Retirement or Reset? What Are The Options?

By Bob Morrell on March 10, 2023

In the UK, in recent times, over 1.3 million people over 50 have retired earlier than they might have done. The National Statistics make this very clear. There are many motivating factors for early retirement, and the pandemic has sped this up. If you have paid off your mortgage and have a clear idea of how your pension provisions will keep you ticking over then these facts are going to help you feel you can make this choice.

The problem is that many organisations are suffering with this high number of people, experienced staff, leaving early. They may not have colleagues ready to step into their shoes and this will affect the performance of the firm at a tough time.

The stats are (ONS):

  • 66% of those who have retired own their homes outright
  • 55% are confident their provision is enough
  • 86% of those 50-54 would consider returning
  • 44% of those over 60 would consider returning
  • 59% of those considering returning, are not interested in being trained

Reasons to consider returning:

  1. Flexibility
  2. Pay
  3. Work from home

So, retirement is one option. The question is, what else could you do that might enhance your working life for a while, that might make you put off retirement?

Here are 10 alternatives:

10. YOLO (You Only Live Once) – Spend a year or two spending, holidaying, maximising your life, do everything you’ve always wanted to do, then spend a few years extra working to pay for it

9. Go back to college (learn a trade?)

8. Go part-time

7. Portfolio career (divide your time between a few jobs)

6. Volunteer

5. Reduce your side hustles

4. Mini retirement – career break – gap year – sabbatical

3. Ask for more flexibility

2. Get a better job

1. Career change

All of these are motivational options that give you something and are definite alternatives to retirement. Now, all of these are requisite on you having some retirement provision (money). If you have little money, then there are some amusing options for you to consider:

  1. Start a commune (pool your resources)
  2. Become a guinea pig for science (it pays but comes with obvious risks)
  3. Become a nun or a monk (free accommodation and food, early starts though)
  4. Steal your grandchildren’s identity, run up debts in their name, then run abroad
  5. Live in the library during the day (or local hotel)
  6. Visit a nursing home and chat to the inmates
  7. Become a butler to a wealthy family
  8. Live in a botanical garden
  9. Start a life of crime
  10. Become an actor

On a more serious note, the UK needs people who are effective and experienced to work and be productive. So employers and employees, please consider some of the options on list 1, to maintain the growth of our nation, and also stimulate and motivate you, for years into the future.