Thinking About Early Retirement?

Sometimes, employment can feel burdensome. While some companies do come up with innovative ways to keep motivating their beleaguered employees, there are some people who make the decision to retire early, 15-20 years ahead of retirement age.

Reasons vary for this decision, of course. Others may feel like they are trapped in an existential vacuum, and they would want to break out and pursue something else instead. There are some who think that they’ve spent enough time working for someone else, and they want to try something – being their own boss!

Well, early retirement is very enticing indeed. If you think you’re ready, then why not? Bear in mind, however, some of these challenges that you could face if you’re going retire at the age of 50, or even 45.

You Might Need to Wait a Bit Before You Collect Social Security

There’s a reason why people are asked to invest in social security accounts. One of those practical reasons is that social security lets one collect the benefits when they retire. You may be counting on receiving them as a form of monthly stipend. Yes, you do have every right to that but you have to be at the right first.

It varies from country to country, but you would have to be at least 60 years old to start to collect. In the meantime, you might want to think about setting up a small business a few years before you retire, which you can work on to establish and stabilize so you can rely on it when you finally step off the corporate world

It isn’t that bad, really. It all boils down to preparation, and we have already discussed earlier how to adequately prepare for your retirement, no matter if you’re retiring at age 45 or at age 60.

Do You Already Know How to Go About Your Time When You’re Retired?

There are cases where people have prepared for their retirement financially, but they actually don’t konw what to do once they are retired. This is the most dangerous of scenarios for retirees, because they end up being bored that they decide to go back to work.

Remember, retirement is a time to reinvent yourself. Find out what you’d like to do as a hobby. Do you want to paint? Do you want to make films? All of these questions should be thought of and answered even before you think about retiring. A tip – hobbies can turn into businesses, and you could pursue them with passion!

Here’s another tip – why don’t you try a career change? If you plan to retire early because you’re unhappy with your work, you can still change your career path to be more fulfilling. Take stock of your skills and see what new career you can pursue 15-30 years before you retire.

Early retirement is a good thing, but it also requires a lot of thought and preparation. Check out these possible challenges to retirement to further prepare yourself for what’s to come.

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Photo credit : reachfinancialindependence.com

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