Why wait until you’re 65? Gen Z and Millennials are taking short strategic breaks, aka ‘micro-retirements’, years before they stop working
You’ve probably heard the term ‘micro-retirement’, the latest trend that’s got everyone talking about redefining their relationship with work. This somewhat controversial concept is gaining traction, and for good reason. Does it mean that you can retire early? No, but also yes. So, what exactly does it mean to micro-retire? And can companies use it in their favour? Let’s look into it.
The mastermind behind this idea is Timothy Ferriss, an American entrepreneur, lifestyle guru and author of The 4-Hour Workweek, who introduced the concept of ‘mini retirements’ more than 15 years ago. His idea has since evolved into a full-fledged movement, with micro-retirements taken regularly through the course of your career becoming a hot topic in the world of work-life balance.
What’s the big deal?
Let’s face it, we’ve all felt burnt out at work at one point or another, whether it’s from workplace demands such as tight deadlines and unmanageable workloads, or lack of social and emotional support. The pressure to constantly perform and deliver can be overwhelming.
A recent Gallup study revealed that 36% of South African workers are dealing with extreme daily stress, while a whopping 71% admit to being ‘checked out” at work. And retirement seems like a distant dream for many.
According to the 10X Investments Retirement Reality Report, only six percent of South Africans are on track to retire comfortably. The numbers get even more alarming when you consider that a staggering 90% of South Africans can’t afford to retire at all.
So how does ‘micro-retiring’ fit into all of this? It could be the answer to our fatigue, allowing us to take a step back, recharge and refocus. These mini breaks or micro-retreats are the luxe version of ‘quiet quitting’ — but instead of checking out, you’re checking in with yourself, your goals and your career.
Micro-retirement can take many forms, from a few months off to a year-long sabbatical. Unlike taking ordinary leave from work, the key is to take a break that’s long enough to allow you to disconnect from the daily grind and recharge, but not so long that it disrupts your career momentum.
The benefits? Improved work-life balance, reduced burnout and increased productivity. It allows you to step away from the daily stress and pressure of work, giving you time to reflect on your priorities and goals. It also gives you the chance to pursue other interests, to travel or spend quality time with loved ones.
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Could this trend be for you?
Of course, it all sounds wonderful and you’re probably already considering a micro-retirement. It’s best to start by assessing your priorities and goals. What do you want to achieve during your break, and how can you make the most of your time off?
You will also need to discuss your plans with your employer, to ensure a smooth transition while you’re away and minimise any impact on your work. Consider taking your time off during a natural break in your work, such as after completing a major project or before moving on to a new role. Best-case scenario is that you can return to your job when your ‘micro-retirement’ is over, unless you want to use it to change jobs.
You will need to save enough money to cover your living expenses during your break — and travel expenses, if that’s your aim. Plus it’s good to have an emergency fund for when your break is finished but work may not be easy to find if you’re not returning to your previous job.
Which brings us to one of the biggest concerns about taking a micro-retirement: losing momentum in your career. The key is to stay connected with your professional network. Regular check-ins with colleagues and mentors will help you stay in the loop and ensure that you’re not missing out on any important developments in your field.
So, what do you do during micro-retirement? A lot! Travel and explore new destinations, immerse yourself in different cultures and broaden your horizons. Take online courses, attend workshops or upskill and reskill. Volunteer and give back to your community. Diversify your experiences and grow your professional network. The possibilities are endless for you to pursue your passions.
Explore the idea of documenting your journey during your micro-retirement. Keep a journal or blog, create a YouTube channel or vlog, or share your insights and learnings with others. Reflecting on your experiences and growth will help you identify new opportunities and challenges, and will also give you a valuable perspective on your career and personal development.
Picking up where you left off
Once you’re ready to stand tall, wear that suit with pride and dive back in to the workforce with confidence and determination, there are a few things that can ensure a smooth transition.
Start by updating your LinkedIn profile to showcase any new skills or experience you’ve picked up. This will make you visible and attractive to potential employers or clients.
Reach out to your professional network and let them know you’re back and ready to take on new challenges. Finally, fine-tune your career goals and start exploring opportunities that align with them.
Did you know?
The average working adult human brain can pay attention (that is, remain interested to the benefit of understanding) for between 20 and 50 minutes before needing a break. The brain has biological limitations and the importance of taking a break before returning to a task or stimuli increases one’s ability to function at the optimum.
Micro-retirement checklist
- What are my goals for taking a break?
- How long do I want my break to be?
- Do I have enough savings to support myself?
- What are my financial priorities during this break?
- What activities do I want to pursue?
- What are my priorities or ‘non-negotiables’ (for example, travel, relaxation, personal projects)?
- How will I stay connected with my professional network?
- How will I maintain my personal relationships and connections?
- How will I prioritise self-care and mental health during this time?
- What are the potential risks or challenges I might face?
- How will I stay motivated and focused?
- How will I measure the success of my micro-retirement break?
- What is my plan for re-entry into the workforce when my break is over?
Words: Emma Mbuthuma
Photography by: Gallo/Getty Images, Unsplash, Pexels
Also read: Tips to improve your relationship with money
