We’re increasingly asked this question by clients who don’t recognise themselves in the traditional idea of retirement. Some don’t want to stop work completely. Others expect to change how they work over time, or to move in and out of work later in life. Many are watching parents, friends or colleagues take very different routes and realising that the old model no longer fits.
For a long time, retirement planning assumed a fairly simple pattern: work full-time, stop at a set age, then rely on pensions and savings. That picture no longer reflects how many people want – or expect – their later years to look.
This article looks at how the retirement landscape has changed, the non-traditional paths people are following, and how to plan practically for a future that doesn’t follow a single, fixed route.
Retirement has changed – and modern financial planning needs to reflect that
People are living longer, defined benefit pensions are far less common, and work itself is more flexible than it once was. As a result, retirement is increasingly a transition rather than a single event.
Research highlighted by Fidelity shows that many people now expect to work for longer, retire gradually, or combine work and leisure in different ways over time.
It’s what we tend to see with our clients as well – rather than a clean break, retirement often involves several phases, each with different income needs and priorities.
The challenge is that many financial plans still assume a traditional endpoint. When life doesn’t follow that pattern, those plans can feel restrictive or out of step with reality.
Common non-traditional retirement paths – and what they mean in practice
While everyone’s situation is different, most non-traditional retirements tend to fall into a few broad patterns. Each comes with its own planning considerations.
1) Phased retirement: gradually slowing down
This is one of the most common alternatives to stopping work completely.
What it often looks like
- Reducing hours over a number of years
- Moving into a less demanding role
- Stepping back from leadership or high-pressure responsibilities
Practical planning considerations
- Overlapping income: you may have employment income and pension income at the same time
- Tax efficiency: drawing from pensions while still earning can push income into higher tax bands if not planned carefully
- Pension contributions: part-time work may still allow ongoing pension saving, which can improve flexibility later
A useful question to sense-check: How long do you want earned income to play a role before pensions need to do more of the work?
2) Semi-retirement or portfolio working
Some people don’t see themselves as ‘retired” at all – just working less, or differently.
What it often looks like
- Part-time employment
- Consultancy or project-based work
- A mix of paid work, volunteering and personal interests
Practical planning considerations
- Variable income: earnings may fluctuate, making cash-flow planning more important
- Accessible savings: ISAs or cash reserves can help smooth gaps between income
- Flexible pension access: drawdown can allow income to flex alongside work
A useful question to sense-check: If income dips or stops for a period, what bridges the gap without forcing decisions?
3) Unretirement: returning to work later on
Unretirement – stopping work and then returning – is increasingly common. People may miss the structure or social side of work, want to keep learning, or decide they’d like to earn again.
What it often looks like
- Returning to employment after a period of retirement
- Short-term or flexible roles
- Starting something new later in life
Practical planning considerations
- Pension rules: once pensions are accessed, future contributions can be restricted
- Tax interactions: combining earnings with pension income can change tax outcomes
- Flexibility: plans need to remain adaptable rather than ‘locked in”
A useful question to sense-check: If you chose to work again, would your financial plan support that choice or limit it?
4) Self-employment or entrepreneurship later in life
Some people choose to work for themselves later on, often in a more selective or values-driven way.
What it often looks like
- Consultancy based on existing expertise
- Freelance or advisory roles
- Starting a small business
Practical planning considerations
- Irregular income: earnings may be uneven, especially at the start
- Tax planning: self-employed income interacts differently with pension withdrawals
- Retirement saving: decisions about whether, and how, to keep building pensions
A useful question to sense-check: How much financial security do you want behind you before taking this step?
Practical principles that apply across all non-traditional paths
Regardless of which route feels most relevant, a few principles tend to matter more when retirement isn’t linear:
Plan in phases, not ages
Rather than anchoring everything to a specific birthday, it’s often more helpful to plan for:
- A transition phase
- A flexible working phase
- A later phase with less or no earned income
Balance flexibility with efficiency
Tax efficiency matters, but so does access. A mix of pensions, ISAs and other savings usually provides more control than relying on a single type of asset.
Expect the plan to evolve
When work patterns change, financial plans should change with them. Non-traditional retirement works best when it’s reviewed and adjusted over time.
Porta’s Take: Why modern retirement planning has to start with your life goals
The reason traditional retirement planning no longer works for many people is simple: lives – and goals – don’t follow a single, predictable path.
When work can taper rather than stop, when income can come from several sources at once, and when people may move in and out of work later in life, planning purely around a retirement age or fixed income target quickly becomes restrictive.
This is exactly why, at Porta, we start with your life goals.
Life-first planning means understanding:
- What you want later life to feel like, not just how it’s funded
- How important work, structure and purpose are to you over time
- When flexibility matters more than certainty – and when it doesn’t
- How different phases of life and work might overlap
By starting with your life goals, financial planning becomes a way to create options, rather than locking you into a single outcome too early. It allows for phased retirement, semi-retirement, unretirement or a blend of all three – without needing to decide everything upfront.
In a retirement landscape that’s increasingly non-linear, aligning your finances with your life goals is what keeps a plan relevant, adaptable and genuinely useful.
At Porta, we help clients explore different scenarios, understand the trade-offs, and build plans that support the way they actually want to live, both now and later on.
Important information
This article provides general information only and does not constitute personal financial advice. The information is based on our understanding of current regulations, which may change in future. Decisions about your finances should always be made based on your individual circumstances. If you’re unsure about the suitability of any course of action, you should seek regulated financial advice. The Financial Conduct Authority does not regulate tax planning, estate planning, trusts or wills. The value of your investments can go down as well as up, so you could get back less than you invested.
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