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Tag: retirement
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After another injury, he saw darkness. Now Panthers’ center is back and smiling
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Austin Corbett had just limped off field, watched his team nearly come all the way back from 17 points down, and began coming to grips with the inevitable as he stared at his swollen knee — but then something pushed him over the edge.
His 3-year-old daughter.
She asked an innocent and caring but heartbreaking question.
The center for the Carolina Panthers, as is per custom, got back to the locker room and picked up his phone. He called home. His wife, Madison, had seen his injury happen in real time. Late in the fourth quarter, as the Panthers were moving the ball on the Arizona defense to make it a one-score game, Corbett was doing his job, protecting his quarterback, when Cardinals rookie outside linebacker Jordan Burch lost his footing and crashed into Corbett’s legs, pinning his left foot in place and bending his knee in a way it shouldn’t.
Corbett lay on the ground in pain. He braced for the worst as the game finished. He limped to the locker room. And as he got on speakerphone with his wife and three kids, his 3-year-old daughter, Landry, asked him an earnest question.
“Hey Dad,” she said. “Did you hurt yourself again? You OK?”
Carolina Panthers center Austin Corbett and assistant head coach and run game coordinator Harold Goodwin, right, watch players run through a drill with during the team’s OTA practice on May 27. JEFF SINER jsiner@charlotteobserver.com He told her he had gotten injured again, yes. It marked his fourth significant injury in four years — and his third knee ailment, specifically. He responded to his daughter with as much cheer as he could muster. But something else lingered.
“A lot of darkness,” he said. “A lot of bad things. It’s one thing if they’re injuries that arise from me not taking care of my body, or something else. But this is just the game of football. I got another human that just destroyed my leg. I can’t do anything about it.
“You get those questions of like, ‘Why do we play football? What are we doing?’”
Other questions, too:
Dad, are you OK?
And at that moment, in that quiet locker room, with that swollen knee, Corbett didn’t know what to say. He just knew how he felt. His kids were at the top of his mind:
“I can’t keep doing this to them.”
Carolina Panthers center Austin Corbett (63) during Fanfest at Bank of America Stadium. Jim Dedmon USA TODAY NETWORK Austin Corbett’s injury history
Corbett told this story in front of his locker on Monday morning. It’d been four weeks since that dark day, since he heard his daughter’s heartbreaking question. And he was smiling.
It turned out that Corbett’s knee injury ended up being a torn MCL — an injury serious enough to put him on the injured reserve but not one that required invasive surgery like an ACL tear would. The swelling had lessened, too. And four weeks after writhing on the field, head coach Dave Canales told reporters that Corbett’s 21-day practice window opened Wednesday.
Corbett, in other words, is still on the injured reserve — still not activated to the 53-man roster. But he has 21 days to practice and get himself back on the field.
He thought about his kids again.
“When you bring the kids into it, it’s a whole different element of it,” Corbett said. “But I love, even when I’m not playing a game yesterday, when I look up to them and I can wave to them in the stands, and find them, or they’re finding me, I want to do this for them.”
“They live such a freaking cool life because I get to do this,” he continued. “When we get to bring them in the locker room. Their life isn’t normal. But it’s normal to them. … When they go to school, that’s what their dad does. And I just want to keep doing that for them. I just love it.”
Carolina Panthers QB Bryce Young hosted his second annual youth football camp on June 7 at Johnson C. Smith University. Head coach Dave Canales, center Austin Corbett, right tackle Taylor Moton and wide receiver Xavier Legette were among the volunteers at the event. Mike Kaye The Charlotte Observer Corbett has been through a lot
Corbett didn’t outright say he considered retirement after that Week 2 game. But it sounds like the 29-year-old center was closer than he’s been in his eight-year career. And Corbett has been through a lot.
The first issue came in 2022. The then-right guard tore his ACL sprinting downfield in the team’s season-finale against the New Orleans Saints. The next one came in 2023; just four games after returning from the ACL surgery, in Week 11, he tore his MCL, and the team shut him down for the year instead of rushing him back.
Ahead of the 2024 season, Corbett had two knee injuries in back-to-back years and was switching positions from right guard to center. He shut that discussion down. He felt healthy, he said. He was ready for the center swap, he added. Then, five games into 2024, he sustained an injury to his biceps that would take 12 weeks to recover from.
Another season had ended short.
Austin Corbett, speaks to the media after practice Saturday on July 27, 2024. John D. Simmons Keep Pounding. ‘That’s your only option’
Coming into 2025, he signed a one-year, incentive-laden, prove-it deal with the Panthers. He accepted it knowing he’d be competing with center Cade Mays, who performed admirably in Corbett’s stead in 2024, for the starting role. He won the role.
Then came the first tough loss. Then the Week 2 injury. Mays then stepped in again, playing the center role. And he did so just as the offense hit its stride. That includes the emergence of Rico Dowdle and quarterback Bryce Young. That includes the ascension of the entire team, which is 3-3 on the year — .500 for the first time since November 2021.
All the while, Corbett was feeling better, stronger, trusting his legs, sitting in meetings and observing practices from the sidelines. He still loved game day, still loved the home games where he could find his kids in the crowd, still loved that this was his job and life.
You might imagine an injury would dampen the joy a win at home brings. But ask him, and he smiles: “It’s days like yesterday,” he said of Sunday’s win over the Cowboys, “even when I’m not playing, it’s the energy. It’s the passion with your brothers out there on the field that makes it worth it.”
“Football is the greatest game in the world,” he continued. “If you’re doing your 1/11th, it is the best feeling in the world. And that’s why you keep chasing it.”
Carolina Panthers center Austin Corbett (63) snaps the ball against the Las Vegas Raiders at Allegiant Stadium during a 2024 game. Kirby Lee Imagn Images Corbett will keep chasing it, he said, because he only has so many years of playing left.
He wants to prove something else, too.
To his children, and to himself.
“Life’s going to get hard,” Corbett said. “Football in and of itself is hard. You’re going to have challenges. It’s the principle of showing them: ‘You’re going to get knocked down. Things are going to suck in life. It’s going to be hard. Whatever the situation is, you have to find a way. No matter what, you gotta find a way to get through it. You’re going to be fine. There’s light on the other side of whatever situation. That’s what I’m trying to instill in them. You just gotta keep going.
“I love being here. Especially with that, ‘Keep Pounding’ mantra. Because that’s your only option in life. I don’t care what’s going on, things are hard, things are going to suck. But you have to keep going. There’s no other way.”
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Alex Zietlow
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New 2026 tax brackets are here: What higher thresholds and a bigger standard deduction mean for paychecks and the top 1% | Fortune
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The IRS has set the 2026 tax brackets and standard deductions, keeping seven rates in place while shifting the income thresholds upward to account for inflation and to reflect changes enacted in the One Big Beautiful Bill Act, meaning many paychecks will see modest relief in 2026 and the top rate still bites only above very high incomes.
For most households, the standard deduction rises again, which will reduce taxable income before the brackets even apply, and high earners will continue to face a 37% top rate but at slightly higher income thresholds than in 2025.
The 2026 brackets
- For 2026, the tax rates remain 10%, 12%, 22%, 24%, 32%, 35%, and 37%, with inflation-adjusted thresholds that determine how much income is taxed at each rate rather than taxing all income at a single rate.
- Single filers reach the 12% bracket above $12,400, 22% above $50,400, 24% above $105,700, 32% above $201,775, 35% above $256,225, and the top 37% rate above $640,600 in 2026.
- The corresponding married filing jointly thresholds are $24,800, $100,800, $211,400, $403,550, $512,450, and $768,700.
- These thresholds rise to reduce bracket creep as prices and wages move, and press coverage pegs the broad pattern as roughly 4% increases for lower brackets and around 2% to 3% at higher levels compared with 2025, a common feature of the IRS’ annual inflation process.
Standard deduction changes
- The standard deduction for 2026 is $16,100 for single filers, $32,200 for married couples filing jointly, and $24,150 for heads of household, reflecting both routine inflation indexing and specific changes embedded in the new law.
- The law also bumped the 2025 standard deduction to $15,750 for single filers and $31,500 for joint filers—an increase that carries into the 2026 baseline—before the new 2026 figures take effect on returns filed in 2027
What it means for the average household
- Most workers will see a small reduction in taxable income due to the higher standard deduction, and more of their pay will be taxed in lower brackets thanks to the shifted thresholds, which together help offset inflation’s push into higher nominal incomes.
- The changes are designed to keep taxpayers from drifting into higher rates without real after-inflation income gains, so annual bracket adjustments typically translate into a modest paycheck boost or a slightly smaller tax bill at filing time.
What it means for high earners
- The top marginal rate stays at 37% but begins at higher income levels—above $640,600 for single filers and $768,700 for joint filers—so high earners also benefit from bracket shifts, albeit modestly compared with their overall liability.
- Beyond ordinary income, OBBBA made permanent several TCJA-era features that matter to affluent taxpayers, and it extended and reshaped other provisions, interacting with estate planning and high-bracket itemized deduction limits in ways that call for fresh planning.
Estate and wealth-transfer context
- OBBBA permanently sets the federal estate and gift tax exemption at $15 million per person beginning in 2026, indexed to inflation, a significant change from the prior scheduled reversion that stabilizes long-horizon wealth planning for families with large estates.
- That permanence creates durable room for transfers into trusts and other structures while aligning with the 2026 bracket landscape, making 2026 a key year to revisit estate strategies and potential gifting windows.
‘Sugar high’ risk
- Fortune previously detailed how OBBBA cements TCJA-era individual rate architecture and boosts the standard deduction in 2025, framing the law’s household-level impact and distributional tilt as favoring higher earners according to independent modeling cited in our reporting.
- Budget watchdogs have highlighted broader fiscal implications and the bill’s “sugar high” risk, linking tax cuts and spending choices to debt trajectories and future policy trade-offs that shape the 2026 tax bracket environment.
For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.
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Ashley Lutz
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NexCore Group Breaking Ground on Two Flagship Senior Living Communities
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DENVER, October 9, 2025 (Newswire.com)
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NexCore Group, a national healthcare real estate investment and development company, today announced the closing and groundbreaking of two flagship senior living communities in partnership with Nuveen Real Estate: The Reserve Cherry Creek in Denver, Colorado, and The Reserve Strathmore Square in North Bethesda, Maryland. These landmark projects represent continued investment by NexCore and Nuveen in creating thoughtfully designed, mold-breaking environments for older adults.Experience Senior Living (ESL), a wholly owned subsidiary of NexCore, will operate both senior living communities under ESL’s premier brand, The Reserve, known for delivering refined residential experiences, exceptional wellness and culinary programming, and a deep commitment to fostering meaningful community connections.
“The Cherry Creek and Strathmore Square projects mark a pivotal moment in NexCore’s growth and the evolution of our senior living platform,” said Hunter MacLeod, Executive Vice President of Real Estate Development at NexCore Group. “These are two of the most desirable and competitive markets in the country, and our entry into them underscores both the strength of our development capabilities and the demand for high-quality, lifestyle-oriented senior living. Each community has been thoughtfully designed to reflect the character of its location while meeting the needs and aspirations of today’s residents.”
The Reserve Cherry Creek: Elevated Urban Living in the Heart of Denver
Located in one of Denver’s most desirable neighborhoods, The Reserve Cherry Creek will offer residents a vibrant, walkable lifestyle with easy access to dining, cultural attractions, and outdoor recreation. The community’s design will blend contemporary architecture with warm, inviting interiors and boutique-style amenities, including chef-driven dining, wellness-focused spaces, and curated programming tailored to support purposeful living.
The Reserve Strathmore Square: A New Standard for Senior Living in the Washington, D.C. Metro
Situated within the recently opened Strathmore Square master planned community, developed by Fivesquares Development, The Reserve Strathmore Square will redefine senior living in the Washington, D.C. metropolitan area. Uniquely located next to transit, adjacent to the world-class Strathmore Music Center and overlooking a new, beautifully designed park and vibrant mixed-use environment, the community will offer an unparalleled lifestyle experience. Residents will enjoy thoughtfully designed residences, elevated hospitality services, and a holistic wellness approach that supports aging in place.
“There is a clear gap in the market for senior living communities that combine elevated hospitality, wellness, and design in walkable, highly desirable neighborhoods,” said Michael Ray, Chief Investment Officer at NexCore Group. “These developments directly address that unmet demand. By creating spaces that reflect how today’s older adults want to live – connected, active, and engaged – we’re not only enhancing quality of life for residents but also creating lasting value for our partners and investors.”
“Nuveen Real Estate is excited to expand its relationship with NexCore and ESL through the groundbreaking of these two marquis senior living communities in Cherry Creek and North Bethesda,” said Andrew Pyke, Head of Healthcare Real Estate at Nuveen Real Estate. “These communities showcase the first-class, experience-oriented approach NexCore and ESL bring to senior living and Nuveen’s conviction in developing next-generation communities to serve the fast-growing cohort of seniors in these markets.”
Together, The Reserve Cherry Creek and The Reserve Strathmore Square exemplify NexCore’s mission to redefine senior living by combining thoughtful development, inspired design, and operational excellence – transforming how and where older adults experience community.
About NexCore Group
NexCore Group is a national, diversified real‑estate investment and development firm headquartered in Denver, Colorado. We deliver purpose-built, sustainable spaces within healthcare: medical, senior living, and science & technology. Whether designing advanced medical facilities, high-quality senior communities, or innovative labs and research environments, NexCore applies a strategy-led, data-driven approach to help our partners thrive. Since our founding in 2004, we’ve developed and acquired approximately 18 million square feet and completed over $7 billion in healthcare real estate transactions – building trust and delivering results in 30 states. We offer deep in-house expertise and integrated capabilities, empowering healthcare systems, academic and life science institutions, and senior living operators to achieve long-term growth, operational excellence, and design innovation.
About Experience Senior Living
Experience Senior Living (ESL), a wholly owned subsidiary of NexCore Group, is a Denver-based, full-service operator of Independent Living, Assisted Living, and Memory Care communities across the United States. Their mission is to reimagine aging by delivering hospitality‑driven, wellness‑focused environments that honor residents’ individual stories and aspirations. From concept through construction, ESL collaborates with leading architects and design professionals to create vibrant places where anyone would love to live.
Media Contact
Aimee Meester, Chief Marketing Officer
NexCore Group | aimee.meester@nexcoregroup.com | (303)293-0694Source: NexCore Group
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5 Smart Money Moves to Make With Your RMDs
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Once you begin taking required minimum distributions (RMDs) at age 73, you must withdraw a set amount each year from your pre-tax retirement accounts. If you don’t need that money for living expenses, you can still use it productively. Many retirees choose to reinvest their RMDs in a taxable brokerage account, add to emergency savings, buy income-producing investments, pay down debt, or use part of the funds for qualified charitable distributions to reduce taxable income. A financial advisor can help you decide which option supports your overall retirement plan.
Once you take your RMD, the money becomes taxable income, but you can still put it to work. After paying the taxes owed, you can reinvest the remaining funds in a regular investment account. Common options include mutual funds, exchange-traded funds (ETFs), dividend-paying stocks, or high-yield savings products. The goal of this strategy is to keep your money growing, even though it has left your retirement account.
Before reinvesting, think about how soon you may need the money. If you expect to use it within a few years, you may want safer choices such as certificates of deposit (CDs), money market funds, or short-term Treasury bonds. If you can leave the funds invested for longer, a mix of stock and bond funds can offer both income and growth potential. It’s also important to review how new investments could affect your taxes, since earnings in a taxable account may be reported each year.
Reinvesting your RMD can make sense for retirees who already have steady income from Social Security, pensions, or annuities and who do not rely on RMDs to pay regular expenses. It can also work for retirees who want to grow their portfolios for future healthcare costs or leave more assets to heirs. Keeping this money invested can help preserve your purchasing power over time.
After paying the taxes owed on your RMD, you can move the remaining funds from your traditional IRA, SEP IRA, SIMPLE IRA, 401(k), or 403(b) into a regular investment account. This keeps your withdrawn money invested and gives it the potential to continue growing even after it leaves a tax-deferred account.
You can also transfer assets in kind from your retirement plan to a taxable account instead of selling them. This means you move the same investments, such as mutual funds, ETFs, or individual stocks, and the value of that transfer counts toward your RMD. The IRS only requires that you take the withdrawal and pay the tax on it. You are not required to sell or spend the money.
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Why late-career savers need to be careful with RRSPs – MoneySense
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When should you keep contributing to your RRSP?
If you have a group RRSP with matching contributions from your employer, this provides a significant boost to your savings. Many group plans offer matching contributions of 25%, 50%, or even 100% on contributions up to a certain dollar amount or percentage of income. To get your hands on this free money, you have to keep contributing. Defined contribution (DC) pension plans fall into this same category, with employer contributions making maximum participation a compelling opportunity.
If you do not have much retirement savings or pension income, RRSP contributions are also generally advantageous. The reason is that you are likely to be in a lower tax bracket in retirement. Paying a lower tax rate in the future than today makes RRSP contributions even more compelling.
Anyone in a high tax bracket today—especially near or at the top tax bracket in their province—will probably benefit from making RRSP contributions.
If someone plans to retire abroad in another country, late-career RRSP contributions are also typically advisable. The withholding tax rate on RRSP and registered retirement income fund (RRIF) withdrawals for non-residents generally ranges from 15% to 25%. Most countries have lower tax rates than Canada and will recognize tax withheld in Canada as a credit against foreign tax payable. Some countries do not tax foreign income at all, so the withholding tax on RRSP/RRIF withdrawals may be the only tax implications of withdrawals.
Compare the best RRSP rates in Canada
When should you not contribute to your RRSP?
Although most people find themselves in lower tax brackets in retirement, some may pay more tax. One example may be someone who has a spouse with a large RRSP or pension whose income is fairly modest today. Pension income-splitting allows most pension income, including RRIF withdrawals after age 65, to be split up to 50% with a spouse. So, a high-income retiree can move income onto a low-income spouse’s tax return. A low-income taxpayer today may be in a much higher tax bracket in retirement in a case like this. It would make sense for them to redirect retirement savings to a tax-free savings account (TFSA) if you have the contribution room or simply save in a non-registered account.
Someone who is transitioning to retirement and working part-time may be another good example of someone whose tax rate may be higher in the future, and further RRSP contributions are not advisable.
Someone whose retirement income is likely to be in the $100,000 to $150,000 range should also consider the impact of Old Age Security (OAS) pension recovery tax. OAS clawback acts like an effective 15% tax rate increase for RRSP/RRIF withdrawals for OAS recipients.
Government support like the Guaranteed Income Supplement (GIS), a means-tested benefit that is payable to low-income OAS pensioners, could be affected by RRSP/RRIF withdrawals. So, if someone has a choice between RRSP and tax-free savings account (TFSA) contributions, and may have little to no income beyond CPP and OAS, a TFSA may be a better choice than an RRSP.
If someone has debt with a high interest rate, especially credit card debt, this may be another reason to pause the RRSP contributions.
Should most people contribute to RRSPs?
Most working age Canadians can expect to be in a lower tax bracket in retirement than in their working years. As a result, most people should be contributing to their RRSPs and will be better off in the long run by growing their savings. If someone has maxed out their TFSA, and choosing between RRSP and non-registered savings, RRSP contributions may still be advantageous even if their tax rate is the same or slightly higher in retirement.
There is a non-financial benefit to segmenting savings into less accessible accounts like an RRSP. A TFSA or savings account is more likely to be raided for a discretionary expense, so the psychology of RRSP contributions is a worthwhile consideration beyond the financial factors.
If you have an employer match on your retirement account contributions, you should almost always be contributing regardless of your current or future tax rate.
Professional financial planners can help you project your future income, taxes, and investments using financial planning software. This can help determine whether RRSP contributions will benefit your potential retirement spending or estate value in the future based on your actual numbers, rather than a rule of thumb.
Have a personal finance question? Submit it here.
Read more about planning for retirement:
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Jason Heath, CFP
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What’s the Best Age to Start a Business? It Just Might Be Your 60s
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Think you’re too old to be an entrepreneur? Maybe there’s no such thing. A growing number of Americans in their 60s, 70s, and beyond are entrepreneurs, research shows. At the same time, the number of Americans working past the age of 75 has grown by 50 percent in the past 20 years, according to Bureau of Labor Statistics data.
That’s both because existing entrepreneurs are delaying retirement and because people who’ve retired from their jobs are starting new businesses. In both cases, they have excellent reasons for staying in the work force. If you’re at or nearing retirement age, some of these reasons may make sense for you too.
1. Retirees are nervous about outliving their money.
In 2023, the last year for which statistics are available, a 65-year-old could expect to live, on average, 19.5 years, to age 85. And that life expectancy is trending upward. Today’s retirees and prospective retirees may not be monitoring those statistics. But they can see what’s happening with their older relatives and friends. In my own family, for example, my mother lived to 91, my father lived to 95, and my stepfather lived to 105. That kind of thing makes you very aware that your retirement savings may need to last a long, long time.
As the Wall Street Journal reported recently, one way to stretch out your retirement savings is to continue earning money past the usual retirement age. That extra income might let you delay collecting Social Security payments until the age of 70, which gives you the maximum benefits. Depending how much you earn, you may possibly increase those benefits as well. For both purposes, entrepreneurship can be appealing because it makes it easier to earn extra money part-time, on your own schedule.
2. They enjoy working.
This can be especially true for entrepreneurs. If you’ve built up a business from nothing, you may want to keep running that business. If you’ve formed close relationships with your employees and/or customers, you may want to keep seeing those people every day.
For many people, having regular work means having structure and staying mentally engaged, as well as interacting regularly with a larger number of people. All those things are beneficial for your cognitive and emotional health as you grow older. As one older non-retiree said to the Journal, “Almost all of my career has been positive with a sense of accomplishment, so why stop?”
3. Entrepreneurship gives them more freedom.
The older you get, the less willing you may be to follow someone else’s schedule or work rules. That can make it appealing to be your own boss. For example, Daniel Mainzer, who for years has had his own photography business in Stow, Ohio, told the Journal he’s slowly easing himself out of the business, although not the practice of photography. At 80, he still works for pay about two hours a week, although he doesn’t need the money. And he has his own photography projects as well.
Why not just relax after his many years of working? “It’s important to keep engaging in life. There’s so much going on,” he told the Journal. That’s the kind of mindset that can keep entrepreneurs feeling and acting young for many years past the usual retirement age.
There’s a growing audience of Inc.com readers who receive a daily text from me with a self-care or motivational micro-challenge or tip. Often, they text me back and we wind up in a conversation. (Want to know more? Here’s some information about the texts and a special invitation to a two-month free trial.) Many of my subscribers are entrepreneurs who know the value of staying engaged in their work and with their businesses. Some have chosen to keep working in their businesses even after retirement age. These days that looks like a smart thing to do.
The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.
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Minda Zetlin
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Why Gen Z and Millennials Are Embracing ‘Multi-Retirements’
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Retirement used to be a pretty predictable thing. People worked for 45 years or so, then called it quits as they reached 65. But some younger workers don’t want to wait that long. That has given rise to a new trend called multi-retirements.
If you’re not familiar with the term, don’t be surprised. All sorts of terms that made no sense in 2020 have become part of the national conversation in the last few years: Quiet quitting, quiet cracking, quiet firing, job crafting.
Multi-retirements (or micro-retirements), the latest in that growing list, is a strategy largely being employed mostly by affluent workers. It refers to a series of intentional pauses from their careers to realign or reinvent their goals.
A report from HSBC examined the phenomenon, speaking with 10,000 adults, aged 21 to 69, in 12 markets who had assets ranging from $100,000 to $2 million. Of those, just under half said they planned to take mini-retirements two or three times over the course of their lives, with 11 percent saying they plan to take three or more.
The Rise of Multi-Retirements
The breaks typically happen every six years and last between six and 12 months. Respondents said the ideal age to take the first pause in their career was 47. Generation Z and Millennials are the most likely to embrace multi-retirements, HSBC found. That’s because, at least with Gen Z, wealth is no longer viewed as a material term. Instead, financial success is seen as having a good work-life balance.
They were not, however, the only generations to express enthusiasm for the idea of multi-retirement.
“Multi-retirements are a mindset shift, with some individuals increasingly taking time out to focus on living their wealth, not just accumulating it,” wrote Dr Cora Pettipas, a financial planner and retirement specialist at HSBC. “They’re creating space for it now—with careful planning to ensure they can fund multiple pauses over the course of their lives. They aren’t viewing it as stopping work or their careers, rather taking new directions that feel more aligned to their values and needs of their families.”
Of the people who have taken a mini-retirement, 87 percent said it had made their overall quality of life better.
Why Workers Are Choosing Multi-Retirements
The reasons for wanting to take a series of mini-retirements vary. Here are the top five most common answers.
- Family needs. Some 34 percent of the people surveyed said they wanted to spend more time with their family, helping raise their children or spending time with their parents before they die.
- Health reasons. 31 percent planned to use the time to focus on their physical, mental and emotional health, which have all been under assault the past few years, with burnout rates skyrocketing.
- Travel. 30 percent simply wanted to take a break to travel and explore new places and cultures without having to return to work in a short time.
- Following passions. 28 percent want to pursue their passions and focus on personal development.
- Career change. A quarter of people surveyed said they would use the time to reassess their career goals and, should they find a new calling, pivot to a different type of job.
What It Means for Business Owners
The increased popularity of mini- and multi-retirements could present yet a challenge for business owners. To avoid the resource strain and workforce gaps, one workaround could be to reexamine the benefits offered to workers.
Flexible hours and opportunities to take unpaid sabbaticals could help mitigate burnout and foster the loyalty of younger employees. Formalizing those policies to show that the company encourages employees to recharge from time to time and focus on their own personal development will be, in the long run, less expensive than having to recruit and retrain new employees.
The Cost of Multi-Retirements
So how much does one need to have in their savings account to consider a multi-retirement strategy? A lot. HSBC says the affluent in the U.S. are saving $517,644, on average, before taking a mini-retirement. And during those breaks, they’re spending $339,800.
That makes this dream unachievable for much of the population. The average American makes just $62,088 per year, according to the U.S. Bureau of Labor Statistics. And just 18 percent of individual Americans make more than $100,000 a year—with four out of ten of those still living paycheck-to-paycheck.
To afford it, some multi-retirement enthusiasts are starting their own businesses or building alternative revenue streams. Others are renting out property and raiding their pension. Gen X is relying heavily on crypto investments.
“What it means to be wealthy is changing,” wrote Lavanya Chari, head of wealth and premier solutions, at HSBC. “Across the world, we’re seeing a fascinating shift—especially amongst younger generations—away from traditional markers of success, such as wealth accumulation, towards a deeper desire for personal fulfilment, balance and purpose.”
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Chris Morris
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