Early Retirement [Pros and Cons] - page 11.

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Quote from: chigo on September 20, 2023, 08:32:12 AM

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

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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.

- 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.

- I Didn’t Want To Retire, I Just Needed a Vacation
When you’re stuck in the daily grind, you might feel like the only escape is retiring from work forever. But in some cases, you are simply working too hard and need a long vacation.

- I Have a Passion for Entrepreneurship
Once you are retired, you have more time to pursue your passions. For some, those passions include entrepreneurship and running a business.

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.

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.

I'd say there is a big difference between most peoples normal retirement age and the story of your cousin quitting work at 35, it doesn't sound like it's going very successfully from your story. Illness can pop up for all sorts of reasons, but depression and lack of purpose can often create a negative mindset which is never going to be healthy. Besides that, most people retire past 60 and some of the points are very true. When people have been doing a 9-5 job for 40+ years, it can be a huge culture shock not to have a reason (at least in their mind) to get up in the morning, so they need to come up with new reasons and restructure their day to this new reality. Most people are able to do this, even they might have a hard time in the first year and finally figure it out, but some really struggle.

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In the country I live in, it is a very difficult choice to retire early. I know a lot of old relatives and acquaintances who refused to retire early for fear of not having enough financial support to cater to their needs. Such a problem is even emphasized more now as food prices and utilities here skyrocketing. Hence, despite wanting to have the luxury of not working anymore and just spending time with family and to one's self or maybe even starting their own business that they've always dreamed of doing, a lot of working individuals here have no choice but to keep working and extend their contract. For them, it is hard to rely on their savings and whatever money they will get after retiring as it will not be a continuous source of income that will pay their bills until the end of their lifetime.

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Quote from: chigo on September 20, 2023, 08:32:12 AM

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.

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.

Deciding to retire early is the dream of many people, including me, but not everyone can achieve this goal when they have to be forced by shackled circumstances to continue being a slave to the company and following the instructions of their superiors. Believe me, early retirement requires considering many things, including long-term guarantees such as health insurance, inheritance guarantees that are very adequate and able to ensure that the people around you, especially the family, are guaranteed basic things every day. Don't pretend to follow other people's way of thinking about early retirement but the conditions don't support it at all, because that will only make life more difficult in old age. In my opinion, while the points above cannot be measured, it is better to work while you can and achieve whatever you think you can achieve from an early age. There are no limits to achieving dreams, maybe each person's path is different in achieving retirement with all the guarantees fulfilled, but still at the end of old age we just need to ensure that the people we love can enjoy together the results of the hard work they have been fighting for.

icalical

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I personally don't want to retire early, I really like my current job at least for now. I don't blame people who want to retire early if they hate their job, and forced to do that because that's the best they can do. Moreover, generally speaking with the current birthrate on the last decade, we already have less people in productive age, and it's already decreased the production thus give bad effect to economy, getting early retirement will only make it worse.

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Retiring early has been my goal since then. I just don't think my profession is in line with my natural skills and interests. I hate waking up early because I have insomnia. So my goal was to retire early from the usual 8 AM to 5 PM job.

And I actually did it a few years ago. I know the pros and cons but it's actually cool when you decide your own time. Although some of my business ventures already failed I am once again planning to set up another one. There's still a lot of sacrifices involved but I have no regrets.

terrific

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I don't want to retire, I guess it flows in the veins of many here that if it's about retirement we should be ultra rich for us to do that.
We just want to keep on working and if we don't do that, we're going to be weaker. That's like a belief that really happens for many working people.
But if given a chance that I'll get a huge amount of money and then that's going to help me set for life, I'll take the opportunity to do that. Maybe if Bitcoin hits more than a $1M, better.

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Quote from: ultrloa on September 21, 2023, 07:22:39 AM

Quote from: safar1980 on September 21, 2023, 07:10:34 AM

Quote from: TheSpiral on September 21, 2023, 06:53:22 AM

Quote from: jrrsparkles on September 20, 2023, 11:17:25 AM

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.

People retired when their age reach to 60 years so the government do not allow such individuals because now they are not able to do any job but they have allowed some sort of money in the form of retirement fund as well as monthly income without doing any job.

Retirement from the money is not possible because life without money is very difficult therefore a person must needs a pension or monthly income in any age of life. I saw many individuals who start another job when they retired because inflation is very higher to tolerate the expenses and a man itself can live simple life but he has to give all the necessary and comfortable opportunities to his children to sustain better life.

In most countries the retirement age is indeed usually around 60, and in my country it is 65 for men and 60 for women. Monthly pensions do not always provide pensioners with the opportunity to meet their financial needs and maintain a decent standard of living.
Therefore, some retirees continue to work part-time or help their family in business to supplement their family income.

Its important to know first our financial capabilities before taking decision about early retirement since if we don't gave enough funds well for sure we will be back on seeking a job. At late age its hard to find jobs since most of employer seeks for a young person who's physically fit so thag they will not get any problem. But as said if we have business to cover up our daily needs well its find to file a early retirement so that we can take care all we want to do while we are strong.

In my country, early retirement is possible either at age 65, or, for example, after 20 years of service in the army, police, or sufficient work experience in hazardous industries. If I do not have such conditions, then I will receive my first pension only at 66 years old. But if you already have enough savings, then you don’t have to work without any paperwork.

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Quote from: Jawhead999 on September 21, 2023, 04:45:35 AM

The rich people aren't even want to retire early, if someone argue they can because they have many autopilot business, you must know if they're still manage their business everyday. Of course you will not see them working inside the company, but they're work in anywhere, that's why rich people always carry laptop. The only one person that can give a final judgement of important decision is the boss.

People who retire earlier are don't care about money anymore.

Everyone wants to retire early but human greed is bottomless. When a person becomes rich, they want more and their greed becomes greater, so they don't stop because they feel it's not enough. In our eyes, they are truly rich people and if we were them, we would retire and enjoy life but for them, that is not enough so they have to constantly work to achieve their ambitions bigger.
When it comes to enjoyment and enjoyment of life, I don't think anyone can say no. That's why people with money often have strange and unique hobbies. To us it's monstrous but to them, it's what they like, our thinking is not like those rich people.

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Taking early retirement is not as easy as it is talked about or done in real life, as you will need strict financial discipline throughout your life. If you retire early without proper financial planning and preparation, you will likely face a number of challenges and losses in your life.
The money you have, whether in the bank, in investments or wherever, will run out if it is not supported by income from work, business or other things. Because early retirement means not doing anything to earn money and only relying on the money you have. Unless you have a rented house or boarding house, apartment or something else that can support your income which continues to flow even though you use it.
Additionally, early retirement has a major impact on your health. Because your life will be lazy which can endanger your health.

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Quote from: safar1980 on September 21, 2023, 07:10:34 AM

Quote from: TheSpiral on September 21, 2023, 06:53:22 AM

Quote from: jrrsparkles on September 20, 2023, 11:17:25 AM

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.

People retired when their age reach to 60 years so the government do not allow such individuals because now they are not able to do any job but they have allowed some sort of money in the form of retirement fund as well as monthly income without doing any job.

Retirement from the money is not possible because life without money is very difficult therefore a person must needs a pension or monthly income in any age of life. I saw many individuals who start another job when they retired because inflation is very higher to tolerate the expenses and a man itself can live simple life but he has to give all the necessary and comfortable opportunities to his children to sustain better life.

In most countries the retirement age is indeed usually around 60, and in my country it is 65 for men and 60 for women. Monthly pensions do not always provide pensioners with the opportunity to meet their financial needs and maintain a decent standard of living.
Therefore, some retirees continue to work part-time or help their family in business to supplement their family income.

Its important to know first our financial capabilities before taking decision about early retirement since if we don't gave enough funds well for sure we will be back on seeking a job. At late age its hard to find jobs since most of employer seeks for a young person who's physically fit so thag they will not get any problem. But as said if we have business to cover up our daily needs well its find to file a early retirement so that we can take care all we want to do while we are strong.

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Quote from: TheSpiral on September 21, 2023, 06:53:22 AM

Quote from: jrrsparkles on September 20, 2023, 11:17:25 AM

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.

People retired when their age reach to 60 years so the government do not allow such individuals because now they are not able to do any job but they have allowed some sort of money in the form of retirement fund as well as monthly income without doing any job.

Retirement from the money is not possible because life without money is very difficult therefore a person must needs a pension or monthly income in any age of life. I saw many individuals who start another job when they retired because inflation is very higher to tolerate the expenses and a man itself can live simple life but he has to give all the necessary and comfortable opportunities to his children to sustain better life.

In most countries the retirement age is indeed usually around 60, and in my country it is 65 for men and 60 for women. Monthly pensions do not always provide pensioners with the opportunity to meet their financial needs and maintain a decent standard of living.
Therefore, some retirees continue to work part-time or help their family in business to supplement their family income.

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Quote from: jrrsparkles on September 20, 2023, 11:17:25 AM

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.

People retired when their age reach to 60 years so the government do not allow such individuals because now they are not able to do any job but they have allowed some sort of money in the form of retirement fund as well as monthly income without doing any job.

Retirement from the money is not possible because life without money is very difficult therefore a person must needs a pension or monthly income in any age of life. I saw many individuals who start another job when they retired because inflation is very higher to tolerate the expenses and a man itself can live simple life but he has to give all the necessary and comfortable opportunities to his children to sustain better life.

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This is why many rich people don't know how to retire, they still work for the rest of their days even when they worth millions, it is in your blood, just like addiction to drugs, whatever your body is already used to can't be cut off, if you try it this could end up giving you something else, something that could have negative impact on you.

I want to retire too, but not retirement from making money, I will solely reduce my stress and put my money into something that will bring me more money, all I will keep doing is monitoring the business or investment.

I will spend my days studying my body, and I will start going into healthy exercise every day, this is what I plan to do if God willing, while we get older we need to focus more on our body and it's health state.

Retire from excess stress because you aren't growing younger, but do not retire from money making, hardworking isn't the best way to make money, there are other less stressful ways, and one of them is investment.

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Quote from: xSkylarx on September 21, 2023, 05:59:59 AM

If you are retired you will be receiving a pension which is close to your salary or even more that is why are others really wanting to retire. I'm not sure where you live but mostly I've noticed that employees want to have an early retirement as their pension is close to their salary and they are not doing anything.

Money you got from your retirement in pension is not closely to your full salary when you still worked in office. If you had very good job before retirement, received very high salary, you will get good pension after your retirement.

If people had bad jobs, low salary, they will receive low pension after retirement. It's opposite pension rate and can make life of those elderly a little bit harder.

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Most of the reason why people are back at work is that they are just bored and they are used to doing work this is like your grandmother that they can't just sit and watch TV all day as they want to clean the house and do other stuff, so that is also the feeling of retirees.

Some elderly get back to work because they love working and feel boring when they stay at home too long but not all people get back to work are like that. Many people have to do this because of money, they need money.

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Quote from: Gaza13 on September 21, 2023, 03:58:49 AM

Quote from: chigo on September 20, 2023, 08:32:12 AM

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.

I agree with you, as long as someone is still working and generating income every month, don't even think about retiring in the near future, think carefully about how much it costs for daily life. It's good when we are young to work in a company, the money we earn every month is for business, so that our time is not wasted, set aside money every month, then you can do business with fashion that you like, the business we run will continue to make money return. For example, trading businesses, raising chickens and so on. When retirement arrives, we are not too surprised by the amount of income we earn every day, because the business we built at a young age has succeeded in growing big and we are still continuing and maintaining the business

Early retirement might be good for you if you can generate income every month, not just from your salary but also from the business you created. You can use your time to pay more attention to your family while you still make money from your business.

Early retirement is the goal of many young people but many of them don't want to work hard while they still have the opportunity to make money. But if they are willing to learn more to build a new, more innovative and creative business, there is a possibility that their business can grow. And once they grow, they can hire other people to take care of their business while looking for other business opportunities.

So if you can achieve all of that at a young age, maybe before age 35-40, you can think about stopping working and enjoying your time better with your family. And appreciate the time while we still have time to make something useful.

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Quote from: lovesmayfamilis on September 21, 2023, 05:08:05 AM

In my country, people who are of a suitable age for retirement, being already retired, prefer to stay in the ranks and continue to work, but only for half their previous salary. For many, this is a necessary measure since there is not enough income, and for people who are accustomed to constantly working, that is, producing something, it is difficult to remain idle. But I agree with many who argue that retirement with a healthy financial cushion would be preferable to a constant workweek schedule.

If you are retired you will be receiving a pension which is close to your salary or even more that is why are others really wanting to retire. I'm not sure where you live but mostly I've noticed that employees want to have an early retirement as their pension is close to their salary and they are not doing anything.

Most of the reason why people are back at work is that they are just bored and they are used to doing work this is like your grandmother that they can't just sit and watch TV all day as they want to clean the house and do other stuff, so that is also the feeling of retirees.

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Quote from: uswa56 on September 21, 2023, 05:18:37 AM

It is very unfortunate if people who have reached the age to retire are forced to work again because to meet their needs, it is necessary to prepare early for retirement. In each country, pensions are applied at different ages for those who are old so they can rest and maintain their health. or also because winning at an old age is no longer productive / maximal at work.
I think it all comes back to yourself, and whether you want to retire at a young or old age depends on a person's readiness to meet their needs. If someone is sure that they have a lot of savings and will meet their needs for a long time then there is no harm in taking a pension anytime.

You are absolutely right that it can be unfortunate that one is forced to work even after retirement.Such a situation is common in countries whose financial position is not stable and their economy is running badly.Even after retirement age, they have to work under compulsion because their financial position is not stable,and the condition of poor countries is even worse where people work till they die.People who have a good monthly income can prepare to meet their needs before retirement, but how can people who have nothing left from their monthly income prepare for their post-retirement needs?

Even in our country, pension is implemented for old people after retirement so that they can spend the rest of their life comfortably, but the pension of the majority is not so much that they can cover their monthly expenses.So they have to work again to meet their expenses.Of course, those who can meet their needs can retire at any time,but it depends on how much savings he has and what is his financial position.

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Quote from: lovesmayfamilis on September 21, 2023, 05:08:05 AM

In my country, people who are of a suitable age for retirement, being already retired, prefer to stay in the ranks and continue to work, but only for half their previous salary. For many, this is a necessary measure since there is not enough income, and for people who are accustomed to constantly working, that is, producing something, it is difficult to remain idle. But I agree with many who argue that retirement with a healthy financial cushion would be preferable to a constant workweek schedule.

It is very unfortunate if people who have reached the age to retire are forced to work again because to meet their needs, it is necessary to prepare early for retirement. In each country, pensions are applied at different ages for those who are old so they can rest and maintain their health. or also because winning at an old age is no longer productive / maximal at work.
I think it all comes back to yourself, and whether you want to retire at a young or old age depends on a person's readiness to meet their needs. If someone is sure that they have a lot of savings and will meet their needs for a long time then there is no harm in taking a pension anytime.

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After seeing how retired people leave and look in my country, early retirement is not for me and early retirement scares me. Retirement age is always increasing. Current retired people pension isnt greater than cost of living of people who are in full bloom. In my country aged people can not allow early retirement. It is hard for me to speak about early retirement, as I dont have any experience of retirement and that little that I know about it is nothing. I have heard many times, that people who retire, a busy only next years, but then they are somehow bored and lonely. They just spend more time at home, watch tv, fight for their health and wait for death. Early retirement is good when you have a lot of money. Early retirement for middle class and maybe to people who are above it is contraindicated in my country.

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In my country, people who are of a suitable age for retirement, being already retired, prefer to stay in the ranks and continue to work, but only for half their previous salary. For many, this is a necessary measure since there is not enough income, and for people who are accustomed to constantly working, that is, producing something, it is difficult to remain idle. But I agree with many who argue that retirement with a healthy financial cushion would be preferable to a constant workweek schedule.

Topic: Early Retirement [Pros and Cons] - page 11. (Read 1645 times)