Americans Are Choosing A New Type of Retirement
Summary
Some affluent Americans are choosing to take multiple short breaks, called "mini retirements," during their careers instead of retiring all at once. A study found that 37% of surveyed Americans plan to take these breaks, with the average age for a first break being 46 years old. People are motivated by various reasons such as family time, travel, and personal development, with different age groups prioritizing different activities.Key Facts
- Mini retirements involve taking short breaks of 6 to 12 months from work throughout a career.
- A study by HSBC surveyed over 10,000 affluent adults in 12 markets.
- 37% of U.S. respondents plan to take a mini retirement, with 46 as the ideal age for the first break.
- Gen X and Millennials plan to take an average of three mini retirements.
- Different age groups have different motivations such as family time, travel, and personal well-being.
- 40% of respondents expect to spend under $100,000 per mini retirement, using savings, investments, or part-time work to fund it.
- There are concerns about financial sustainability, as saving enough for breaks may not be realistic for all households.
- These breaks can improve work-life balance, reduce burnout, and support mental health.
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