8 Reasons Why You Should Pursue Early Retirement
Most people retire in their sixties, but if you want to retire before then it’ll take some planning, discipline, and keeping a close eye on your savings and investments. However, the sacrifices are definitely worth the trouble. By beginning to plan your retirement, you can improve your financial footing, and figure out exactly what makes you tick outside of your career. Here are eight reasons you should pursue early retirement.
1. Address Your Future Today
Lots of Americans aren’t ready for retirement and might need to work into their sixties and beyond. The main reason for being unprepared is due to lack of planning and saving during their younger years. But, by choosing to retire early you’ll make serious efforts in your financial planning. The sooner you start, the sooner you’ll be able to achieve your goal of early retirement. By looking at your financial situation and life goals, you can make a plan. But be aware – the longer you wait, the longer you will spend working.2. Increase Your Income
Once you decide to retire early, you might realize that you won’t be able to do it without making certain sacrifices. Chances are you’ll need to cut down your spending or create extra income. Sacrifices are hard to adjust to, so instead many people prefer to build up their retirement savings. Planning early for retirement will motivate you to excel at your day job, so you will receive pay raises, bonuses, and promotions. You might also seek out a second job or side hustle to create a new stream of income. This might be starting a business or real estate investing.3. Improve Your Relationships
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If you retire early, you’ll have more time to spend with family and loved-ones. Social activities can become a priority rather than a small part of your life. Your spouse and family will also benefit from extra time spent together. Freedom from work will allow you to help others in your life, in ways that are much more gratifying than a desk job.
4. Circumstances May Require You to Retire Early
If you are forced to retire early for various reasons, it’s better to be prepared than to get an unpleasant surprise. If you have an early retirement plan, you’ll be able to look after yourself and your family if you need to retire early. During the 2008 recession, lots of older workers retired due to job loss and being unable to compete for limited job opportunities. As well as unpredictable circumstances, ill-health can also side-line a career. By having an early retirement plan in place, you can reduce the hardship if you’re working years end before you had originally planned.5. You Can Travel More
Yes, you can take vacations from work. But, the best travel is unrestricted by time. Early retirement will allow you travel to places that you’ve always wanted to go, while you are still young enough to do it. You can plan a month or two in an interesting city, or volunteer in a disaster region. When you are less time restricted, you’ll find more opportunities to explore. You can fully immerse yourself in a different culture, which is difficult to do if you only can spend 1-week on vacation due to work commitments.6. Prioritize Your Health
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Generally, when you work full-time, exercise isn’t a priority. Instead, you focus on commuting, work travel, and job commitments. But, sitting in a chair for most of the day is very unhealthy – not to mention the office treats.
Good health is your most important asset. So, you need to improve it while you are still young. You will improve your overall health and even extend your lifespan. If you’ve got travel plans for your retirement, you don’t want to let those get dashed by illness.
