Why you might want to retire early
Picking the right time to retire is one of the most important decisions you will make. Leave work too early and you could outrun your savings and wait too long and you could outwork your health. While retiring early can have its considerations, here are some reasons why you many want to consider it:
You will spend less time working
Ideally your retirement will be an opportunity to enjoy the things in life you look forward to the most. The earlier you retire the more time you will have to enjoy life sooner and you get to keep enjoying that life longer.
You may enjoy better health longer
One of the unfortunate realities of age is – age. Eventually everyone will age and often their health will start to fail. The earlier you retire the more time you will have to enjoy your life whilst you are in good health.
If you have a passion for work – you still can
Retirement doesn’t necessarily mean an end to work. You can pursue other jobs and passions. Have you ever wanted to teach? Open your own business? Cook professionally? There are plenty of fulfilling opportunities available but the catch is you’ll need time.
You can care for your family
As life spans steadily increase many people who retire have parents and other aging family members to consider. Retiring early might give you the chance to spend more time taking care of family members who need you.
Your children have flown the nest
Your children have grown up, they don’t need you anymore. If you have children, they have probably defined most of your personal and financial adult life. But with children grown and out of the house you can do what you want including travelling more widely.
Your pension has met its goals
If you have built up a sizable pension, you can retire early and really enjoy your life. All the hobbies, travels and experiences you have always wanted to do are now available as you have the time and money to enjoy them.
You simply want out of your job
Many of us work very long hours and have very stressful jobs. You might also have a very physically taxing job that you feel too old for. Whatever the reason, early retirement can often be an opportunity to leave a job that is taking its toll on you mentally or physically.
You may have personal plans
Finally, you might have something specific you want to do. You may have a Charity you want to support, a trip you want to take or even a household project you want to do. Regardless of exactly what your plans are, early retirement is a chance to get started.
So, the bottom line is this, retiring early can be risky if you aren’t fully prepared. But if you do have savings or a good pension then maybe it is something you should seriously consider.