you’ve held (the nouns).

Grant Writing: A Case Study in Skills Application

Take, for example, the process of grant writing for nonprofits. You might not have direct experience in this area, but platforms like Skillshare offer foundational courses like Grant Writing Basics that can get you started.

Combining this new knowledge with your existing skills can make you an invaluable asset to your chosen nonprofit. It’s about seeing the potential to apply your life’s work in new, meaningful ways.

A Personal Anecdote about Volunteering

I’ve personally experienced the impact of this approach. A nonprofit I’ve been involved with for years asked me to review their grant application after a series of unsuccessful attempts to get funding.

Despite my lack of experience in grant writing, my background in persuading management for budget increases proved surprisingly relevant. My fresh perspective highlighted several areas for improvement, demonstrating that the skills we accumulate can find new life in different contexts. The organization appreciated the insights and has since involved me in more projects.

This journey into volunteerism isn’t just about giving back; it’s about discovering new dimensions of your professional abilities and applying them in contexts that benefit from your unique experience. Whether through traditional volunteering or advisory roles, the potential to contribute and make a difference is boundless.

 6. Hobby Work: Turning Passion into Purpose

If you’re not too worried about having a source of income outside of your retirement income then considering hobby work as an alternative to retirement may be something to check out.

Transforming a beloved hobby into a passion project is an enriching alternative for those not entirely sold on traditional retirement. You can channel what you love into something meaningful without the pressure of it being a primary income source. It’s not that you can’t make money from hobby work, but the pressure is off because you’re doing it for the love of it rather than as a stream of income.

Let’s say you have a deep passion for animal rights and a knack for research and public speaking. Why not merge these interests into launching an animal rights podcast?

This approach allows you to deep-dive into subjects you’re genuinely passionate about, share your knowledge, and connect with like-minded individuals, not for financial gain but for the joy of contributing to a cause you care about and the personal fulfillment that comes from doing work that matters to you.

Engaging in hobby work is a powerful way to keep your mind active, your skills sharp, and your heart engaged. It offers a sense of purpose and can be incredibly rewarding, especially when you see the impact of your efforts on the community or a cause you’re passionate about. 

Crafting Your Unique Journey Beyond Traditional Retirement

In a world brimming with advice on why retirement might not be the golden time we once envisioned, it’s crucial to remember that the path forward isn’t one-size-fits-all.

Experts across the board, from doctors to researchers, urge us to rethink the concept of retiring in the traditional sense. Yet, this advice isn’t a directive to abandon the idea of stepping back; rather, it’s an invitation to reimagine what our later years can look like.

Let your imagination and your wealth of experience guide you. Reflect on your skills, passions, and dreams. What can you offer the world that’s uniquely yours? The journey doesn’t end with retirement—it merely transforms.

C.S. Lewis once said, “You are never too old to set another goal or to dream a new dream.” This wisdom rings especially true today. Retirement doesn’t have to mean the end of productivity or purpose. Instead, it’s an opportunity to redefine your goals and dreams on your terms.