If you look around you, you hear the desires of people about early retirement. But is it such a good idea? It might be a good idea if you have save enough for it, but how long will you enjoy just doing nothing? Retirement is a period people love, because they get the chance to do things that they didn’t have time doing when they were working. For others, it is a much dreaded period because they get to do nothing and have little, or no steady source of income. Therefore is early retirement the right thing to do? Here are some risks involved in retiring at an earlier stage of life.
#1.Change of mind
Retiring at an early age, lets say 48, will most likely give you the satisfaction of travelling around, enjoy sunny beaches and so on. After a year or two, the feeling of boredom creeps in from doing nothing productive with your life. Then you start asking yourself questions like, did I really make a wise decision of retiring early? Can I still be employed? The sad thing about this situation is that it becomes difficult to find a job at this age because companies will see it that you will soon get to retire again.
#2.Run short of money
Unless you have saved a whole fortune of money for your entire lifetime, you will most likely fall short of money along the way early retirement. When you retire, you no longer have a solid source of income and so retiring at an early age means you should at least have a reasonable amount of money kept somewhere.
#3.Lose touch with loved ones
You will not get to realize how lonely it can be during retirement, until you get to spend little or no time with your friends or family. While you might be free from working, your family or friends have to keep on working to take care of there needs, which creates virtually no time to spend with you. Perhaps it would have been a better idea if you waited till your friends also retire so you will share more time together.
#4.Difficult to take care of your family
When you have a full time job, you don’t get to feel the pinch of having to take care of your family that much. Retiring early on the other hand will let you come face to face with the raw truth of how hard it is to run a family with no job. It becomes much harder when you have more than two kids.
#5.You get depressed
Retirement is a period when depression becomes prominent in most people. The mere fact of sitting doing nothing can be pretty depressing. During this time retirees feel unproductive and especially when retired at an early age, you feel that it is a shame you never reach your full potential after all.
Retirement is a stage of life that needs serious thinking and saving before reaching it. It is a physical and emotional process that can get the best of you if care is not taken. To save yourself from future troubles, plan well ahead before hand and think about the best time you want to retire.