1. Step Back From the Day-to-Day
If you own a business, you need to create a plan to turn over the day-to-day operations of the company to a successor as you semi-retire. Establish a mentoring relationship with the person you believe can lead the company to future profits. Work closely with this person, showing him how you operate the business while allowing him to express his own ideas.
Increase business-related communication between yourself, the person being mentored and the entire company to promote an atmosphere of change and transition. You want to be in the position of knowing everything about the business without being on location all of the time, which requires open communication. Over time, give more responsibilities to the new leader and his team of people until you can step away from daily operations. Provide ongoing support, feedback and advice for the business leader, but allow him to run the business and make decisions.
2. Do Some Consulting
If you are well-known in your field or have years of success in your industry, you can earn added income as a consultant. You can pursue as much or as little work as you desire, allowing you to live a semi-retired lifestyle. Decide the areas of your industry in which you have special abilities and knowledge, and make a list of contacts you know who could use your information. You may be able to work with your current/old employer on a contract basis to earn extra money from time to time. Talk to people to find out how much consultants in your field typically charge and set your rates accordingly. You may need to gain additional certification in your industry or a degree before you semi-retire to help you gain further consulting opportunities.
3. Adjust Your Lifestyle
Since you will not be earning as much money when you semi-retire, you need to adjust your budget to fit your new lifestyle. Write out all of your monthly expenses and decide which items you can do without. If just you and your significant other remain in the house, it may be time to downsize to something smaller with little or no monthly payments. A smaller house should use fewer utilities, and it should reduce your property tax, insurance and maintenance payments.
4. Earn Extra Money With a Hobby
Find creative ways to earn money with a hobby you currently enjoy or by picking up a new hobby. For example, if you are a musician, offer music lessons in your area. If you like woodworking, sell your creations or offer to make custom items.
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