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William Schantz Scholarship

William Schantz Discusses the Different Types of Retirement

William Schantz feels there is no one-size-fits-all when it comes to retirement. In modern times, the approach to retirement is rapidly changing. People don’t think of retirement as stopping work completely and resorting to a life of leisure anymore. Many believe this concept was more apt when people occupied more manual labor jobs. Nowadays, people are living longer and healthier. Even after retirement age, they continue to work either part-time or take up entrepreneur activities. This way, they are not completely cut off from the workforce.

Due to this, William Schantz thinks retirement is taking on a unique shape, and different retirement trends are emerging. And each retirement trend requires a different retirement funds strategy. Let’s look at these in detail below.

The Traditional Retirement

Traditional retirement refers to simply leaving the workforce and never looking back. This requires you to invest in a savings strategy you can utilize once you call it quits considerably. The objective of traditional retirement is simple. It is to invest enough to live according to the standard of living you are accustomed to, even after retirement.

The Semi-Retirement

William Schantz states that semi-retirement is the halfway house between leaving your chosen career and still working in some way. The work is low-paced and flexible, and you have more time to indulge in leisure activities. You can make your retirement savings last longer with this form of retirement. You also don’t need a very large sum, as you are still earning in the semi-retired state. You might not even need to dig in those retirement savings, as you might be making enough money in the semi-retired state.

The Temporary Retirement

If work gets too stressful, why not take a temporary retirement? A mini-retirement is a small amount of time sandwiched between your career. They can be taken while switching careers or if you simply need a break from work. Temporary retirement can be for a few months or a year. You can use this time as you feel fit, perhaps for travel and relaxation. Once rejuvenated, you can return to the workforce with reinforced purpose and ambition. You don’t need substantial retirement savings to retire temporarily, as this time doesn’t last very long. But there is also a downside to using your retirement fund. Your savings might not get much time to grow and compound interest as they would if you had not used them.

William Schantz’s Final Thoughts

William Schantz believes whichever type of retirement you choose, make the best of it. Use your free time to the fullest and gain as much as possible from it. Traveling in a temporary retirement state can help you decompress and re-energize. It can eliminate the impacts of burnout and can give you the break you need.

When contemplating full-time retirement, semi-retirement is a great way to approach it. William Schantz feels semi-retirement can give you purpose and relaxation simultaneously. It can also help you utilize those retirement savings much better.

If you want to go old-school traditional retirement is always a choice. Living a life of leisure is well earned after efficiently contributing to the workforce for all those years.

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