Read This before Opting for Early Retirement
Before you decide that taking early retirement is necessary, understand that it is something that must be done only after carefully considering various factors though sometimes it may even be offered to you by your employers who may be downsizing their company.
Regardless of the reason why you are taking an early retirement, you must ensure that you first of all have enough financial clout to enable you to take the plunge. It thus makes sense to consider a few important points before actually taking the final decision.
Longer Life Expectancies
As a matter of fact, considering that people today are enjoying longer life expectancies, you need to weigh your options very carefully before opting for early retirement. Also, you may need to factor in living for at least thirty years as a retiree and also be sure that you are financially secure enough to see you through the long years that will be spent in retirement.
If you are confident that you have the financial resources to enable you to choose early retirement, there is one more thing that you will have to consider and that is what you are going to do with all the free time you will be having on your hands. No doubt, once you have begun life in early retirement, you will be simply glad that you have no meetings to attend and no deadlines to meet; but, after this initial euphoria wears off, you will face many long hours and days as well as years when time will hang heavy on your shoulders.
Thus, besides deciding on taking early retirement, you also need to have a plan as to what to do with your free time. In fact, you should consider working part time in a job that lets you get off early and which will also put a few precious dollars in your wallet that you can use to meet small expenses. Obviously, such part time jobs generally won't pay you that well and so you must be ready to climb down as far as remuneration goes.
The bottom line is that life as a retiree generally is not all that comfortable as was the case when working full time and so, before you consider taking early retirement, you must be sure that you will be able to adapt to changed circumstances and even a lower standard of living. It will thus pay for you to first research all the ramifications of taking early retirement and only then make your final decision, especially after having made sure that it is indeed the right choice for you in the long term.
