Can You Semi-Retire Earlier Than You Think?

Retirement can be way closer than you think...
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Intro (0:00)
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DISCLAIMER: All videos on this channel (including this one) are for educational or entertainment purposes only. They are not (and are not intended to be) financial, investment or legal advice. It is our firm position that everyone has a unique situation and should seek professional advice on how best to navigate it. Rhys Martell is a Chartered Investment Manager (CIM), a Fellow of the Canadian Securities Industry (FCSI), a Qualified Associate Financial Planner (QAFP) and more. However, he is not registered to provide investment advice and, therefore, does not provide specific investment recommendations. Those looking for specific investment advice should seek out a registered professional.

[@RC-fh2lk]

Semi retiring is a real possibility in today’s economy. Unlike 10-20 years ago a seasoned or mature worker is highly valued and sought after. I plan on retiring around 58 yrs old but will work part time or casual for 5 years or so. A extra $200-$300/week is massive if it’s considered extra income.

[@wellbuiltwealth]

Exactly! :)

[@kenp4464]

I'm 53 and semi retired 2 yrs ago. Total control of my work time. Can front load 2 weeks for a month, and rear load 2 weeks the next month, for a month long vaca. Or just work a 3 day week. With kids in university I still need to make a few bucks, but this is great.

[@wellbuiltwealth]

Love it!

[@terryevp4084]

Another very informative video. Many Thanks...!!!

[@Green__one]

I semi-retired 5 years ago at age 40, I now work about 70% of what I did before, in a completely different field, and I get to choose when I work. I'm just starting to consider it I can take that 70% down even further.

[@MelissaCoup]

Good for you! I love hearing these stories.

[@hannathehappynomad]

Can you please share the field you work in with that schedule?

[@Green__one]

@@hannathehappynomad I retired from telecommunications, and now work as a paramedic. I've stopped saving for retirement, and am just letting my existing savings grow. My paycheque now only has to cover my spending, so I adjust my work schedule to match. Since I made the comment 8 months ago, I've reduced my work down to about 8-10 days a month.

[@hannathehappynomad]

@Green__one sounds like a great life to coast FiRE. I'm on the edge of this transition but can't find work that I would be happy with and would give me the flexibility. Thank you for sharing! People like you help people like me with the example.

[@Suz47]

I've just started to watch your videos and they are very informative and very timely for me. Thank you! This is exactly where I'm at. I'm running numbers in various free programs out there, and it seems that I could fully retire, but with a very modest income which is ok by me. It's still very exciting to see the possibilities. I want to delay both CPP and AOS until 70 so it would leave me with 11+ years to rely on savings alone once I make the move!. Plan B would be to find part - time work so I don't start depleting my savings too fast. And it would a great way to ease into retirement. I can't help but wonder if the changes at her work are same changes at my work which have put me in the same scenario! 😁

[@wellbuiltwealth]

Awesome to hear! Way to go :) And another great thing about easing into retirement with part-time work is that you can quit anytime you like. You’re in control now 🤓

[@Pkeats817]

If I didn’t semi retire, I would not have had my mortgage paid off and a pension fund. I chose to do it at 49. Took a transfer value. I mean, I would have had a government controlled fund that I could never see, and I would have had to cross my fingers and hope I would get to use it someday. I like being in control, and this suited me. It was an unpopular opinion, but it made sense to me.

[@rtbull11]

I’m 58 and considering semi-retirement. I’m fortunate to have a pension, which makes this decision easier. I guess I’ve been more focused on achieving the 7 figure retirement portfolio number for additional security. This video and a few others I’ve seen today have made me pivot. I’m fortunate to make my own schedule, so I’m definitely reducing my schedule by 1/3 next year at 59 1/2.

[@wellbuiltwealth]

Awesome.

[@davecarpenter4917]

Semi-retired at 58 to a different employer and part-time hours. This income, when added to my pension brings in a little more after-tax than my previous full-time work. Pro: Much more time off. Con: My YMPE for CPP is less than full for the approx 2 years in part-time, so my CPP will take a small hit.

[@wellbuiltwealth]

But probably very worth it!

[@davecarpenter4917]

Passing by the comment, and thought I should clarify. I should have said "after tax and deductions", and really.. it's more about the deductions. I'm grossing a tad less overall (pension + part-time) , but I'm no longer paying into the pension and no longer paying CPP/EI on the full-time job.. just the small amount on the part-time job. So, the net take-home is now higher. I'd like to hold this position until 65 (where I lose my "bridge") , but I'm not sure the effect on the CPP.. will it be watered down too much by the part-time low income years ?