Step 3 – Setting Your Semi-Retirement Goals

jed foster
3 days ago
5 min read

By now you’ve dug into your purpose and taken an honest look at your financial readiness. The next piece of the puzzle is setting the goals that will shape your semi-retirement journey. Think of this step as designing the map before you head off on the track — you don’t need every turn marked out, but you do need some direction.

Semi-retirement isn’t about escaping work altogether. It’s about creating a lifestyle that feels lighter, freer, and more aligned with what truly matters. Setting goals helps turn that from a dream into something you can actually live.

After we’d roughly worked out that a semi-retirement lifestyle could work financially, we began to seriously think about what we actually wanted that lifestyle to look like. Like most people, our main driver was achieving a better work/life balance. We wanted to do more with our time, and with only four weeks of annual leave each year, that was never going to happen. From the outset, our primary goal was simple: put ourselves in a position where we could work roughly half the year and spend the rest travelling and doing the things we genuinely love.

While that goal sounded straightforward on paper, we soon realised it needed more depth. It pushed us to think beyond the big picture and focus on our day-to-day life. There’s a saying I often quote — “Monday mornings have never been so good” — and it perfectly sums up what we were aiming for. For us, an ideal day looks like a slow, quiet morning waking up near the coast, a bit of fishing through the middle of the day and finishing the afternoon around a campfire with no one else in sight.

Even now, that day-to-day lifestyle is still something we’re working towards. Life changes, priorities shift, and plans evolve — but when those days do come together, it reminds us exactly why we set these goals in the first place. On those days, I’m well and truly on top of the world.

Start with the life you want to live

Before you think about work or money, picture what your ideal semi-retired life actually looks and feels like. Not the Instagram version — the real version.

Ask yourself things like:

What does an average day look like when you’re semi-retired?
Do you wake up by the ocean? On a cattle station? In a quiet town? On the road?
How much downtime do you want? How much adventure?
What parts of your current life make you feel drained — and which parts do you want more of?

For us, it was simple: we wanted freedom back. We wanted to travel again, explore new places, and work only when we needed to, not because we were tied to the 9–5 grind. We wanted more time outside, more time together, and more time actually living instead of rushing.

Your version might be similar, or it might be completely different — and that’s exactly the point.

Lifestyle goals: Paint in the details

Once you have the big picture, start filling in the small ones. Lifestyle goals are more practical, but still personal.

Here are some examples you can explore:

Where do you want to base yourself? A home base near family? A caravan? Full-time travel? Seasonal moves?
How do you want your weeks to look? Maybe three days of work and four days to yourself? Or months on, months off?
What hobbies or projects do you want to prioritise? Fishing, hiking, volunteering, photography, making YouTube videos, starting a side hustle?
What kind of routine suits your energy? Slow mornings? More physical work? Creative time? Being outdoors?

This step is about making your semi-retirement feel intentional — not accidental.

Work goals: How will you stay afloat without losing your freedom?

Semi-retirement usually still includes some work — but it’s work that fits around your life, not the other way around.

Some questions to guide you:

How much do you want to work vs how much do you need to work?
What kind of jobs suit your lifestyle?
Are there skills you can pick up now that give you more flexible work later?
Would you enjoy seasonal or contract work that lets you take months off?

Examples of semi-retirement-friendly work:

Station work or tourism seasonal roles
FIFO but part-time or short swing
Remote admin or creative gigs
Operation roles that offer flexible contracts
Trades or handyman work you can pick up as needed

These kinds of roles let you earn a chunk, reset the bank account, and then get back to living.

Financial goals: Align your money with your lifestyle

This step doesn’t need to be scary. It’s just about making sure your goals match what’s realistic for your budget.

Depending on your lifestyle, your financial goals might include:

Having a savings buffer for peace of mind
Setting a target annual income from casual or seasonal work
Reducing ongoing expenses (e.g. downsizing, selling unused gear, clearing debt)
Planning for travel costs, caravan/motorhome maintenance, or unexpected expenses
Working out what “enough” looks like for your life — not someone else’s expectations

The aim isn’t to be rich. The aim is to feel secure enough to enjoy your lifestyle without stressing every week.

Relationship goals: Get on the same page

If you’re doing this with a partner, being aligned is everything!

Talk about:

What freedom looks like for each of you
Your comfort levels around money and work
What pace of travel you prefer
How you want to handle responsibilities and downtime
Any fears or hesitations you’re carrying

Semi-retirement is a team effort — especially when you’re sharing a caravan, tent, or tiny home!

Create flexible goals that evolve with you

Semi-retirement isn’t a static destination. Your needs, finances, and plans will change — and that’s normal.

Instead of treating your goals like rules, treat them like guideposts. Revisit them every few months and ask:

Is this still working for us?
Do we want more travel? Less work? A different pace?
What have we learned since we started?

Your goals should grow with you, not limit you.

Remember: Your goals are the backbone of your freedom

Setting your semi-retirement goals is about intentionally designing the life you want to live. When you know what you’re aiming for — more time, more travel, more freedom, more connection — it becomes so much easier to make decisions that support it.

This is where your dream starts to look like a plan. And plans, even rough ones, are what make this whole semi-retirement lifestyle not only possible… but sustainable.

Quote - Your future self is watching.... don't let them down!

References recommended -

The Australian Retirement Podcast

A show that blends financial planning, health and longevity with retirement design — useful if you’re thinking beyond money to how you want to live.