Many people consider early retirement. Many different factors must be taken into account when making a decision of this sort. You should make certain that it is actually financially feasible for yourself and your loved ones. If you are one of the lucky few who can retire early in comfort, however, definite advantages exist.
When asked, many people would say that they considered their family to be the most important thing in their life. Due to society's many obligations, people spend a considerably large portion of their lives away from their family. By retiring early, you will have more time to spend with family and the things in your life you most value.
Many people use early retirement as an excuse to follow up with their education. Though it is possible to pursue an education and still work at the same time, it is often not practical. Early retirement may be the perfect opportunity for you to finally learn about a subject that has always interested you but not seemed practical. Retiring early, you will have the opportunity to broaden your horizons.
Though you are not yet eligible for full Social Security benefits at age 55, you are eligible for early benefits. This will mean taking annual payments that are not as high as at full eligibility. If you have managed your finances well, however, the additional income from Social Security can give your retirement at age 55 significant advantages. This money from early retirement can even be invested in a higher yielding stock fund account.
By retiring at an age as young as 55, you may be helping to increase your life expectancy. Much will depend on how you chose to live your life after retirement and the amount of exercise you get. By reducing the stress in your life, it is possible that you will be much healthier over the long term. Less stress would be combined with a freer schedule to devote to health.
- CNN Money; Can I Retire Early?; Walter Updegrave; May 9, 2005
- The New York Times; The History of Retirement; Mary-Lou Weisman; March 21, 1999
- CNN Money; The 7 New Rules of Financial Security; April 13, 2009
- CNN Money; I Hate My Job. Can I Retire Early?; Walter Updegrave; June 9, 2010
- CNN Money; 3 Easy Ways To Start Saving Now; Walter Updegrave; December 10, 2009
- U.S. News and World Report; 9 Secrets of Retirement Happiness; Emily Brandon; February 28, 2011
- CNN Money: Can You Retire Early? - Calculator
- Christian Science Monitor; Retirement- If It's Involuntary, Take These Four Steps; November 16, 2010
- Early Retirement & Financial Independence Community