Early retirement is a dream for those who don't like their job. Retiring early could obviously have a negative impact on your finances, but also on your social life and even your health. Here's why it's not always a good idea to retire early.
It might be bad for your health. Retirement could contribute to declines in your physical and mental health. Retirees don't always have a reason to get up and go somewhere, and that could lead to a lifestyle that reduces their level of physical health.
It's more difficult to maintain friendships. A lot of socialization occurs on the job or after work, and workplace friendships sometimes fade away when you retire. It takes more effort to meet people in retirement, and some retirees lack social interaction, which can contribute to deteriorating mental and emotional health.
You could run out of money. An earlier retirement means a longer time relying on your assets and a greater chance that you will run out of money. If you don't have a solid nest egg or a way to supplement your income with part-time work or your own business, there is a chance that you will wind up in financial trouble.
Your life might lack purpose. Another consideration is what you will do all day without your job. Many retirees find it difficult to find a purpose. While a few weeks of down time will certainly be relaxing, then you need to decide what you will do each day that gives your life meaning.
In order to make early retirement work, you need to look ahead and decide what you will do with the extra time. You might want to travel, volunteer or devote more time to your family.
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