Even though the retirement age is set at 65, some people take considerable pleasure and confidence when they opt to retire early be it at the age of 60 or even 55 in some cases. Their reasons to retire are their own however why they take such a step is not completely unknown to people. In today’s post we will look at some of the reasons why people choose this path. Not all these reasons may make sense but some of them have solid reasoning behind them.
The idea of this post is to bring to light the key reasons why people take early retirement in order to entice others with similar circumstances to do the same. For some people, this option might be worth their while.
Plenty of Savings
People who plan things right from the very beginning are handsomely rewarded in the coming decades. Even those who start late at say 35 years of age, working 20 years and saving decently for 2 decades results can result in a handsome amount that can be utilized to take early retirement at the age of 55. These people truly enjoy their late 50s and 60s travelling, golfing and doing things they normally wouldn’t be able to because of work. It’s the oldest rule in the book. Start early. Retire early.
Interest In Investing
This is a very powerful tool for early retirees to capitalize on. There are many people out there who live off the interest of their investments. There is no reason why others can’t reap the same benefits. This approach however, does require sound knowledge of the market and immense familiarity with how stocks work and when to invest and when to pull out. It might seem like rocket science at first however it’s not that complicated once you get comfortable with the basics. Investing is a great way to earn more money than you would have working and it’s a sure-fine way to keep a steady income coming long after you reach retirement age.
Tired Of Working
Work can take its toll especially on workaholics. It’s not uncommon for people to simply lose the desire to work and come to a decision to rest the body and live off whatever they have earned in retirement. They opt for a steady retirement plan that provides adequate funds for them to live off. They might have to downgrade their lifestyle a notch or two but nevertheless, it is doable. Not the smartest of reasons to retire but if the mind and the body are getting tired, it is the best decisions one can make to increase their life span and to take a pause to appreciate the other beauties of life.
Before you make any final conclusions, it is always best to get some professional insight on your retirement prospects and that goes for early retirement as well. Retirement consultants will sit down with you and go over the finer details of your retirement process and elaborate on how they affect you both positively and negatively. This is so you have affirm understanding of what you are about to do and you make the choice of early retirement with immense confidence.