We are born and encouraged to learn so that we’ll do well at school. Then, we go to school from early childhood until early to mid-adulthood. We graduate and get jobs or careers. Soon after, we have one long term goal in mind – to retire early. In fact, we spend most of our lives working and planning so that we’ll be ready to retire when we want. Many people miss out on living because they’ve been searching so long for a path to retirement. Some people never save enough to retire. And others have all the money they need for retirement but no longer want to retire. We’ve given some thought to the top ten reasons why one should retire early, and here is our list.
1. Because You’ve Got Enough Money to Retire
Many people consider this the number one reason to retire early. That is because it is really the only requirement needed for retirement. All of the other reasons to retire early are based on desires or circumstances. Retiring because you’ve saved enough money is by far the hardest step to retiring, because, as we all know, saving that much money is by far the hardest accomplishment. With that said, retiring just because you have enough money is not always the right decision. Make sure you’re ready to handle the day to day life of retirement, and that you have hobbies and friends to keep you busy.
2. Because You Want to Focus On Your Family
Many people spend their life working harder and harder so that they can get ahead in their career, only to be able to spend less and less time with their family. In fact, most people that have families struggle with finding the right balance between work and family. If you ask the average person, they will almost always tell you that their family comes first, but if you ask the family, they will often feel differently. It is this dilemma that often motivates individuals to accelerate their savings make family a top reason to retire early.
3. Because You Want to Retire While You Are Still Young
We work so hard during our lives to make money so that we can enjoy life, travel and buy the things we’ve always dreamed of. Unfortunately, we rarely have the money needed for these privileges until we get older. If we wait too long to retire, then we could miss the opportunity to take advantage of all of these life long dreams. By retiring when you are young, you will have the energy and ambition to really enjoy your retirement, and hopefully do things that older retirees aren’t able to accomplish.
4. Because the Opportunity Presented Itself
Sometimes a good reason to retire is simply because the idea presents itself. Perhaps the company you have been working for your entire life offers you an early retirement package that is too good to be true. Or maybe they offer you an early retirement package and hint that layoffs are coming if you don’t take it. Better yet, maybe your company has been bought out and you recieve a massive buyout payment for your ownership. Whatever the case, there are hundreds of reasons that can lead you to consider retiring early, even if it wasn’t in your original plan. Remember, you can always look for work during retirement.
5. Because the Economy Tells Me To
Similar to number four above, a good reason to retire early is because the economy is telling you to. If you have enough money to retire and the economy is in the dumps, and suddenly lose your job, you may want to consider retiring early rather than finding a job in a difficult economy while at a difficult age for hiring. If you were debating on whether to retire or not, a bad economy can sometimes lead you down the path of retirement.
6. Because You’re Tired of Working For the Man
Years of working for companies can make one very weary of living the corporate lifestyle. Whether it’s all the disagreements with management, the thousands of hours of meetings that get nowhere, the days and months of travel, or maybe you’re just tired of the whole corporate culture that you’ve had to live with for your entire working life. The hatred of working for others and the desire to get away from this oppression can be a very valid reason.
7. Because You Want to Travel
Traveling, I mean really traveling, takes a lot of time. A lot more time than normal jobs will let you take off. If you’ve been dreaming for years or even decades about traveling to distant lands and learning new cultures, you’ll probably want to do so before you get too old or lose motivation. That’s why the desire to travel makes a great reason to retire early. If you can’t afford to retire early, see if your employer will give you 6 months of unpaid leave, so that you can travel enough to get the bug out of your system until you can officially retire.
8. Because You Want to Be Free From Commitments
Waking up to an alarm clock every day is just not living. At least not living the way we dream about. Having days, weeks, months and years filled with commitments to work and to your career can just be tiring. Freeing yourself of these commitments is another good reason.
9. Because You Deserve It
Let’s be honest, you’ve studied, worked, and sacrificed your entire life to get ready for this moment. You’ve given up your personal time, family moments and let your dreams get pushed back year after year. Let’s face it, you deserve this!
10. Because You’re Ready to Retire
Perhaps the most important reason is actually the simplest. Because you’re ready. Believe it or not, many people are never ready for retirement. They have defined themselves by their work, career or what they do so deeply all of their lives that when it comes time to move on, they simply can’t find the reasons to do so. To get ready, you’ll need to make sure that you will be able to stay very busy and motivated. Studies show that retirees that lose focus and motivation tend to die shortly after retirement. Don’t let this happen. Find hobbies, interests and dreams to pursue during retirement. Try to develop them beforehand so you’ll have an easier transition. Also, find other retired people with similar aspirations (hopefully a spouse) so that you’ll have a partner to travel and seek entertainment with. If you know that you won’t get bored when you retire (and plan for the next 40 years), then there is a pretty good chance that you’re ready.