One principle I try to follow in semi-retirement is that reducing stress can matter more than maximizing income. If you’re self-employed while semi-retired, like I am, you may find yourself balancing several clients and competing demands on your limited time and energy. Freelance work is unpredictable, and turning down paid assignments can be difficult—especially early in a career.
Now that I’m further along in life, I can be more selective about projects. That said, saying “no” too often risks losing opportunities to someone more eager. My approach is seasonal: I might accept more work in winter, while protecting spring and summer for family, travel and rest. For many Canadians, those months between spring and early fall are precious.
There’s a practical financial side to this too. The more taxable revenue you generate, the greater your corporate and personal income tax liability. Occasionally declining extra work that would increase stress or erode quality of life can be as valuable as earning additional money. In short: sometimes the best financial decision is to preserve your time and health rather than chase every dollar.
The bonus of working less is paying less tax
I’ve told clients outright: “My goal these days is to minimize stress, not maximize taxable revenue.” Saying no can protect your time and guard against being overextended. Researchers who wrote “The power of saying no” (2020) noted that declining requests is a form of integrity and protects people from exploitation; opportunities will always arise, but you don’t owe yourself to every one.
Another way to frame this is the time-versus-money trade-off. The classic financial-independence idea that time is life energy reminds us we earn money by trading parts of our life for income. If you’ve accumulated a retirement cushion, there comes a point where protecting your remaining time is worth more than adding another contract or gig.
Considering phased retirement as a first step
Not everyone can simply scale back at will. Employees may find flexibility through phased retirement—negotiating a reduced schedule or hybrid remote-work arrangement with an employer. For others, semi-retirement looks like a mix of part-time self-employment, pensions, government benefits and investment income. The more reliable those passive income sources are, the less pressure you feel to accept every paid opportunity.
For me, beyond my regular column, I run FindependenceHub.com. It’s a commercial venture but also creative and enjoyable; sometimes I write simply for the pleasure of it rather than for pay. That attitude shaped this column: I drafted it just to see if the idea was strong enough for a piece, and it was. Cultivating projects that bring meaning rather than simply income is one way semi-retirement can be rewarding.
On the Hub I aim to publish consistently, but I’ve recently cut back to four posts per week during the summer to protect downtime. That’s a deliberate choice to balance output and personal life. If work provides meaning, structure and purpose without draining your energy, it’s serving its role in semi-retirement.
The aspiring artist who “buys time” to paint
Managing workload is ultimately about rationing time and energy. In our book, my co-author and I described an artist who “bought time” by taking on well-paid commercial painting jobs to save up for long stretches devoted to creative work. He used income strategically to fund periods when he could focus fully on the art he loved.
I take a similar approach in my own way: I build a buffer of columns and blog posts so I rarely have to work nights or weekends. That cushion keeps deadlines from feeling oppressive. In summer I aim to finish by midday Friday, giving myself an extended weekend. With good planning and clear deadlines, many freelancers can smooth their workflow and maintain a shorter, more manageable week.
Occasionally a client will ask for a rush job. You have the choice to accept or decline. If your finances allow, declining extra work can preserve your energy and quality of life—and reduce your tax bill for additional income you didn’t need. That’s a win for you, even if it’s a loss for the taxman.
Read more Retired Money:
- Should retirees in their early 70s partly annuitize?
- Is now the time for retirees to sell stocks and buy GICs?
- The five factors of retirement for Canadians
- How much money do you need to retire in Canada? Is it really $1.7 million?