5 Reasons To Think Twice About Early Retirement
One study in the United States found that seven additional years of retirement can be as good for your health as proactively reducing your risk of serious diseases such as heart conditions or diabetes. Not all of the science is in, and other studies contradict these findings. The theory being that humans need challenges to feel self-worth and keep up their self-esteem. Without the stimulation of work, or something approximating work, people grow depressed and let themselves go, which inevitably leads to a decline in health and vitality.
I am aware that there is danger in conflating seemingly contradictory studies.
However, in my direct experience, taking early retirement, taking on new projects and having experiences that I would never have had if I had kept working has made me feel like a new person. To me, it was essential to retire while I was still in good health and had the energy and drive to take on other projects. In meeting hundreds of other active retirees over the years, I have found that what makes for a happy retirement is getting out of your comfort zones , taking time to expand your universe and taking on new and exciting challenges.
Early retirement: Why preparation is key | Sentient Wealth
Reading between the lines, it seems logical that people who retire at any age without a plan for their time get bored to death. They derived their self-worth and most of their social interaction from work and never developed other interests. I am just a guy who retired at fifty and feels like he wants to live forever. Retirement gave me the freedom to be location independent and the time to pursue my dreams of seeing the world.
All lives are a race against time, and in the end, time always wins. Determine how much the portfolio is likely to decline in different market conditions and how that will affect your plans. Also, your spending plan should be flexible. You want to minimize fixed expenses.
One of the most frequent retirement planning mistakes is to overlook inflation. When will you begin Social Security? Most people can begin taking Social Security retirement benefits as early as age Think about the long term. I recommend using one of the software programs that shows you the results of claiming benefits at different ages and changing assumptions about life expectancy and other factors.
Reflecting On Five Years Of Early Retirement
Several are available online for modest fees. How will you replace work?
But work and career provide some important things you have to replace. Work often provides both a daily structure and social interaction. Studies show these are keys to longevity, good health and happiness. You also will need regular social interaction and friendships.
Some studies find a close connection between retirement and death. They find that early retirement leads to a higher probability of death within a few years or reduces overall longevity. There is a clear connection, however, between good health and staying active socially, physically and cognitively.
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