The rise of multi-retirements

Retirement has long been understood as a single life event at the end of a career – but things are changing.

Affluent people are taking more ‘multi-retirements’ – a series of intentional pauses from their careers to realign or reinvent, according to our Quality of Life special report, The Rise of Multi Retirements .

Based on the views of more than 10,000 affluent* adults in 12 markets around the world, the data shows:

• 49% of those intending to take a mini-retirement plan to take two to three across their lifetime
• The preferred duration is between six and 12 months
• The average ideal age to take a first career pause is considered to be 47
• Of those who have taken at least one mini-retirement, 87% say it positively impacted their overall quality of life

Mindset shift

The growing trend of multi-retirements can be seen across all generations, with Gen Z and Millennials leading the way, according to the survey.

“The data shows multi-retirements are not a generational fad or a more traditional ‘career break’,” said Dr Cora Pettipas, a Financial Planner and Retirement Specialist at HSBC.

“Multi-retirements are a mindset shift, with some individuals increasingly taking time out to focus on living their wealth, not just accumulating it.

“They’re creating space for it now – with careful planning to ensure they can fund multiple pauses over the course of their lives. They aren’t viewing it as stopping work or their careers, rather taking new directions that feel more aligned to their values and needs of their families.”

Multi-retirement motivations

Our report suggests that the top motivations for taking multi-retirements are:

• Spending quality time with family, including children and elderly parents (34%)
• Focusing on individual wellbeing – physical, mental, and emotional (31%)
• Travelling and exploring new places and cultures without the constraints of standard holidays (30%)
• Pursuing lifelong passions, personal development, and growth activities (28%)
• Stepping back from work to reassess career goals, and potentially pivot to new opportunities (25%)