Early Retirement [Pros and Cons]

[jrrsparkles]

The early retirement concept is misunderstood by most, cause they stop working once they reach a certain amount in their savings but it is supposed to be there are always sources of income even if they stop working which is passive income so even if they stop working their income will be still there which can be from anything which every individual has to pick up on their own.

But there is no retirement from the money, so if the incoming source stopped there is one day the savings will be exhausted sooner or later.

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[Die_empty]

I read a very interesting article that actually happened very realistically.

I think most of the result of the research conducted by the researcher is valid. I have never considered retiring at the age of fifty. The ideal age for me to retire from full-time job will be 60. Even after retirement, I will still be engaged in another simple part-time job. I will want to be productive till the end of my days. It might not necessarily be a paid job, maybe I can volunteer in an organization. Retiring to sit in the house all day, visit friends and families, or go on vacation will lead to a boring life. Even at old age, there is always something productive to do.

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.

Money is not really the reason why I wouldn't retire early. My sole reason is that there will always be a problem to solve and there will always be an opportunity to contribute to society. Yeah, the world is unpredictable but one can also make enough money that will make retirement not to be financially burdensome.

[tabas]

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.

That's what I have learned from a professional. I thought of it as well that retiring on the early 30s is one of the best decision that one can ever make. Well, it is and there's no doubt with that but you just can't stop working when you've used to it. I think the best description of retiring early is that you can have a flexible job and still make money and have decent cash flow. That means that you have all of your time and at the same time you're making money. The new retirement and dream is to have as much time as you can and getting out of the rat race. While we're strong and still able to make money, there's no word such as retirement. You get to work flexibly and you earn and you enjoy what you have. Just look at the real rich people, they never stop working but the workload is lighter.

[ZAINmalik75]

I didn't really think about this as I've always thought in my entire life that retiring early means I can explore the world but what if you've got bored or don't feel accomplished at it  you'll be back working again? No matter how much money you save if you are getting bored in your retirement instead of enjoying it that is probably a sign that you'll be back at work.

You have a good point. I also did not give any thought on getting a retirement because I am a believer and a person who has some faith. And that's why I think we are meant to be working until we can. Because our work is a contribution to the community, the work that is pending due to my resignation will be dealt with on time. Other than this, I am still a student; maybe that's why I don't think about retirement.

It is still not clear and I can't digest this thought right now as I do want to have an early retirement and just relax in life but it is really better to work hard so that you won't need to work again at your old age because you don't have enough money.

We actually can not predict how much we are going to need after retirement because we don't know the future and it is good to think that and accept the fact that retirement funds are not clear. I mean how can one know if he will not need funds in the future for health, or some debt issues? Or any other natural disaster damage. No one can predict future events that could destroy your plans after retirement. That's why people with retirement must have some backup plan and they should do some work that they think they can do easily in their old age.

[DeathAngel]

Retiring young is a desirable goal for lots of people. It offers the opportunity to enjoy more free time, pursue personal passions & focus on activities that bring happiness & joy. It’s important to consider many things before making such a decision though. Financial stability & planning are vital to ensure a comfortable retirement & it's important to have a clear vision of how to spend your time in retirement to avoid boredom & depression. Some people may prefer a gradual transition reducing work hours or exploring new ventures instead of retiring abruptly. The choice to retire young is a personal decision that requires careful consideration of individual circumstances & goals.

[serveria.com]

Early retirement does not mean stopping working and living by the beach, but rather that working is a choice and not something obligatory, so that whether you work or not, you will be able to pay all your bills and live the luxury you want, and then you can do what you love and develop yourself. This development includes higher studies, including: A better body, extended relationships, a close family, and traveling around the world are difficult or almost impossible things if you do not have enough money, and then you will be forced to do something that you do not like or spend most of the hours of your day at work.

Totally agree. Retirement means that you're just reducing any work-related activities and you focus more on yourself and your well-being. Most retired people have an investment or businesses, so that even if they stopped working, they are still able to earn for their living. We should also take note that early retirement doesn't necessarily mean that a person is not happy anymore with their job. But it can be a sign that they have reached financial stability and independence that's why they retired. Remember that retirement takes a lot of planning and preparation and it was not an easy decision to make.

I have mixed feelings about whether early retirement is good or bad.  It is as good in one way as it is bad in another.  If someone starts an investment or business after early retirement, the matter is not bad. However, sufficient capital is required for this.  If someone is very rich in family, then it is easy for him to do business after retirement.  But if one is in the midst of financial stress, it is nothing but foolishness to think of leaving one's job, business, investment or living in comfort.  If one retires for comfort or recreation without thinking about his next life course, he has to pay a heavy price for this decision.  Instead of comfort, life will become hell.  I would say retirement should be thought of with sufficient capital.  And many people's lives are involved with one person. So everyone should take a decision considering the pros and cons.

I couldn't agree more. You have to be prepared if you planned to retire in the future, because the moment you do so, you cannot turn back and change your decision. I believe that retirement is a bold decision to make, because you need to consider various factors before deciding whether to or not to resign.

Woa a guy openly advertising a ddos service on Bitcointalk? Saw it while scrolling and couldn't believe my eyes. Is this legit?  



Sorry for being completely off topic.

[iv4n]

In my opinion, early retirement doesn't have cons... it's when you settle yourself for the rest of your life and you can do whatever you want to do. You can use some money for some fun and make more money, but when you are not desperate for profit you actually have more chances for profit.

But some people can't live a life without a thrill... and they don't wish/can't spend time with their closest ones, it's too much bothering for them, so they wish to be the "bosses" as long as they can. Well, I am not in that story... With early retirement nobody would find me, I would be in some mountain village! The less contact with people is an advantage.

[coolcoinz]

- I Wanted To Continue Providing Value
While retiring conjures up images of spending all day on the beach, many early retirees don’t feel satisfied doing nothing.

- I Wanted a Challenge
Retirement removes the challenges that work presents, which can be a good thing, but may also lead to boredom and a lack of purpose. Early retirees who have gone back to work respect the challenge of working for a business.

- I Wanted More Financial Security
Retiring early takes long-term discipline and a large enough nest egg to support your needs for the rest of your life. Sometimes early retirees simply didn’t have as much as they thought they needed or wanted more money to feel secure.

Some of these points really read like a communist pamphlet arguing why you should continue working as long as possible. All for the good of the Motherland, comrade!

If you don't want to spend your days on the beach, don't. There's plenty of things a retired person can do that don't involve working for someone and listening to orders, being punctual, participating in meetings you don't want to go to and being stuck in traffic.
Maybe you want to be with your children, maybe you want to learn a new skill? Pilot a plane, visit a foreign country, learn a new language, finally sleep as long as you want.

Maybe you feel bored without your job because you don't know how to live your life? Like that horse used to pulling loaded carts all day, once set free you don't know where to go. No load, no owner telling you where to go, you're stuck in the same place waiting for orders to come and for that whip to crack.  

In my opinion, early retirement doesn't have cons...

The only one I can think of is less money, but I'd choose some money and a lot of free time over a lot of money and no free time.

[macson]

early retirement really sounds boring to me, i work for myself and my family, i also have other needs that must be met every day, i'm running a small business here and it's never crossed my mind to retire early, still being productive is the best way to live a life imo.  my family has a fairly large cattle farm, 3 times a year we visit it and of course i will feel bored there because i am used to doing my busy life here, i enjoy what i do ^{(just like when i was on this forum)}

some people have the right to retire early or not, they must know what they are doing, so that there are no regrets in the future.

[JoyMarsha]

There's a certain age that one should reach before one thinks of being retired from work. It would be unwise for someone who is filled with productivity at a young age to think of retirement just because he or she is a millionaire. Human beings as we are, need something that will at least make us get involved in what will facilitate our body system all the time. Leaving our body system without internal and external stimulation will leave us less depressed over time even with our money.

We should at least get our bodies and brains busy all the time because when you get your body system to less function, it develops an unknown fault that can destroy your well-planned retirement.

[OcTradism]

There's a certain age that one should reach before one thinks of being retired from work. It would be unwise for someone who is filled with productivity at a young age to think of retirement just because he or she is a millionaire. Human beings as we are, need something that will at least make us get involved in what will facilitate our body system all the time. Leaving our body system without internal and external stimulation will leave us less depressed over time even with our money.

Being rich like a millionaire or billionaire is not enough condition to retire from works. I agree with you that a person must be matured and experienced enough to have good financial management before officially retire from works.

Many stories from celebrities who earned millions or billions of dollar during golden times of their career but later in their life, they were broken financially. It partially raises importance of being matured enough for retirement. You can be rich, super rich but it is not enough to secure your finance later.

We should at least get our bodies and brains busy all the time because when you get your body system to less function, it develops an unknown fault that can destroy your well-planned retirement.

Starting a retirement is great but we should be ready to get back to work any time because life is never rosy.

[noorman0]

Pros and cons are relative opinions. There are some people who still maintain their worker status for various reasons even though they have become economically independent.

Employment can provide something more than just financial, especially if someone is a socialist who is easy to adapt to the environment or even who is able to create a comfortable work environment for themselves.

[philipma1957]

My wife had 1 job from 22 to 55 she retired then 2012.

I do IT and sales. I have a btc,ltc,doge, gpu mining business. Since 2012 I have been mining.

I will likely work till 2030. But my work is not 9 to 5 in an office five days a week.

So I don’t mind working limited days and hours.

[Tony116]

In my opinion, early retirement doesn't have cons... it's when you settle yourself for the rest of your life and you can do whatever you want to do. You can use some money for some fun and make more money, but when you are not desperate for profit you actually have more chances for profit.

But some people can't live a life without a thrill... and they don't wish/can't spend time with their closest ones, it's too much bothering for them, so they wish to be the "bosses" as long as they can. Well, I am not in that story... With early retirement nobody would find me, I would be in some mountain village! The less contact with people is an advantage.

I agree with you, I don't think there is a downside to retiring early and it is everyone's dream but not many can achieve it. If we don't want to retire early, why should we save every penny to invest? There are even many people who fast and reduce spending to the point of harming their health in order to save and invest money in the hope of becoming rich. So, it would be a lie if someone said they didn't want to retire early.

Even though billionaires and geniuses are rich, they still work because their goals go beyond money, they want bigger things so they never want to stop. As for ordinary people like us, financial freedom and early retirement are everyone's dreams.

[Afnan_faizah]

I think stop working or stop doing activities is not so good for our health. if we don't have anything that we have to do then we maybe not doing anything which is it will make us fat or thick blooded or loses our muscle mass or having a heart problem. even I think I will never retire although I become old, I will try to become productive as much as I can until I die.

[boty]

In my opinion, early retirement doesn't have cons... it's when you settle yourself for the rest of your life and you can do whatever you want to do. You can use some money for some fun and make more money, but when you are not desperate for profit you actually have more chances for profit.

But some people can't live a life without a thrill... and they don't wish/can't spend time with their closest ones, it's too much bothering for them, so they wish to be the "bosses" as long as they can. Well, I am not in that story... With early retirement nobody would find me, I would be in some mountain village! The less contact with people is an advantage.

I agree with you, I don't think there is a downside to retiring early and it is everyone's dream but not many can achieve it. If we don't want to retire early, why should we save every penny to invest? There are even many people who fast and reduce spending to the point of harming their health in order to save and invest money in the hope of becoming rich. So, it would be a lie if someone said they didn't want to retire early.

Even though billionaires and geniuses are rich, they still work because their goals go beyond money, they want bigger things so they never want to stop. As for ordinary people like us, financial freedom and early retirement are everyone's dreams.

Choosing to take early retirement is indeed a choice for an employee who works for a company, of course they have the right reasons for doing this. Most of those who choose to take early retirement are because they want to start building a business and there are also other things. Reducing expenses in a way that is harmful to our health is of course very detrimental to ourselves because we have worked and earned an income that is certainly worth using for our personal needs. I really agree with you that having financial freedom and early retirement is everyone's dream in living their life

[Fiatless]

My wife had 1 job from 22 to 55 she retired then 2012.

I do IT and sales. I have a btc,ltc,doge, gpu mining business. Since 2012 I have been mining.

I will likely work till 2030. But my work is not 9 to 5 in an office five days a week.

So I don’t mind working limited days and hours.

Self-employment gives individuals a better chance of planning their retirement. One can easily adjust his tasks to suit his strength and age. With self-employment, full retirement might not be in view except for health or other personal reasons. Most well-known business owners are still working even in their old age. Some of them just hand over the day-to-day running of the business to other people but still make major decisions for the company. I would really like to build a business that will last for a long time so that I can also spend time on other worthwhile activities like community service.

[Dimitri94]

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.

Early retirement is not worthy for everyone. Especially those who do not have multiple or reliable sources of income. Moreover, there are many people who enjoy their time when they are at work. But when they take a break from their work they feel disabled which is not physically comfortable. There are many people who are very eager to go into retirement but after a while they regret their wrong decision. At work, an employee must plan well in advance what he will do after retirement. Although we all have a desire to move to early retirement from working life. Moreover, since it is a mandatory task, no such risky decision should be taken before the specified time.

[Ndabagi01]

retiring early is the new American dream. Imagine working for 15-20 years (instead of 40 years), investing half your income and retiring in your 30s or 40s. But a few early retirees have found out that it’s not as amazing as they thought it would be. We chatted with a few people who retired early — and then realized retirement wasn’t for them and started working again.

If you don't have a passive stream of income to sustain you for the rest of your life, I don't think there's any reason to retire earlier than the age set aside for mandatory retirement. It is quite sad and disappointing to watch former government personnel struggling to survive in the middle of such nation’s current economic downturn and crises. It is better to stay in government for the time being in order to have a sustainable future, it will pave the way and allow for fewer years to be spent on retiring after work. If the new American dream is not yet a reality, it is best not to retire too soon.

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.

Sickness is a natural occurrence that cannot be prevented. One can still work for the government and become ill, and their salaries will not cover their medical expenses. This is an unfortunate condition that no one wishes to happen to them when they are no longer in service. Sickness might strike at any time, sooner or later that you’ll never expect.

[AicecreaME]

I don't think retirement is an option anymore since living your life doing nothing but continuing spending is boring for me.

I think the retirement age depends on your personal choice as a provider, because health is very much important more than anything else, and you would have plenty of time to spend with your family. It's not that bad I think to retire at an early age as long as you have more than enough to spend in your entire life. But a retirement doesn't mean you're going to do nothing at all, you could explore the world with your family while your business for example or investments generates money for you without doing anything at all.