I am self-employed. I have no idea when I will be able to retire.
Ilene Smith
- I left an office job 10 years ago because I wanted more flexibility.
- Now I'm self-employed and while I get to do things when I want, I don't know when to retire.
- I want to have time to do the things I want to do.
When I started my business 10 years ago, after leaving my position as the executive vice president of a large public relations agency, I did so because I wanted to have the freedom of being my own boss. I worked from home (a rarity then), made my own hours, and had unlimited vacation and sick days. Plus, it would be a perfect way to ease into retirement when the day came.
But with business slowing down, I'm wondering if it's time to close up shop, semi-retire, or keep trying to rebuild my business.
I had a number in mind, but it wasn't my age
When I thought about retirement, I had a specific number in mind. Not an age, although I knew working until 70 would allow me to maximize both my Social Security benefits and my 401(k) distributions. The number in mind was the amount of money I'd need to maintain my lifestyle. I would eventually need to lower some expenses, but I didn't want to have to downsize or move to a less expensive area. Plus, I wanted to travel as long as I was physically able to and continue going to the theater regularly.
But, as my workload lightened, I started to think about semi-retirement. My work hours were flexible, but I always kept my laptop and phone close by just in case. When COVID-19 gave me more free time, I decided to test out an official four-day workweek. I let my clients know I was no longer working on Fridays, except for anything urgent or pressing. I flexed back to five days when I was offered a lucrative project with a tight timeline; when the project ended, so did my full workweek.
Retiring now will allow me to pursue my passions
I'm thinking about retiring even with all that flexibility because it's hard to stay relevant in a constantly changing field. When traditional media gave way to social media, I adapted. Now, AI is changing the way everyone does business, and I'm not sure if I'm willing or able to climb the steep learning curve ahead.
PR is also a young person's field. I've enjoyed working with and mentoring young colleagues and clients. But, more than once, I've heard "OK, boomer" in the voices of junior team members.
I'm also tired of selling myself. I always disliked sales, but having a heart for my work made it easier. However, continually searching for and pitching new business can be disappointing and time-consuming, with little reward.
The final — and perhaps most compelling — reason for me to retire is so I can pursue my passions. A few years ago, I renewed my love for writing and started writing personal essays and a memoir. Any writer will tell you it's hard to take the time to sit down and write, but it can be difficult to find that time when you're trying to squeeze it in between emails and Zoom calls.
I love my work
Why not retire? Finances are the most obvious answer to that question, but I also love the work: the variety — no day has ever been the same as the one before — as well as the people I meet, the ability to be creative and to continually learn, and the gratification from knowing that I am an expert in my field.
Again, I have flexibility. If I ease back now, who says I can't pick things back up again? I don't need to announce my retirement, throw myself a retirement party, or give myself a gold watch.
So, for now, I will stay semi-retired. I can use my spare time to write essays and jump into work as it comes. Who knows, maybe I'll even end up working past 70.
from Business Insider https://ift.tt/xWwYkmc
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