Understanding Hybrid Retirement: Beyond Financial Benefits
Either you will look forward to retirement or absolutely dread the prospect. Retirement for most is interpreted as a dead end, such as the end of a career. Hybrid retirement, however, is a concept that some companies offer as a way for workers to transition into retirement gradually while still enjoying some work benefits. Although financial incentives may be involved, hybrid retirement is more than just about money. In this blog post, we’ll explore hybrid retirement beyond financial benefits.
Hybrid retirement is a work arrangement where employees can work full- or part-time while also drawing from their retirement benefit plan. While the financial benefits are apparent, such as receiving a steady paycheck and access to retirement benefits, hybrid retirement options also offer less visible advantages. For starters, hybrid retirement helps an employer to retain experienced professionals as they transition to retirements. By offering flexible work hours and the possibility of phasing into retirement, hybrid retirement can help keep valuable talent.
Another strategy is to retire fully from your career. Perhaps you want to find a role that either does or doesn’t include travel or flexible hours. At this stage of life, it could be you are seeking more impactful work than you currently are experiencing. Maybe it is opening your own consulting firm, to share specific skill sets of your former career that meet current and unique market needs. Perhaps it’s building a relationship with others while creating a new company that serves a collective interest in solving specific problems. Possibly, you have been impacted by a tragic human story, and want to support those suffering through a non for profit entity.
Variations of Hybrid
There are so many variations and themes to build a hybrid retirement that could last for decades or defined number of years. Scale and scope are considered, meaning is this a legacy business you want to build or is this a business you want to grow exponentially into the millions? Another favorite avenue is mentoring an incoming college class. Over time they will graduate and seek leadership roles in business. You too will grow and continue to mentor those individuals through high performance coaching or on project specific tasks. Examples of other strategies include sitting on for or nonprofit boards, philanthropy, or project based work.
Put simply, hybrid means exactly that hybrid – you define it as you go. While the financial aspects are important in the creation of your hybrid model, many who have succeeded in this role, report it also provides crucial knowledge transfer, and skills sharing to younger employees in the workplace. The added benefit is that those who offer a full time mentorship role, often report, they actually learn more from the mentee. Life is funny that way. Keep an open mind and if it suits you, consider a hybrid model you create!
Conclusion:
In conclusion, looking at hybrid retirement beyond financial benefits can help working professionals transition into retirement with ease, thereby keeping valuable talent in companies. It also provides crucial knowledge transfer, mentorship, and skills sharing to younger employees in the workplace. We have previously discussed other hybrid models to choose from. Remember it is YOU who defines your healthy retirement. By taking active steps to create a fulfilling retirement, you can enjoy all the benefits that this crucial stage of life has to offer.