What Type of Retirement Do You Want for Yourself and Your Loved Ones?

    By Dr. William “Marty” Martin

There are at least six types of retirement. Each one is described below along with an illustrative example.

1. Traditional
    2. Gradual (Phased)
    3. Partial (Part-time)
    4. Transformational
    5. Rapprochement
    6. Involuntary

    Bob, a traditional retiree worked for 35 years. He went from working full time to retirement all in a single day. Bob’s retirement is a traditional retirement.
    Sarah, a gradual or phased retiree, continues to work full time with the same employer, but is cutting back her hours and responsibility over a five-year period. She will glide into full retirement.
    Hector, a partial or part-time retiree, still works with the same employer but not full time. He is considering working part-time at a new company.
Anita longed to open up her own business as a florist after spending years as a manager. She has begun to take courses in entrepreneurship and arrange her finances such that she can live off her retirement check as she builds up the business. This is a transformational retirement.
    Ahmed, reflecting back on his earlier years, wonders what his life would have been like had he taught elementary school. He acknowledges that this is a dream that he plans to return to upon retiring from his current employer. Ahmed’s retirement is a rapprochement.
    John was loyal and dedicated to his company, moving up the ranks to a junior executive position at the peak of his career. He survived the first wave of downsizing two years ago but not this most recent restructuring. John was dismissed with a severance which will last six months. John’s retirement is involuntary.

Which type of retirement do you want for yourself and loved ones?

    It’s up to you to decide in advance the direction your life and retirement will take. The good news is you may have five choices. If you are a victim of an involuntary retirement, then you had no choice about being downsized, but you do have choices about what happens after being downsized. That is, of course, if instead of focusing solely on the money you need to retire, you give some consideration to the question of “how” you intend to retire as well.