Some people prefer to retire after years of hard work, while getting an early retirement is a dream goal for others. However, some support the notion that people shouldn’t retire early as it takes away a chunk of purpose in their lives and diminishes their drive to be active participants in their communities.
Those who choose retirement at a younger age want to enjoy their youth without engaging in day-to-day employment-related problems. As per William Schantz, if you want an early retirement, there are a few pros and cons of choosing this path. Read on to learn what they are.
Pros and Early Retirement
1. You Will Get To Enjoy Youth and Freedom Together
Retirement brings a beautiful sense of freedom and flexibility. Not worrying about your work hours and business commitments is very relaxing. This feeling can be enjoyed far more by one who is young than it would be by someone older who lacks the drive to go out and explore.
William Schantz believes you can enjoy life to the fullest for more years than someone who retires later by being financially stable and wanting to retire early.
2. You Will Be Able to Pursue a Passion
Retiring early doesn’t mean not having anything to keep busy with. It allows you to follow your intrinsic desires and pursue hobbies that you once couldn’t due to your busy schedule. You can also travel afar and search the globe to experience new cultures on your quest to fulfill your dreams.
3. You Have More Time for Your Loved Ones
Retiring early is the perfect opportunity to be able to catch up with all those whom you’ve wanted to connect with. It means you can invest more time and energy into the lives of your loved ones and live life fully on your terms. Retiring early means more time with family, friends, and anyone else you want to connect with.
Cons of an Early Retirement
1. Retiring Early Requires More Capital
Retiring early is a capital-intensive requirement that involves years of planning, dedication, and effort. It may seem glamorous on paper, but it requires a deliberate effort in which you may have to squeeze ten years’ worth of savings into five. According to William Schantz, unless you have the highest degree of financial security, consider rethinking the decision to retire early.
2. Retiring Early Is Not Always Good for Your Health
While retiring early may reduce your day-to-day stress, few people have also complained of the boredom which follows retirement. It sometimes takes away the drive and motivation to grow and expand one’s horizon, which is not good for mental health. Also, reduced physical activity translates to deterioration of health which is a pronounced negative effect of early retirement.
William Schantz’s Concluding Thoughts
Early retirement can be a good or bad decision; it depends entirely on the unique circumstances in one’s life. These are a few pros and cons, as per William Schantz, which should help you choose if early retirement is for you. Good luck!