4 Signs a Partial Retirement Is Right for You
Countless workers look forward to retirement and the chance to live by their own schedules. But going from full-time work to absolutely no structure at all can be quite the shock to your finances. And mentally, it can take a toll, too. That's why you may want to consider transitioning into partial retirement for a number of years before making it a full-time thing. Here are just a few indications that a partial retirement might work best for you.
Since the typical retiree can't live off Social Security alone, the only way to remain financially secure in retirement is to go in with adequate savings. Unfortunately, most Americans aren't close to reaching that status. The average household aged 56 to 61 has a median savings balance of just $17,000, according to the Economic Policy Institute. And even over a shorter retirement, that's not nearly enough to pay the bills, even when combined with the $16,320 a year the average Social Security beneficiary currently receives.
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Source: Fool.com
