For decades, age 65 was considered a standard time to transition to retirement. In recent years, the idea of stepping away earlier has become appealing to some Americans.
The pros of retiring early include:
– Freedom from office constraints.
– Time to pursue passions.
– An improvement in well-being.
– The chance to choose additional work.
Freedom from office constraints.
You won’t have to report to a boss, and you can use your time your way.
Time to pursue passions.
If you’ve been waiting for the chance to help in your community or volunteer at a local hospital, early retirement presents the opportunity to get started.
The cons of early retirement can be:
– Years of no income.
– A potential health insurance crunch.
– A loss of meaning.
– Feelings of loneliness.
Years of no income.
Leaving the workforce early means you’ll have to support yourself for a longer time, which could last for decades.
A potential health insurance crunch.
When you reach age 65, Medicare kicks in for health insurance. Before then, you may be on your own.
A loss of meaning.
Many workers place a large portion of their identity in their work and when their career has concluded, feelings of emptiness can set in.