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Early Retirement Pros and Cons


kad613

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I have another 5 years before I can retire early.  After speaking with our financial advisor at work he said I have two things to consider when retiring early.  One is that I will be making considerably less government benefits if I retire before 65.  Two is that I will lose out on the cheap, company health insurance at a time in my life when I may need it.

I've seen people wait to retire at the age of 65 or 70 and, sadly, not live much past it.  I would really love to enjoy my free time at an age where I feel I can still do a lot of things, things I haven't been able to do because of a busy work schedule.  I just don't know if I can afford it.  Have any of you been in this situation?

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  • 3 weeks later...

This is one of the most difficult questions for any individual, and each case is so different. I can definitely agree with you about the tragedy of people who retire and do not get to enjoy it. That happened to too many of my coworkers while I was still working. I actually retired extremely early, long before any employer benefits kicked in, so I have been living off my own savings for more than ten years, and I have six more to go before the government would consider me eligible for even the minimum amount.

Consider your savings, alternative income sources, and ways you may be able to spend less (move to a smaller house? sell your car?) as you budget for your retirement years. Many people find that their lives are very inexpensive after retirement!

However, my biggest lesson has been that you will always need more money than you think. If you find yourself coming up short. will you be happy to get a (potentially) low-paying job in retirement? Or will you wish you had stayed at your long-time job with the benefits?

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