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Redefine Retirement with New Lingo

RealSimple.com answers the question “What is “Phased Retirement?” and points readers to other retirement-related phrases that might be new to them. Exposure to these phrases is not simply a way to learn new lingo; some of these phrases might introduce readers to ways to envision retirement.

Boomerang Entrepreneur: A retiree who stops working and starts a business of their own is a boomerang entrepreneur. The article notes “Data from AARP shows that of the 76 million people who are 50-plus and nearing retirement, half are interested in starting their own businesses.”

Negative Inheritance: When adult children have to cover their parents’ retirement expenses, it is referred to as a negative inheritance. This is something that can be avoided with careful financial planning.

Phased Retirement: With phased retirement, workers get the benefits of flexible hours, a continued income stream, and keeping in touch with the workplace without the pressures of typical full-time employment. Organizations get to keep experienced workers around for their knowledge.

Playcheck: This is a fun new term for something retirees have done for years. You get a “playcheck” when you take on temporary or part-time work to earn extra money. This work isn’t about career goals; it’s just about having extra cash to spend.

SKIers: This also isn’t a new concept but the acronym might be new to you. SKI stands for “Spending the Kids’ Inheritance.” There are people who decide to spend their wealth in their golden years rather than making sure they leave their children with a sizable inheritance. There are a number of reasons for this. The article suggest that some parents do this when their children live far above the parents’ means. There are also cases where parents do this in an attempt to preserve family unity: they spend their wealth so their children will not be able to squabble over it later.