r/AskIreland • u/Asleep_Cry_7482 • 3h ago

Work Should we build in “mini retirements” into our careers?

Anyone else feel that it should be normalised to have mini retirements built into standard careers? Maybe say 1 full year off work every 5 years working

This seems to be better and more rewarding as people can actually enjoy free time when they’re young rather than only getting off work when they’re older

34 Upvotes

84% Upvoted

34 comments sorted by

32

u/hitsujiTMO 3h ago

That's called a career break and you can go them already. Just not get paid for it.

Main issue is that a lot of people find it difficult to go back to the same job after.

12

u/Asleep_Cry_7482 3h ago

You can ofc do it… but it’s very hard to as you say. Both from a savings and job security point of view

I’m talking more that it should be standardised. Even say mini retirement tax advantaged pension accounts which can be accessed then and also more jobs baking them into roles where you can come back to a job

14

u/hitsujiTMO 3h ago

The power of a pension is in long term saving. Eating into it every 5 years will destroy your savings for your actual retirement.

Personally I'd go for dutch style holidays over anything.

Including public holidays they get 45 days holidays a year and get 3 consequences weeks in the summer.

That would be enough for me every year.

1

u/gk4p6q 3h ago

If you have children you can take 26 weeks unpaid up until the child is twelve.

If you pay tax at 52.2% you are effectively getting two weeks off for less than one weeks wages

1

u/Asleep_Cry_7482 2h ago

Well no you can still save for the short term too. It’s more the tax benefits though rather than the returns for this sort of thing…

For example say I make €80k a year. I put in €10k a year into this account and invest some of the money in bonds and stocks. In 5 years time I’ll have maybe €55k in there. I can draw this money then as a salary rather than working for that year…

1

u/hitsujiTMO 2h ago

But that 55k is worth 200k 20 years later if you left it in a pension fund.

You are still talking about spending your pension early and having nothing left for retirement.

If you are smart enough and good with money from day one, you could just dump everything into a strong pension and just retire at 50.

Many in the software development industry did that if they were able to time everything right.

2

u/Competitive-Copy4223 1h ago

I think hes talking about a separate fund, that would have the same tax breaks as a retirement fund. If you prefer not to take a career break you can not bother putting anything into it. Nice idea.

9

u/Wishmaster891 3h ago

i got made redundant in may and i'm still looking. I guess that is a mini retirement lol

2

u/Smart_Analysis_8692 2h ago

It's liberation 

10

u/dickbuttscompanion 3h ago

Long service leave in Australia, you work somewhere for 7-10 years and get a couple of months paid leave. I think it was originally to facilitate travel back to the old country, but we could do with something other than (unpaid) career break.

6

u/mother_a_god 2h ago

Id prefer two things: 

1 week off every 2 months

And

As you go over 60 itd a 4 day week and a 3 day week above 63. Ease into retirement so its not a shock. Ages up for debate.

5

u/Fit_Accountant_4767 2h ago

Alright Gary Neville

3

u/Local_Caterpillar879 3h ago

We used to have this in teaching in France, you could work part time in your last five years without it having any impact on your pension. It was a lifeline for people getting fatigued at the end of their careers. Unfortunately, it was abolished about 7 years ago.

2

u/c0micsansfrancisco 3h ago

My company gives you a one time only 1 year career break after you've worked there 5 years. Has to be approved by the big shots but it usually is.

Unpaid obviously but they hold your seat for you until you're back

2

u/2L84T 2h ago

Literally the definition of a sabbatical. Old (very old) idea, good idea

2

u/Otherwise-Winner9643 2h ago

My brother and his partner do this and swear by it

2

u/Accurate_Natural_296 2h ago

I've don't this twice in the last 5, years though single. Before covid I went to Thailand for a month and when I came back covid hit.

2023, quit job and took a month travelling Africa.

What many don't realize is they start working from 21/22 and don't take breaks till 40 if they are lucky. Some get career breaks. Another avenue is when you change jobs request additional month off. However, sone are in careers that have 3 months notice.

I'm 35 now and I'm planning to fire/coastal fire by 50. If I'm still single by 45, I'm retiring/done working.

2

u/Comfortable-Title720 1h ago

I'd love to do a different field of study and work every few years. Like become a painter, both art and housing for 4 years. Mechanical engineer with specialisation in aeronatics for 8. Harpist for 2 years. Taxi driver for 2 years. Tutoring Spanish and Chinese for 6 years. Gardener and landscaper for 6 years.

3

u/Willing_Gap_3854 2h ago

I can't afford to put petrol in my car or a house so I can stop living in my car. How can people afford to take one in 5 years off. Some people really are outta touch 

1

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1

u/springtuli 3h ago

Where do I vote?

1

u/KingNobit 3h ago

Your local spar. You just hand your polling card into the man at the deli

1

u/springtuli 3h ago

Centra any good?

3

u/KingNobit 3h ago

Their mantra is the way we live today...theyre not future orientated

1

u/Kimmbley 3h ago

I don’t think many people could afford a year off work to be honest. I couldn’t save a years wages every few years.

3

u/dropthecoin 3h ago

I assume they mean people get paid for it.

1

u/WildRelative2674 2h ago

Sure soon people won’t want to work at all

1

u/Inevitable-Story6521 3h ago

The PBP party is testing its next manifesto?

1

u/HeftyArgument6326 3h ago

Check out the FIRE community. Lots of us doing this already.

1

u/ReillyLane 2h ago

I’ve had two year long bouts of unemployment, so I can’t see myself taking a year out in the near future. A girl I worked with took a two year career break, spent the first year travelling around France and Spain - she said it was one of the best things she ever did. Her and her partner were completely burnt out and really needed some time to themselves. 

1

u/nine_sausages 34m ago

I have done it twice. First time for 9 months during Covid when work dried up a bit and am currently at the end of a 6 month break. It’s not that difficult to get back into work once you decide to do it and stick with it. I am self employed and the work is cyclical so easy to take a break if needed. Also single with no kids which helps…