Micro-Retirement: Early Career Breaks & Financial Freedom
Micro-Retirements Gain popularity Among Gen Z and Millennials
With customary retirement often decades away, Gen Z and younger millennials are exploring an alternative: the micro-retirement. These planned career breaks allow individuals to pursue personal interests and reassess their professional goals.
A 2024 Bankrate survey revealed that over 57% of working Americans feel behind on their retirement savings. Northwestern Mutual estimates Americans need $1.46 million to retire comfortably,making the idea of micro-retirements more appealing.
Peter Duris, CEO of Kickresume, notes that micro-retirements provide the freedom to explore personal aspirations sooner. He adds that most people return to their careers feeling refreshed and ready for new roles.
“Micro-retirement is a great way for workers to balance their careers with their personal lives,” Duris said.
The concept isn’t entirely new. Timothy Ferriss, in his 2007 book “The 4-Hour Workweek,” questioned why people couldn’t sample their “deferred-life plan reward” before working 40 years. Ferriss advocated for regular travel during these breaks.
A Careerminds survey found that 26% of micro-retirees prioritize travel and exploration,while 23% focus on health and wellness.
Duris advises that the best time for a micro-retirement is when you’re ready to leave your current job.He stresses the importance of saving money, defining goals for the break and updating resumes with new skills.
“Putting your career on hold doesn’t have to be a bad thing. it can give young people the chance to do things that grow their confidence and help them learn more about themselves,” Duris said.
What’s next
As the trend grows, expect to see more resources and support systems emerge to help individuals plan and execute successful micro-retirements, further blurring the lines between work and personal life.