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.