Should You Retire Early? – Those early to retire are considered lucky, but should you follow suit? This is a question that has been on the hearts and mind of many people since retirement became an option. Personally, I think early to retire are for the those that have planned accordingly it it should be indulge if the opportunity presents itself.
You would be hard pressed to find people that would say don’t retire early if you have the option. Most people don’t enjoy their jobs, therefore, the opportunity to retire early would be right up their alley. However, believe it or not it is not for everyone. This is question that you have to answer based on your own individual life, lifestyle, and retirement goals.
Should You Retire Early?
Should You Retire Early?
Assuming you have been doing the right thing in your 20′s, 30′s, and 40′s, you might be in a position to retire early. The right thing would be being wise with your money, not making frivolous purchases, and investing an access income into your retirement account. This could be stocks, bonds, mutual funds, real estate, businesses, or just stuffing it under your mattress. Either way, you will have needed to save a significant amount if you decide to walk away from your current income early and retire.
Let’s assume you have been doing the right thing things with your money and attempt to answer the question if you should retire early or not. I will attempt to give you some pros and cons of early retirement, then you will have to make the actual decision for yourself.
Pros to Retire Early
No More Going to Work – Doesn’t this just sound like a dream? As mentioned above, most people can’t stand their jobs, so the though of being able to retire early is like a dream to them. If you are one of these people, then by all means consider early retirement seriously. Maybe you will find it is definitely the option for you.
Young Enough to Enjoy It – One of the fears many people have with retirement is that they will be too old to enjoy it once they get there. Which could happen. There is talk of the retirement age being raised even higher in the near future, so it will definitely be later in life when one is able to put down the job and take up all those hobbies they have dreamed. If you retire early, there is a good possibility you will still be young enough to actually do some of those things you dreamed.
Cons to Early Retirement
Boredom – There are many people in retirement that say the only problem with it is the boredom. They don’t know what to do with themselves. You can only sit on the beach, play golf, and read for so long before you long for something to do. This is a common theme in retirement communities around the country. People long for something to do.
Miss Your Job – You might get into early retirement to discover you actually love and are missing your job. Granted this may only occur in a small percentage of people, but it is definitely a possibility and something to think about.
Lack of Funds – You might pull out and retire early to discover after a few years you don’t have enough money saved in your pension plan to fund your retirement. Remember if you are going to pull out early, then you need more money to support you over those extra years. Life can be unforgiving to the older person looking for a job and trying to make a living.
These are definitely somethings to think about if you are considering retiring early, but I am sure they are not the only considerations. If you don’t mind, please feel free to share some pros and cons with the readership in the comment section below on items they should consider. - Should You Retire Early?
Retiring early takes planning! Not just the fiancial side, but all sides. You need something to dso, something you find stimulating and engaging.
Krantcents recently posted..Money or Your Life?
I am not in favor of retiring early, never I enjoy my work
SB @ One Cent At A Time recently posted..How to be Rich by Creating Value for Money
Count yourself among the VERY, VERY LUCKY!