Early retirement is an option that would be hard to turn down. Whether you are stressed in your job or you love it, it is something that almost everybody dreams of. While being given the option to retire early might be an easy choice, there are still many things you should consider first before saying yes to it. Remember once you give in to it, it will be the end of your career and it might be hard to get back on the zone.
Things you should consider before early retirement
1) Early retirement is so appealing because the thought of not working anymore and having the time all to yourself is a great luxury. Who would not want to pursue the things they have long been wanting to do, like gardening, reading a lot of books, watch tons of movies, learn a new language or skill, spend time with old friends and family members. Yes all these perks are convincing. But what you should take into consideration is the great change your life will take.
2) Think past all the passion and perks and freedom you will be enjoying, and put into consideration your financial standing. Do you have enough budget to get you through the rest of your life enjoying all these perks and not having to spend much? Do you not have any more bills to pay, or mortgage, or insurance and other debt? How are you going to pay for your travel, for your leisure vacations and day-to-day cost of living? To dream is free, but sometimes you have to pay to reach it.
3) Beyond thinking of yourself and your passions, how about your family? How about your children? Have they graduated already? Do you not have to pay any more for their tuition and other significant events in their lives? Do you not need to support your family or relatives anymore?
4) What you should also consider before saying yes to early retirement is how your life would be once you have let go of full-time employment. Yes you may now have all the time in the world, but are you sure that you are ready to live day to day without the presence of your colleagues and workmates? Are you sure you can live with having no fixed schedule day-to-day? Are you sure you are ready to let go of a full-blown career? One of the most common regrets of those who have undergone early retirement is waking up the next day and being bored and missing their old work. So before you go for it, make sure you weigh the advantages and disadvantages first.
In the end, you should remember that it is a big decision so you must not rush it. How you decide will rule the next important phases of your life. Early retirement may not all be highs, there are also a lot of lows into it. So careful consideration must be used before rushing into the decision of entering retirement.