Have you been contemplating an early retirement? If you’re financially prepared to quit working prior to the average retirement age of 62, but you’re not sure if retiring early is the best decision for you, you should carefully consider both sides.
Although one the most obvious advantages of retiring may be that you no longer have to work if you don’t want to, there are some other benefits to think about when it comes to retiring early:
Retirement can be a great time to explore the world and travel to destinations you’ve always dreamt of visiting. Alas, due to older age, some retirees don’t have the stamina that they once did or they may have health issues that prevent them from traveling the way they wanted to, if at all. If you’re especially hoping for an adventure-based vacation with rigorous activities, it may more feasible (and safer) if you choose to retire sooner rather than later.
The chance to start other projects
Maybe you want to permanently quit your job because you dislike the field you’re working in, but you’re not at the age yet where you’re ready to stop working altogether. Early retirement can give you the chance to start things you never had time for before. Perhaps you’ve always wanted to start your own business, write a book, or turn one of your hobbies into a moneymaker. If you wait too long before retiring, starting a new project or business venture may be the last thing on your mind.
It could prolong your life
Stress can be a killer, and if you’re constantly suffering from work-related anxiety, it might be time to switch careers or retire early. Retiring early and leaving behind a stressful work environment can be beneficial to both mental and physical health, and as a result, you could potentially live a longer life.