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November 7, 2023

Top 10 Reasons to Retire Early: Benefits Beyond Work

10-reasons-to-retire-early
Katya Richardson

Written by Katya Richardson

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The concept of early retirement is becoming increasingly prominent in many countries, especially Australia. For many, it symbolises the chance to relinquish workplace commitments while still in one’s prime, opening the door to new adventures, passions, and opportunities.

But what truly underlies the desire to step back from the workforce ahead of the traditional retirement age? It’s more than just a quest for relaxation; it’s about reshaping life according to one’s deepest aspirations.

This article delves into the popular appeal of early retirement, highlighting its many benefits, from enhanced freedom to reduced stress. Let’s explore the multifaceted journey of early retirement, highlighting 10 compelling reasons to consider this journey.

10 Reasons To Retire Early

Health

Workplace stress and long commutes can have a negative impact on health. Without work commitments, there’s more opportunity to engage in physical activity, prepare nutritious meals, and reduce stress. So retiring early can be a significant step towards a healthier and more fulfilling life.

For example, in 2012, Sam Dogen chose to retire at 34 years old. He had severe back pain and jaw issues from work stress and long sitting hours. After retiring he can change his routine and adopt a healthier lifestyle, his pain was gone in 10 months.

While the health benefits are clear, ensuring you have the financial means to support your early retirement is critical. Learn how to achieve this in our guide on how to retire early and achieve financial independence.

Happiness

Choosing to retire early can lead to increased feelings of joy and contentment in one’s life. This could be due to various reasons such as having more personal time, freedom from work-related stress, the ability to pursue passions, and improved quality of life. Essentially, it suggests that early retirement can positively impact one’s emotional and psychological well-being.

Family

Your career often takes up much of your schedule, leaving precious little time for loved ones. For many, this is the prime advantage of early retirement: the chance to rebuild connections with partners, friends, and especially children during their pivotal years. Dedicating this newfound time to family enriches the lives of everyone in the household.

Travel

If you want to see new places, learn about different ways of life, or visit old landmarks, retiring early gives you the chance. Plus, many who retire early are still fit and healthy. This means you can enjoy relaxing beach trips and also take on fun challenges like climbing or long walks. Simply put, the earlier you retire, the more fun trips you can enjoy while you’re still feeling good.

Hobbies

Early retirement gives you the opportunity to dive into hobbies or pastimes you’ve always been keen on. Whether it’s having a crack at gardening, trying your hand at arts and crafts, cooking up a storm, or giving sports a go, you’ve got heaps of time up your sleeve. With no work the next day, you can enjoy these without any rush.

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Education

Retirement doesn’t mean you stop learning. In fact, it’s a great time to explore and learn just for yourself! This isn’t about learning for work or your company anymore; it’s about learning because you want to. When people retire, especially if they retire early, they have more free time. You can use this time to take classes, go to workshops, and interests they’ve always had. So, retirement isn’t the end it’s a new start to discover and learn new things.

Community

You can make a meaningful contribution to society by volunteering and giving back to the community. Think about helping out in your community, like giving a hand at the local food bank or even football coaching for kids. It’s a way to make your retirement fun and meaningful, while also doing good for others in the community.

Entrepreneurship

Starting something new or trying your hand at running a business is often better if you start when you’re younger. If you want to start your own business, Early retirement gives you plenty of time to set things up and see them grow. If you retire early, you can keep up with what’s new and popular, which can help a lot. In short, early retirement can be the push that propels you towards new adventures and the thrill of entrepreneurship.

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Adventure

When we’re kids, we have big dreams. But work often puts those dreams on hold. Early retirement can help you chase those dreams again. Someone who retires early is often still young and energetic enough to enjoy activities like hiking, trekking, and travelling. So enjoy that free time and make adventurous memories.

Legacy

Early retirement gives you a breather from the daily grind, allowing you to have a good think about the legacy you want to leave behind. It’s a ripper of an opportunity to get stuck into activities you’re passionate about, from giving a hand in the community to jotting down your life’s yarn. By dedicating time and resources to things that truly matter, you can ensure your legacy resonates not just with your mates and family, but with future generations and the wider community.

Conclusion

Early retirement can significantly shift your life’s trajectory, and understanding the reasons behind its appeal can guide your decision-making. There are numerous benefits to retiring early, but it’s crucial to approach it with a well-thought-out plan, adequate savings, and a readiness for new beginnings.

Whether influenced by personal circumstances, the allure of drawing from your nest egg, potential social security retirement benefits, or real estate investing opportunities, don’t leap into early retirement without thorough planning. Yet, if you’re well-prepared, there’s no need to postpone this next chapter. Above all, prioritize your happiness and let your goals steer you towards a fulfilling life.

To make the most of your early retirement, it’s vital to avoid common pitfalls. Read about the biggest retirement planning mistakes to ensure a smoother transition.

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