In the lead up to retirement, you may feel as though you’re reaching the end of a marathon. After decades in the workforce, you finally have enough funds to leave the working world behind. But many struggle with the idea of leaving work in the past.

Imagine a scenario in which a dedicated public defender is facing retirement in three years. Although they have the finances to support a comfortable retirement, the thought of not working is unsettling.

According to data from Pew Research Center, nearly 40% of American workers claim that their career is very important to their overall identity.  In other words, our public defender isn’t alone in dreading retirement.

Don’t missRetirement as an identity crisis

As you plan for retirement, you’ll likely run into a deluge of financial information and advice. While it’s helpful to inform yourself about 401(k)s, savings goals and Social Security strategies, you also need to consider how you’ll spend your time after you walk away from your job.

Many workers, especially those with high-responsibility or mission-driven jobs, face an identity crisis when they retire. In fact, 53% percent of workers with a postgraduate degree view their job or career as central to their overall identity.

With work so deeply connected to your identity, it can be challenging to walk away. On the other hand, you might experience a new lease on life. In fact, U.S. adults who reach Social Security eligibility (between ages 62 and 67) often enjoy a renewed sense of purpose, according to recent research published in the PubMed Central archives.

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Phased retirement as an emotional safety net

If you’re feeling unmoored by the thought of impending retirement, know that your feelings may change over time. That’s especially true if you intentionally design a framework to help you thrive during your golden years.

One option to consider is a phased retirement, where you step into retirement slowly. Instead of continuing with full-time work, you may shift into a part-time work schedule, obtain contract work with a former employer, find freelance gigs in your field or take on a seasonal job that matches your interests or expertise.

Eventually, you may not be working at all. However, the idea is to gradually reduce your workload in phases, allowing you to enjoy more free time without completely giving up work until you’re ready.

The benefits of a phased retirement can be twofold. For starters, you can avoid the emotional shock of leaving your identity-connected job all at once. Instead, you can keep one foot in the door to remain connected to that part of your identity.

And, of course, the income you retain during your retirement can help boost your financial situation. If you don’t need the money, it could fund more ambitious retirement dreams, such as extra travel or increased spending on your newfound hobbies.

As you open up time in your schedule, you may rekindle or discover some of your passions outside of work. For example, you could take up pickleball, start a garden, learn to paint, learn a language or volunteer for a cause you care about.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.