There is a new trend that might be ideal for you if you are only a few years into your job and are already considering retirement.
Known as microretirement, this trend is growing in popularity among Gen Z and millennials, according to the New York Post.
Not only are these generations far from reaching retirement age, but they also refuse to accept that the next three to five decades should be filled with work.
But what exactly is microretirement?
What is microretirement?
Microretirement is when a worker takes a break from their career for a couple of months or even years.
It is understood that these breaks mean different things for different people.
HR consultancy The Rise Journey’s Jes Osrow told Business Insider that, for some, it's a chance to fight burnout and follow “personal passions” away from the workplace. For others, it can be the ideal moment to launch a side business.
The term micro retirement become popular after the release of a 2007 book by entrepreneur Tim Ferriss titled The 4-Hour Workweek. However, a four-hour work week is an unlikely reality for most Brits, with many having instead taken heed of the micro retirement idea.
The rise of this trend which has been sweeping through social media platforms, including TikTok, comes after a poll by Santander revealed that three quarters of Gen Z (those born between 1997 and 2012) said they are not planning to work a nine-to-five job for the rest of their career.
Meanwhile, around 77 per cent of respondents said they were confident about their ability to launch and run a business successfully - and 39 per cent said all they needed to do so was their smartphone.
How to microretire
Experts and those who have implemented microretirement advise that you first pay off all your debt and set aside a “sizeable” amount of money to rely on.
Career coach Michael Lopez told Business Insider: “Have a plan, but not too much of a plan.”
In the same article, career expert Tim Toterhi suggests creating a long-term financial plan to provide stability and financial security for individuals whose employers do not provide sabbatical options.
Meanwhile, Ms Osrow recommends setting goals to help “ensure your time off is meaningful and intentional, giving you clear metrics to measure success”.
Abid Salahi, finance expert and co-founder of FinlyWealth, told Nasdaq: “When I evaluate a client's readiness for microretirement, I look for at least 12 months of living expenses saved separately from their emergency fund.”
After going into microretirement this year, Anaïs Felt, a 31-year-old content developer from San Francisco, US, said she has “never felt better”.
“I’ve never felt healthier. I’ve never felt more rested. It’s been amazing and I highly recommend it.” she said in a viral TikTok video.
@anaisfelt If you can swing it, totally worth it imo. I should note I paid off my 70k in student debt and saved a sizeable chunk of $$ before taking the leap. I also am childfree. I come from a low income background and am the first person in my family to go to college and do this….so it is possible with the rught strategy, grit and resilience.
♬ original sound - Anaïs
If you have the funds, Felt wrote in the caption that the break is “totally worth it”. Before leaving her 9–5 job, she had saved up “a sizeable chunk” of money and is “childfree”.
After travelling overseas for the first time, Morgan Sanner, a 27-year-old human resources employee in the US, told The Cut in New York magazine that she was motivated to follow in the footsteps of others who she saw were “taking significant breaks” from their employment.
She said: “I think Gen Z is interested in less traditional models of employment, in general.
“For example, we’re far more likely to freelance or do contract work than previous generations. I hope that, as we become a bigger part of the workforce, miniretirements become more doable and more normalised.”
