Advertising
Advertising

Is Flex-tirement the New Retirement?

Is Flex-tirement the New Retirement?

My father is 66 years old. Over the last forty years, he has worked in both Corporate America and academia, and his identity is closely tied to his job. How could it not be? He has spent the better part of his life commuting from one office to another, and he’s somewhat of a workaholic.

The original plan was for my dad to retire at age 66, but now that it’s here, the idea seems preposterous. He has lost money in the recession, and like many Baby Boomers, the thought of moving down to Florida to play tennis and mah jong all day makes him a little ill. My dad wants and needs to keep working, but he knows a 50 hour a week job is putting his health in jeopardy. What’s a Boomer to do?

Advertising

Finding a middle ground

My father’s situation is not unique. As tens of millions of Boomers approach traditional retirement age, organizations must contend with how to downsize valuable employees without completely cutting the cord. Enter the notion of flex-tirement.

Hard as it may be to believe in today’s market, we are actually on the cusp of a demographically-induced labor shortage that will leave organizations with far more green employees than seasoned ones. Smart companies know that it’s wise to use flex-tirement to hold on to experienced employees so they can effectively train and transition the younger generation into leadership roles. In an ideal scenario, a company would allow a fifty or sixty-something employee to keep the same job, which they enjoy and are good at, with reduced hours and pay.

Advertising

No longer an ex-president’s benefit

If you think about it, flex-tirement has been available to some types for a while. For former presidents or CEOs, “retirement” often equals plum consulting jobs and advisory board service. But increasingly, such opportunities are presenting themselves to average people too.

Even the government is on board with the idea. Says Camille Tuutti in Federal Computer Week:  “The Obama administration has acknowledged the potential of flexible retention. Its 2013 budget for the Office of Personnel Management included a proposal that would allow eligible employees to reduce their work hours at the end of their careers and receive income partially from a reduced salary and partially from retirement annuity. These employees would be required to mentor others, sharing institutional knowledge and helping with succession planning.”

Advertising

Make them want to retain you

So, if you’re a Boomer who wants to continue to work while enjoying some of the benefits of retirement, how should you position yourself? Your first goal is to make sure you are someone worth keeping. This means staying current in your job-specific training and skills and being at the top of your game productivity-wise. It also means going out of your way to showcase your value and results to the higher-ups and getting them to say, “Wow, losing Buddy Boomer is going to be a real problem. Who is going to do Task A, B, and C?”

Boomers who haven’t kept up with technology need to get with the program. You don’t want to be considered irrelevant because you don’t understand how business operates in a highly networked, highly virtual world. In addition, it’s imperative that flex-tirement-minded Boomers retain enthusiasm and passion for the job.  An employer is not likely to offer you a desirable part-time arrangement if they feel your heart and mind are touring a castle somewhere in Europe.

Advertising

Finally, be willing to chart the course. Remember that flex-tirement is new territory for many employers, and as such, formal policies and procedures might not yet exist. You should be prepared to use your well-honed negotiation and persuasion skills to obtain a situation that’s right for you.

(Photo credit: Retirement Savings via Shutterstock)

More by this author

How to Cope with Rejection at Work Do You Unnecessarily Point Out Flaws? 5 Keys to Building Networks Over Time Is Flex-tirement the New Retirement? Does the Y Chromosome Inspire Confidence?

Trending in Lifestyle

1 The Importance of Sleep Cycles (and Tips to Improve Yours) 2 8 Weight Loss Tracker and Exercise Apps for Your Fitness Goals 3 13 Best Fitness Apps to Use in the Comfort of Your Home 4 Benefits of Water: Science-Backed Reasons to Stay Hydrated 5 20 of the Best Guided Meditations for Sleep and Insomnia

Read Next

Advertising
Advertising
Advertising

Last Updated on March 24, 2021

8 Smart Home Gadgets You Need in Your House

8 Smart Home Gadgets You Need in Your House

We’ve all done it. We’ve gone out and bought useless gadgets that we don’t really need, just because they seemed really cool at the time. Then, we are stuck with a bunch of junk, and end up tossing it or trying to sell it on Ebay.

On the other hand, there are some pretty awesome tech inventions that are actually useful. For instance, many of the latest home gadgets do some of your work for you, from adjusting the home thermostat to locking your front door. And, if used as designed, these tools should really help to make your life a lot easier—and that’s not just a claim from some infomercial trying to sell you yet another useless gadget.

Advertising

Take a look at some of the most popular “smart gadgets” on the market:

1. Smart Door Locks

A smart lock lets you lock and unlock your doors by using your smartphone, a special key fob, or biometrics. These locks are keyless, and much more difficult for intruders to break into, making your home a lot safer. You can even use a special app to let people into your home if you are not there to greet them.

Advertising

2. Smart Kitchen Tools

Wouldn’t you just love to have a pot of coffee waiting for you when you get home from work? What about a “smart pan” that tells you exactly when you need to flip that omelet? From meat thermometers to kitchen scales, you’ll find a variety of “smart” gadgets designed to make culinary geeks salivate.

3. Mini Home Speaker Play:1

If you love big sound, but hate how much space big speakers take up, and if you want a stereo system that is no bigger than your fist, check out the Play:1 mini speaker. All you have to do is plug it in, connect, and then you can stream without worrying about any interruptions or interface. You can even add onto it, and have different music playing in different rooms.

Advertising

4. Wi-Fi Security Cameras

These are the latest in home security, and they connect to the Wi-Fi in your home. You can use your mobile devices to monitor what is going on in your home at all times, no matter where you are. Options include motion sensors, two-way audio, and different recording options.

5. Nest Thermostat

This is a thermostat that lives with you. It can sense seasonal changes, temperature changes, etc., and it will adjust itself automatically. You will never have to fiddle with a thermostat dial or keypad again, because this one basically does all of the work for you. It can also help you to save as much as 12% on heating bills, and 15% on cooling bills.

Advertising

6. Smart Lighting

Control your home lighting from your remote device. This is great if you are out and want to make sure that there are some lights on. It is designed to be energy efficient, so it will pay for itself over time because you won’t have to spend so much on your monthly energy bills.

7. Google Chromecast Ultra

Whether you love movies, television shows, music, etc., you can stream it all using Google Chromecast Ultra. Stream all of the entertainment you love in up to 4K UHD and HDR, for just $69 monthly.

8. Canary

This home security system will automatically contact emergency services when they are needed. This system offers both video and audio surveillance, so there will be evidence if there are any break-ins on your property. You can also use it to check up on what’s happening at home when you are not there, including to make sure the kids are doing their homework.

Featured photo credit: Karolina via kaboompics.com

Read Next