What Is a Mini-Retirement and Is It Possible For You?
Have you ever wished that you could take an adult gap-year? Just blow off your job and travel somewhere for an extended period of time, or even have a staycation where you could actually enjoy your home and your family without the constant demands of work? That’s what a mini-retirement can do for you.
What is a mini-retirement?
Some call it a career-break, some call it a sabbatical, but whatever you call it, you’re taking an intentional and extended period of time away from work. A mini-retirement is not just a vacation or a string of days off.
A mini-retirement is a great opportunity to relax, refresh, try things you’ve always wanted to, go to new places, and spend quality time with the people you love. But more than that, a mini-retirement is an opportunity to reflect on your life, your career and your path to decide if you want to go in a new direction.
Some people plan to take just one mini-retirement when they’re sick of their job and ready for a break, or looking to switch the direction their career is going. Others plan a series of mini-retirements, where they work for a few years and then take a mini-retirement, and then repeat that process until full retirement.
This way, they get to enjoy the freedom of retirement in their twenties, thirties, forties and fifties, instead of just waiting until their sixties to do the things they’ve always wanted to do. At the same time, they’re able to create a career and do meaningful and important work. It’s really all about balance.
Do you have to have a strategic plan for getting back to work after your mini-retirement?
It’s a good idea to have a strategic plan for getting back to work after your mini-retirement. However, you might learn some things about yourself, your financial situation, or your lifestyle that change those plans you made before the retirement started.
Since it’s a mini-retirement and not a full-blown escape from the workforce, you likely do not have the financial capacity to extend your mini-retirement into a full retirement. However, when we’re planning our re-entry into the workforce before the mini-retirement, we may be limited by our current circumstances and environment. It can be easy to assume that returning to a corporate 9 to 5 is necessary after your mini-retirement if that is how you’ve always worked.
However, you might learn that you can use your skills to make money part-time, seasonally, remotely, or on a contract basis. With that knowledge, you might be able to return to work in an entirely different capacity than you left it at the start of your mini-retirement.
That’s why I recommend that you have a “return-to-work backup plan”. This is the plan for if everything fails, you spend all your money, and you have to cut your mini-retirement short. It also works for if you love your job and your field and know you’d like to return when you’re done with your mini-retirement.
Know what field or job you could go back to in order to pay your bills. Write down a few contacts and people in your network that you could reach out to in order to find a position. Let those people know that you’re taking a career break but you might be looking for a new position in a certain timeframe.
Then, keep an open mind during your mini-retirement. Consider alternative ways of making money and see if new partnerships or opportunities present themselves. If something does come up, you’ll have the time and freedom to jump on it. If not, you always have your plan B.
Isn’t a mini-retirement going to ruin your career?
Short answer, no. All the people I’ve talked to who have taken career breaks say that their break did not ruin their career. They addressed it on their resumes, talked about their experiences in their interviews (which made most interviewers simply intrigued and jealous) and found their way into new jobs, and sometimes even new careers.
You don’t even have to quit your job to take a mini-retirement. Some companies have sabbatical policies that allow you to take extended time off from work, which is sometimes even paid time off. Or, you could negotiate unpaid time off like Marjolein from Radical FIRE. Learn how Marjolein has planned two mini-retirements in Episode 42.
Another option is to take a leave of absence, where your employer agrees to hold your job open for you if you choose to come back. Emily Lowery from Rethink the Rat Race took a 6-month leave of absence before turning in her resignation for early retirement, which you can learn more about in Episode 10.
Lauren Keys from Trip of a Lifestyle used two mini-retirements as forced job-hopping opportunities which helped her be better compensated for skills she had learned at her previous job and find a workplace with a better culture and benefits. Additionally, when she came back from her mini-retirements, she felt more refreshed and motivated to do great work. Find out more about Lauren’s mini-retirements and re-entry into the workforce in Episode 44.
In modern times, people job hop all the time. People also change careers several times over the course of their lives. You may have special considerations for how you are going to maintain certifications or professional memberships while you are taking your mini-retirement, depending on your field. But don’t consider a mini-retirement a death kiss to your career. If anything, you’ll return to work refreshed and even more motivated than you were before you left.
Is a mini-retirement possible for you?
I’m willing to bet right now that you could be thinking that this sounds great, but it’s not possible for you. The doubt and fear might be creeping in and saying “don’t even think about it! Other people might do this, but not you. Stay in your safe job and keep getting that paycheck!”
Here’s the thing. Your brain wants to keep you safe. It doesn’t want you to take risks and potentially get hurt, or lose things like your money, status or career. That makes it untrustworthy when you’re thinking about making a major life change, trying something new, or changing your status quo by taking a mini-retirement.
You’ll see these objections coming up in your mind whenever you consider doing something like retiring early, quitting your job, or going freelance. I know because I’ve heard them all from my own brain when I was preparing to quit my job earlier this year. I discuss all of that in Episode 9.
Consider your current situation. If you’re young, single, and in a good financial situation with little to no debt and plenty of savings and investments, taking a mini-retirement isn’t that far fetched of a thing to do. There will be more planning involved if you have a family, need to get your finances in order, or have a ton of other obligations, but it is still possible.
Some people with kids take mini-retirements one at a time, while the other spouse still works. There are also families that travel the world together. No matter your situation, there is someone out there in a similar situation that has proved taking a mini-retirement is possible.
My point here is that a mini-retirement is possible for everyone, with the proper amount of planning and preparation.
Conclusion
Taking a mini-retirement is a great way to step away from work for a period of time and achieve your goals that might not be possible with the responsibilities of a full-time career.
If you want to take a mini-retirement, spend some time planning and preparing for the experience. Once you’ve done that, you’ll be well on your way to your first mini-retirement.