5 Alternatives to Traditional Retirement

Career breaks may change your feelings about work and retirement.

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Entrepreneurship. Some people don't want to retire completely, but wouldn't mind having more control over how they spend their time. "Most of my clients use a sabbatical to make a shift in career that is toward something that is more relevant personally and societally and it usually involves something more entrepreneurial," says Clive Prout, a San Juan Islands, Wash.—based sabbatical life coach. "Move towards the job you want now rather than working at something that you don't want in the hope that you can save enough to retire later." The baby boomers' decades of experience and lifetime's worth of accumulated friends can give them a huge advantage in starting a business. Those between ages of 55 and 64 had highest rate of entrepreneurial activity over the past decade, according to a recent study by the Kauffman Foundation.

Margery Miller, 62, of Dallas, Texas, currently works between 15 and 30 hours a week as a consultant and coach for her own consulting company, PeopleBiz. She sold her 29-year-old manufacturers' sales agency in November 2006. "I now know that I won't ever retire," says Miller. "I'm not saying that I want to go back and run another sales agency, but I'm busy in a way that works for me."