Helping clients embrace semi-retirement

By William Scott Page

The concept of retirement has undergone a remarkable transformation in recent years. The age-old notion of bidding farewell to the workforce in pursuit of leisurely activities no longer reigns supreme among seniors. With the baby boom generation gracefully graying, a trend towards semi-retirement has emerged, epitomizing a more balanced approach to this life phase.

Agents and advisors are now entrusted with a critical role - guiding clients to embrace semi-retirement with open arms while unveiling the potential treasure trove hidden within their financial assets through performing asset appraisals.

The genesis of retirement

Delving into history, it's captivating to discover that retirement wasn't always integral to our societal fabric. In Germany, retirement initially emerged as a remedy to quell discontent among younger workers, who witnessed older employees clinging to coveted positions well into their twilight years. This historical perspective sheds light on the somewhat unnatural aspect of full retirement — a construct more socio-economic than a natural life phase.

The realities of full retirement

The idyllic vision of endless leisure and relaxation, often associated with full retirement, can be elusive for many. Financial constraints, personal inclinations and the burning desire to remain active and engaged often lead to a postponement or complete overhaul of retirement plans. The conventional retirement dream of relocating to a tranquil community, indulging in hobbies and basking in a life of leisure may remain an unattainable mirage.

The ascent of semi-retirement

In this dynamic era, many are charting a course toward the intriguing realm of semi-retirement — a path that offers attainable and fulfilling prospects. The idea here isn't to cease working entirely but to slow down, reducing stress while retaining a sense of purpose and financial stability. The question on everyone's lips isn't "How can I retire?" but rather, "How can I semi-retire?"

The crucial role of asset appraisals in semi-retirement financial planning

When planning for semi-retirement, financial strategy reigns supreme. While it may not be the right moment to dip into substantial savings, asset reallocation takes center stage. This includes exploring options such as downsizing living arrangements, renting out property and divesting assets. Life insurance policies, a frequently overlooked financial resource, can undergo an appraisal and potentially be sold in the secondary market as a life insurance settlement, generating funds to bolster a semi-retired lifestyle.

Semi-retirement case studies: Revealing the power of asset appraisals

Transitioning to lower-stress jobs: A close friend's journey serves as a testament to the magic of semi-retirement. He seamlessly transitioned from a high-stress sales job in telecommunications to a rewarding role in luxury retail. Working fewer hours each week enabled him to relish his skills and experience without the relentless pressures of his former career.

Embracing consulting: For those blessed with a wealth of knowledge and expertise, consulting offers a unique avenue to remain in the workforce on their terms. This path unfurls opportunities for flexible, exhilarating work without the burdensome stress of prior roles.

Part-time work with meaning: Another senior client discovered joy and a financial boost by working part-time as a porter at a car dealership. This role provided a profound sense of purpose, opportunities for social interaction and supplemental income, all thanks to savvy asset appraisal and management.

The enchanted future of retirement

As we venture into the future, it's evident that semi-retirement will become the new norm for many. This shift necessitates a thorough reevaluation of financial assets and a creative approach by agents and advisors. By wholeheartedly embracing semi-retirement and unveiling the hidden financial gems through asset appraisals, individuals can savor a fulfilling, balanced, and financially secure later stage, seamlessly blending work with the well-deserved joys of relaxation – retirement.

Wm Scott Page, is a life insurance policy appraisal expert, published author and CEO at policyappraisal.com and WeBuy75.com. He may be contacted at [email protected].