Early Retirement [Pros and Cons]

[ancafe]

this story is the same as what my cousin experienced, he retired early (at the age of around 35 years) now he is around 45 years old but there is an illness he is suffering from and he has to get proper treatment which quite expensive, so he sold some of his valuables and also withdrew his investment in shares.

as long as you can still make money, don't even think about retiring early, I know early retirement is everyone's dream but who knows what will happen next, you have to maintain your grades and productivity so that you stay healthy and respected by people.

Making the decision to retire early is not the right decision, especially if a person does not have any preparation for the next step in life's journey. I have a close family member who took early retirement, but he had prepared for all the possibilities that would happen before deciding to retire. My brother first built businesses before deciding to retire early and investments in several places and I can even see that his life is much better now compared to when he was still working in those places.

Any decision must be based on careful consideration and if someone decides something without predicting what will happen in their life in the future, then the life they live will actually become more problematic. Health can threaten anyone and in the end we have to sell the assets we have to treat the disease, so make decisions much wiser with all the careful consideration.

[EarnOnVictor]

I think people retire early because they want to be financially free. Yes, but it's not easy, some people even have to retire early because illness means they can't work anymore. this is something we cannot even predict. I think everyone will retire eventually, but wanting to retire early means there is an allowance to continue living.

not everyone is able to be financially free, all the decisions they make must be right, usually people who retire early are people who have narrow thinking or just want to look cool at first, illness cannot be used as an excuse for someone to retire early because you definitely will recover from your illness unless you become disabled because of it.  i know everyone is free to live the life they choose, but it is not easy to live the life of a retired person, even rich people continue to work to make money even though they are over 70 years old.

I simply don't know any meaningful reasons for anyone to retire early other than these three reasons, which are;

1. Health grounds
2. Forced retirement (politics/fraud)
3. Business and other resourceful engagements

Early retirement is not what anyone should preach, especially if the person is in a good country where their retirement is sufficiently planned for. All I would advise if the case of a person doesn't fall into the categories listed above is for the person to think twice. Even businesses have failed many and it might be wise to engage your primary work with other beneficial engagements rather than retiring earlier, it may not work as planned.

[Juse14]

The choice of early retirement is not a priority issue, but if you weigh it, you have to wait until the specified time but you still don't get anything unclear because of your position. Well, it's better to just retire early, we can choose a job or start a business or we will carry out activities. A clearer investment and the benefits can be additional. Isn't that right? Well, our stupidity is that if we choose to retire early because we are tired of working and don't do other activities, don't do business, don't make grants, don't even do activities that add to other income, you will So it's a loss if you take early retirement but don't pay attention to the next steps.

If there's an optional retirement then its a good option that you do have but this is unlikely to happen but on government agencies then this is something that would really be that offered but majority of those these
employees would really be opting not to retire early yet those pension and retirement amount wont really be that as big on what they could really be able to get when they do retire early and this is why its not really that ideal on making up such decision because you are really just that minding on cherishing out while you are young. Actually this is a personal preference since every person does have their own liking and decisions towards their life.

If you are really that have plans on making some investment or business rather than on getting old with your day job then go ahead and make it happen but make it sure that you should really be able to sustain
yourself and make those investment or business to be that fruitful because if you do make out some unwise spending with those retirement funds then sooner or later then you would really be
struggling on making a living or survival due to the fact that you dont really have any other source of income already on which you could really be able to depend on and this
is why it would really be that relevant that you should do the right decision into your life.

When we have thought carefully and have considered everything, including the risks we will face, then we must be able to take responsibility for everything. Because if you only decide to retire early but don't take any steps regarding what to do and what it should be like in the future, then doing this is the same as committing suicide.

And it would be good before we decide to retire early, we need to prepare not just a certain amount of money, but we have to prepare more than that, namely a plan. Don't let it happen that when we decide to retire early, we are still confused and lose direction about what kind of business to make and where to invest?

[tjtonmoy]

The moment you think that this is it, I have done enough, now I can retire, now I can leave the rest of my life by doing nothing, that is the moment when your downfall begins. Money makes more money. But if you just leave it after earning it, overtime The value will decrease. And if you keep on spending it, one day it will all be gone.
once you start the cycle of investment, it should keep on going. You earn profit, you take the profit, you use that for your living, and put the rest again into investment. That's how it should keep on going. The moment you stop it, the cycle ends. There will be no more profits coming from that. People talk about passive income, but in reality there is none. You need to keep working your ass off to get paid. Doesn't matter how much you have earned. You may not be able to spend all of that you have earned, but your next generation may do that. And this is the problem in this world. Good times create weak men, weak men create difficult time, difficult time creates strong men, strongman creates good times. And the cycle keeps on happening over and over and over.
never stop on what you do the best. If not this one, then maybe something else. But the show must go on. And that is life.

[dothebeats]

The moment you think that this is it, I have done enough, now I can retire, now I can leave the rest of my life by doing nothing, that is the moment when your downfall begins. Money makes more money. But if you just leave it after earning it, overtime The value will decrease. And if you keep on spending it, one day it will all be gone.
once you start the cycle of investment, it should keep on going. You earn profit, you take the profit, you use that for your living, and put the rest again into investment. That's how it should keep on going. The moment you stop it, the cycle ends. There will be no more profits coming from that. People talk about passive income, but in reality there is none. You need to keep working your ass off to get paid. Doesn't matter how much you have earned. You may not be able to spend all of that you have earned, but your next generation may do that. And this is the problem in this world. Good times create weak men, weak men create difficult time, difficult time creates strong men, strongman creates good times. And the cycle keeps on happening over and over and over.
never stop on what you do the best. If not this one, then maybe something else. But the show must go on. And that is life.

I don't know why some of you believe that retiring means quitting everything. FYI, in case all of you forgot, just because an individual retires from their job doesn't mean that they do not have other means they can use to get income. Some individual chooses to retire to start their own business or they are confident of their investment that is probably already providing the money they need to get their needs and wants. Just because someone retires, it doesn't mean they stop making money.

[arabspaceship123]

When you start pension collections will you live in your country for retirement. When I retire I'll keep my house in my country to stay close to family. I love my country it's my roots but I don't want to retire here. If I'm getting good pay from pensions or investments I'll share time abroad for new enjoyable experiences when I'm old.

[philipma1957]

When you start pension collections will you live in your country for retirement. When I retire I'll keep my house in my country to stay close to family. I love my country it's my roots but I don't want to retire here. If I'm getting good pay from pensions or investments I'll share time abroad for new enjoyable experiences when I'm old.

I used to think this. but covid 19 restricted my movements along with my wife so we stopped travel for 2-3 years. We both got very sick 2019-2020 to this day we still have damage from covid so we have cut travel back a lot. Some advice if you are younger then me (66) take a trip or 2 before you retire since you may find it hard to do when you do retire.

[arabspaceship123]

Did your doctors say you've got long covid? Scientists don't know why some ppl can't make full recoveries from covid. Living in the covid years was dreadful I hope we don't have to live like that again.

Travel advice isn't some thing we read about so one more thanks. If my retirement plans goes ahead I'll take my family on trips. If I make it to retirement some unpredictable incidents could occur to damage the plans so I'd like to do it. I'll retire to find a happiness but if a problems shows like when covid 19 arrived it'll affect every thing.

I used to think this. but covid 19 restricted my movements along with my wife so we stopped travel for 2-3 years. We both got very sick 2019-2020 to this day we still have damage from covid so we have cut travel back a lot. Some advice if you are younger then me (66) take a trip or 2 before you retire since you may find it hard to do when you do retire.

[Arenga pinnata]

When you start pension collections will you live in your country for retirement. When I retire I'll keep my house in my country to stay close to family. I love my country it's my roots but I don't want to retire here. If I'm getting good pay from pensions or investments I'll share time abroad for new enjoyable experiences when I'm old.

So what do you mean is that you want to stay close to your family when you retire and occasionally go on holiday abroad?
I think that's a very good thought. Especially if we can retire at an early age. Then we can have lots of time to enjoy life and vacation as much as we like. But going on holiday abroad definitely requires a lot of money. So I think investing from now on is the best way. But we have to be smart in seeing which areas have the potential to increase prices in the future and provide huge profits for us.

It seems nice to have a house close to our extended family. And I imagine that our family can enjoy relaxing time together. Because nowadays most of us are always busy and rarely have time for family. But I pray for everyone that all of us in this forum can gain financial freedom at a young age.

[knowngunman]

I don't know why some of you believe that retiring means quitting everything. FYI, in case all of you forgot, just because an individual retires from their job doesn't mean that they do not have other means they can use to get income. Some individual chooses to retire to start their own business or they are confident of their investment that is probably already providing the money they need to get their needs and wants. Just because someone retires, it doesn't mean they stop making money.

Finally found someone who's thinking the same way with me. Almost all the responds here misunderstood retirement as stop work and stop earning money. Retirement by the way, is just a theory and can not be practice by many young people tendering their retirement at early stage. What they do is switch of occupation from one area to another if they're not satisfied with the earning or something happened. If we are to go by the definition of retire, it's absolutely staying away from work due to old age or illness. Do you think it's possible for an average young man to stop working completely and would be able to afford his expenses until death visit him?

If you retire from a company to focus on your business or whatever investment is not a retirement but a change of field or status from being a worker to become a boss. In my opinion, it's wrong for one to consider retiring at a very young age if you have no health challenging issues. Youthful ages are supposed to be memorable by engaging yourself.

[nurilham]

Retirement is good but it was designated to be at certain age. For instance in my country the legal age to retire is 60 years, but you can only work actively for 35 years before retirement.

Agree. We have no problem with retirement when it is in an ideal age. For people above 60 years old, it is okay to retire from certain professions. In my country, Most civil servants or government employees retired about 60-65 years old. Meanwhile for private workers, the end of their career can be varied. It can be below 60 years or more. However, generally, it is true that 60 years is the common age for retirement.

I've seen a lot of people even after retirement, they still feel the urge to work again, because as human being you need to keep your mind and your body at work. Sitting down idol may lead to thinking and depression, but I won't advise anybody to retire at a young age, not minding the kind of money you have,  Because the world still needs your experience and expertise.

Indeed. There are no people who purely have no jobs after retirement. But people who already retired, they prefer to choose jobs that have more flexible time to do. For example, they will choose to be farmer or breeder. This jobs won't require a specific time for working, it is not a must to start the job in the very early morning. But since many people who already have habits to work since the early morning, they sometimes apply the same schedule on the jobs as well.

Sure, if people only sit at home, it will trigger to feel stressed or depression. People need activities, we are not designed to be passive.

If you decide to retire at 40, what the heck are you going to do with the rest of your life, because going to work or engaging your self is another way of keeping your body and mind sharp.

IMO, it is almost impossible to retire at 40. How we fulfill our basic necessities if we already stop working at 40. People should continue to work until above 50 years old.

[Furious 7]

Retirement is good but it was designated to be at certain age. For instance in my country the legal age to retire is 60 years, but you can only work actively for 35 years before retirement.

Agree. We have no problem with retirement when it is in an ideal age. For people above 60 years old, it is okay to retire from certain professions. In my country, Most civil servants or government employees retired about 60-65 years old. Meanwhile for private workers, the end of their career can be varied. It can be below 60 years or more. However, generally, it is true that 60 years is the common age for retirement.

All countries have their own regulations on retirement but when referring to the context of the original title, this has nothing to do with the issue at hand because in fact what you are discussing is the ideal age to retire and that does not answer the question of early retirement.

Back to the topic of early retirement I don't think the ideal age is early retirement because it is time for them to take a break from work and enjoy life in a new way so that regeneration can continue but when there are so many proposals about early retirement this is what makes the pros and cons occur even though we also cannot prohibit it if they (people who retire early) already have enough resources to support themselves until old age.

[adzino]

Early retirement does give people the ever wanted freedom to enjoy their time, dive into hobbies, or even travel extensively or do anything that they always wanted to do. Plus, without the daily boring sleep - work - eat - sleep routine, many find they're healthier and less stressed. One gets to start a "new" life after their retirement. Now imagine all these early in your life. Who wouldn't want that? And I don't think there are any cons in early retirement. You might hear about early retirees getting bored, but with passions or hobbies to focus on, that's hardly an issue. I do agree that staying mentally and physically active is crucial, but if well-planned, early retirement can be more of a fresh start than an end.

[philipma1957]

Did your doctors say you've got long covid? Scientists don't know why some ppl can't make full recoveries from covid. Living in the covid years was dreadful I hope we don't have to live like that again.

Travel advice isn't some thing we read about so one more thanks. If my retirement plans goes ahead I'll take my family on trips. If I make it to retirement some unpredictable incidents could occur to damage the plans so I'd like to do it. I'll retire to find a happiness but if a problems shows like when covid 19 arrived it'll affect every thing.

I used to think this. but covid 19 restricted my movements along with my wife so we stopped travel for 2-3 years. We both got very sick 2019-2020 to this day we still have damage from covid so we have cut travel back a lot. Some advice if you are younger then me (66) take a trip or 2 before you retire since you may find it hard to do when you do retire.

I fully recovered other that the physical damage it caused to my vascular system.  My wife fully recovered other than a permanently sensitive nasal system which means daily post nasal drip and coughing.

I have done a lot of research type A+ blood type people has the worse symptoms and death rates my wife and I are both type A+. So we are a bit more careful about going to public places that are crowded.  IE a sat nite movie in a theater is a no go. But we do go mid week at 2 or 3 much more empty. Some parties at some homes we don't go to as we know the home is small and the party will be crowded.

[dothebeats]

Early retirement does give people the ever wanted freedom to enjoy their time, dive into hobbies, or even travel extensively or do anything that they always wanted to do. Plus, without the daily boring sleep - work - eat - sleep routine, many find they're healthier and less stressed. One gets to start a "new" life after their retirement. Now imagine all these early in your life. Who wouldn't want that? And I don't think there are any cons in early retirement. You might hear about early retirees getting bored, but with passions or hobbies to focus on, that's hardly an issue. I do agree that staying mentally and physically active is crucial, but if well-planned, early retirement can be more of a fresh start than an end.

Good point here. Perhaps if early retirement was already planned out since the beginning and an individual was already able to save up and have other sources of income to rely on to ensure they have the means to survive and carry out a good financial lifestyle then that'll be really ideal. However, unfortunately, not everyone can enjoy such things as for them early retirement means losing their main source of income.

[tjtonmoy]

I don't know why some of you believe that retiring means quitting everything. FYI, in case all of you forgot, just because an individual retires from their job doesn't mean that they do not have other means they can use to get income. Some individual chooses to retire to start their own business or they are confident of their investment that is probably already providing the money they need to get their needs and wants. Just because someone retires, it doesn't mean they stop making money.

I didn't say someone is stopping just because they have retired. But in many cases in retirement, people often try to live the rest of their life on what they have already made and never to seek for other opportunities. My words were for those people who think that they can leave the rest of their life with what they already have. I got your point, people usually retire when they think that they can do something better, or they are already doing something better that is giving them much more than what they were doing.

In order to survive, we need to keep on making money. There's no stopping. Retirement does not mean that you are done with your life and you can rest now. When a thing ends, that's where a new beginning starts.

[arabspaceship123]

Did your doctors say you've got long covid? Scientists don't know why some ppl can't make full recoveries from covid. Living in the covid years was dreadful I hope we don't have to live like that again.

I fully recovered other that the physical damage it caused to my vascular system.  My wife fully recovered other than a permanently sensitive nasal system which means daily post nasal drip and coughing.

Being retired it isn't easy fighting illnesses. You've got peace of heart knowing you're retired you don't have other problems to control your life. You don't need a job so you're able to focus getting health back.

I have done a lot of research type A+ blood type people has the worse symptoms and death rates my wife and I are both type A+. So we are a bit more careful about going to public places that are crowded.  IE a sat nite movie in a theater is a no go. But we do go mid week at 2 or 3 much more empty. Some parties at some homes we don't go to as we know the home is small and the party will be crowded.

I don't know about blood types or how they've affected covid death rates. You've researched it so you know more. It's important you control the number of ppl you're moving around because you don't want to get infections.

[philipma1957]

Did your doctors say you've got long covid? Scientists don't know why some ppl can't make full recoveries from covid. Living in the covid years was dreadful I hope we don't have to live like that again.

I fully recovered other that the physical damage it caused to my vascular system.  My wife fully recovered other than a permanently sensitive nasal system which means daily post nasal drip and coughing.

Being retired it isn't easy fighting illnesses. You've got peace of heart knowing you're retired you don't have other problems to control your life. You don't need a job so you're able to focus getting health back.

I have done a lot of research type A+ blood type people has the worse symptoms and death rates my wife and I are both type A+. So we are a bit more careful about going to public places that are crowded.  IE a sat nite movie in a theater is a no go. But we do go mid week at 2 or 3 much more empty. Some parties at some homes we don't go to as we know the home is small and the party will be crowded.

I don't know about blood types or how they've affected covid death rates. You've researched it so you know more. It's important you control the number of ppl you're moving around because you don't want to get infections.

  Yeah my wife is on her fourth nasal doctor trying to control the post nasal drip 💧 which is hard on your lungs.  Have to be persistent. My vascular injury from covid if not dangerous and I have done therapy to correct it quite a bit. Biggest issue for the wife and I is a bit of fear of crowded spaces.
  We went to a birthday party and the father used relighting candles so his daughter and seven other kids worked very hard to blow those candles out.  My wife and I did not eat the cake 🎂. As 7 kids 8 to 11 going to three schools between them kind of made us afraid germs.

[poodle63]

I don't know why some of you believe that retiring means quitting everything. FYI, in case all of you forgot, just because an individual retires from their job doesn't mean that they do not have other means they can use to get income. Some individual chooses to retire to start their own business or they are confident of their investment that is probably already providing the money they need to get their needs and wants. Just because someone retires, it doesn't mean they stop making money.

this is true, retiring doesn't mean we just gonna sleep all day long and just walking around doing nothing, retiring means we are free to do what we like basically if we like starting business we can start business from scratch doing our hobby in which we've long dreamt of.
its that simple, the reason many retired people are likes to do nothing because sometime they are already too old when they are retiring but if we can retire early then that means we still got energy left to do whatever we want to do and one of them might be starting our hobby as business this i think is what most people missed.
therefore there's definitely many advantage of getting early retirement aside from the fact that we are financially independent.

[bayu7adi]

However, upon reflection, planning for early retirement entails a commitment to maintaining productivity during one's youth and vigorously pursuing substantial passive income streams by the time we reach the age of 40 to 50. This can serve as a motivational driving force, as we set specific targets for ourselves. And when the outcomes fall short of our initial goals, at the very least, we can attain them in a significant percentage by the age of 55.

As an illustration, at the age of 40, I aim to possess five businesses encompassing transportation, online retail, physical retail, advertising, and SEO. Given the lofty nature of my aspirations, it becomes imperative to make the most of our time from ages 20 to 40 to inch closer to these objectives.

In the event of a delay, perhaps by the time we reach 55, we may not have achieved all five businesses, but even if we possess three autopilot businesses capable of generating passive income, wouldn't that be satisfactory? In essence, we would still be able to retire and savor our golden years with our loved ones.