Due to continuously emerging high bandwidth applications, research and standardization of time division multiplexed passive optical networks (TDM-PONs) have focused on increasing the peak bitrate. However, increasing the bitrate while supporting the stringent optical power budget of a PON becomes increasingly challenging because of the larger chromatic dispersion penalties as well as reduced receiver sensitivity when the bitrate of the intensity modulation with direct-detection (IM-DD) based PON is increased. Also, increasing bitrate generally causes higher power consumption, which leads to more challenging thermal designs and misalignment with environmental targets. In this paper we give an overview of flexible concepts that can help achieve the required optical power budget and support reduced power consumption of a future IM-DD based TDM-PON. We demonstrate that a flexible PON can provide an increased overall throughput or an extended reach and power budget with the use of flexible modulation formats, probabilistic and geometric shaping, and flexible rate forward error correction (FEC). Another dimension of flexibility in the form of a configurable optical distribution network (ODN) is described and its merits and challenges are discussed. Flexible concepts based on interleaving of FEC codewords can align signal processing like FEC decoding and the protocol processing closer to the user-rate of an optical network unit (ONU), which leads to reduced power consumption. Flexibility based on multiple channels based on wavelength multiplexing or spatial multiplexing enables optimization of the power consumption to the amount of traffic on the PON. Several flexible concepts have already been adopted in the PON standards. We highlight flexible gain FEC for upstream 50G PON, the transmitter dispersion eye closure (TDEC) metric, and the flexible split-ratio ODN for power saving. Flexible modulation has not been adopted yet in PON standards, but it is expected that flexibility is more and more needed to support the performance, cost effectiveness, and power conservation of future optical access systems.