Early Retirement [Pros and Cons] - page 13.

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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.

I think most of the result of the research conducted by the researcher is valid. I have never considered retiring at the age of fifty. The ideal age for me to retire from full-time job will be 60. Even after retirement, I will still be engaged in another simple part-time job. I will want to be productive till the end of my days. It might not necessarily be a paid job, maybe I can volunteer in an organization. Retiring to sit in the house all day, visit friends and families, or go on vacation will lead to a boring life. Even at old age, there is always something productive to do.

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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.

Money is not really the reason why I wouldn't retire early. My sole reason is that there will always be a problem to solve and there will always be an opportunity to contribute to society. Yeah, the world is unpredictable but one can also make enough money that will make retirement not to be financially burdensome.

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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.

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I didn't really think about this as I've always thought in my entire life that retiring early means I can explore the world but what if you've got bored or don't feel accomplished at it you'll be back working again? No matter how much money you save if you are getting bored in your retirement instead of enjoying it that is probably a sign that you'll be back at work.

It is still not clear and I can't digest this thought right now as I do want to have an early retirement and just relax in life but it is really better to work hard so that you won't need to work again at your old age because you don't have enough money.

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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.

You have pointed out a good myth. Yeah, I would like to call it a myth because many people really think that making enough money and getting retirement at an early age is better, but I have seen people get sick just because they stay idle and don't use their minds that much. Don't get busy with any hobby. And in the end, their health got bad. And that's so unfortunate. And talking about your cousin, I hope he will get well soon.

I am living in a society where we don't have the concept of retiring and doing no work at all. Even in my family, I have one person from whom I take motivation, he spent 30+ years in a foreign country earning money, and when he came home, he had enough funds to retire. But he did not do so, instead, he started to do work in the field. He started to cultivate garlic and kept himself busy.

The point is, he is almost 60+ years old, and he is still working in the field and has now opened a shop too.

I have seen many people in their 70s who are working, not because they have no funds to retire, but they don't want to stay free and want to be of some use in the community so that they can contribute to the economy too. And we all should not think of retiring at an early age. And to be honest, I am quite amazed to see that your cousin retired at the age of 35. I mean, people in my country start to do work at this age (some stable work).

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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.

I think there is a lesson to be learned here from your cousin's early retirement!

I don't think it is a wise decision when your next plan is not feasible in the sense that it's on probability. Retirement is sweet when you have alternative to what you are currently doing if your investment has really matured to cover future expenditures and health insurance. You can't quit what you do for a living when your investment is yet to mature, its like taking risk when you know that the road is still blurry and to think his age, 35 is still very young to chase dreams and make more money.

I laughed hard when some people in the forum say they would retire if they made some amount of Bitcoin but it seems they forget that wealth accumulation is a continuous process, there is nothing really wrong in having more money if the source is not taking much of your time, the money coming from that place will help you cover some bills. Like your cousin, had it been he didn't quit that his job, who knows the money from his job would have helped me take care of his health and his investment would have continued to grow without touching it.

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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.

I think your cousin didn't make a good plan. He should have saved for a health care plan.

At least, he is now young and can still work.

FIRE movement (financial independent retirement early) is very popular in my generation, and it can certainly happen

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Entrepreneurs do not usually retire early because their concept of “work” is essentially linked to the concept of “productivity,” which creates a state of mind in them that time is precious to achieve more productivity and that retiring from work means stopping productivity and thus complete stagnation.
Those who benefit most from early retirement are government employees whose productivity in their jobs is almost non-existent. The evidence is that most of those who retired early did not do any important work after that and were content with retirement salaries, which determines their concept of stability.

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Quote from: hugeblack on September 20, 2023, 09:47:30 AM

Early retirement does not mean stopping working and living by the beach, but rather that working is a choice and not something obligatory, so that whether you work or not, you will be able to pay all your bills and live the luxury you want, and then you can do what you love and develop yourself. This development includes higher studies, including: A better body, extended relationships, a close family, and traveling around the world are difficult or almost impossible things if you do not have enough money, and then you will be forced to do something that you do not like or spend most of the hours of your day at work.

Totally agree. Retirement means that you're just reducing any work-related activities and you focus more on yourself and your well-being. Most retired people have an investment or businesses, so that even if they stopped working, they are still able to earn for their living. We should also take note that early retirement doesn't necessarily mean that a person is not happy anymore with their job. But it can be a sign that they have reached financial stability and independence that's why they retired. Remember that retirement takes a lot of planning and preparation and it was not an easy decision to make.

Quote from: |MINER| on September 20, 2023, 10:17:15 AM

I have mixed feelings about whether early retirement is good or bad. It is as good in one way as it is bad in another. If someone starts an investment or business after early retirement, the matter is not bad. However, sufficient capital is required for this. If someone is very rich in family, then it is easy for him to do business after retirement. But if one is in the midst of financial stress, it is nothing but foolishness to think of leaving one's job, business, investment or living in comfort. If one retires for comfort or recreation without thinking about his next life course, he has to pay a heavy price for this decision. Instead of comfort, life will become hell. I would say retirement should be thought of with sufficient capital. And many people's lives are involved with one person. So everyone should take a decision considering the pros and cons.

I couldn't agree more. You have to be prepared if you planned to retire in the future, because the moment you do so, you cannot turn back and change your decision. I believe that retirement is a bold decision to make, because you need to consider various factors before deciding whether to or not to resign.

|MINER|

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I have mixed feelings about whether early retirement is good or bad. It is as good in one way as it is bad in another. If someone starts an investment or business after early retirement, the matter is not bad. However, sufficient capital is required for this. If someone is very rich in family, then it is easy for him to do business after retirement. But if one is in the midst of financial stress, it is nothing but foolishness to think of leaving one's job, business, investment or living in comfort. If one retires for comfort or recreation without thinking about his next life course, he has to pay a heavy price for this decision. Instead of comfort, life will become hell. I would say retirement should be thought of with sufficient capital. And many people's lives are involved with one person. So everyone should take a decision considering the pros and cons.

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Quote from: Aanuoluwatofunmi on September 20, 2023, 09:23:21 AM

Even those at work presently are not planning to get retired soon despite knowing that they are due for such, if the nature of work we do has some more important benefits it served us then we couldn't have wanted to get retired soon because of those incentives, power and the privilege we gave as an opportunity to have served under such capacity, if one retires he has no working opportunities reserved for his earnings any longer, but when one is tired already, he has to retire to get himself alright and leave by what he had worked for.

I do not understand that a person who worked so many years working and making a good living can live without doing any work and get an early retirement. Frankly speaking, if a person can work, he should work till the time he is old enough to retire.

As per my experience, those who took early retirement either got engaged in some sort of illness and some who got early retire even died early after getting retirement.

Nature wants us to keep a balance between work and rest, Total rest and total work, both will lead to bad results.

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Quote from: Mame89 on September 20, 2023, 09:31:08 AM

One more thing in my opinion, apart from not retiring early to maintain productivity, there is also something you need to pay attention to, don't think about retiring early if you are still single. It's a good idea to not only take into account your own cost of living targets but also take into account the addition of your partner and your children. Unless you want to stay single, that's an option.

I think the OP and also those who are single should consider the advice you say, because a pleasant life is when someone is married and has good offspring. And usually people who give advice like this are also based on their own experience regarding early retirement and single life, but it is good enough advice for everyone so that they don't choose the wrong choice in their life.

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In my opinion, the passive income target is at least to cover living costs and for future investments, only then can you retire early, if you can build large assets. As long as you still want to be rich, and your lifestyle becomes simpler, your assets will increase. Because sometimes we have to think about retiring early so that our health is maintained. But there are also things like my friend who retired early from his job because he was focused on being with his family, apart from because he already had passive income. 5 months after early retirement he was stressed and sick, then finally consulted a psychologist. The psychologist said that because my friend was used to regular activities, when he entered retirement he had no activities, relaxed, relaxed, his body became sore. So don't ever retire, currently my friend already has farming activities, besides investing.

People who are thinking about early retirement usually have made more mature considerations in their lives so they want to choose that option because they feel it is much better for themselves and their income too. You cannot equate everyone's desire to retire early because not everyone has the same job and there are many people who have more than one job. So if all of that has been considered carefully enough, I don't think it would be wrong for someone who wants to retire early as long as he doesn't feel any difficulties in his life.

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This seems more like the reality that most people who rush in to job are not passionate about the job but something else. That leads to greater job related dissatisfaction and poor performance and increasing number of vacations to avoid work while their actual passion runs out.

Those who actually go for their passions never really think about retiring, its like their life in another form. So I think younger generation should spend more time to look up their passion and follow that in order to avoid this consequence in the future.

Also in poor countries just having a job that pays you monthly is better because the free grants for the poor do not exist in majority of the world.

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Early retirement does not mean stopping working and living by the beach, but rather that working is a choice and not something obligatory, so that whether you work or not, you will be able to pay all your bills and live the luxury you want, and then you can do what you love and develop yourself. This development includes higher studies, including: A better body, extended relationships, a close family, and traveling around the world are difficult or almost impossible things if you do not have enough money, and then you will be forced to do something that you do not like or spend most of the hours of your day at work.

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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.

At least he enjoy his lofe earlier free from work. No one knows when will your sickness hits you hard. In your cousin case, there’s no guarantee that his earnings until 40’s will be sufficient enough to pay his illness expenses.

At the end of the day, We will become sick and our generation has low life span. His choice of early retirement his the best for me since he enjoy his life while he is still young since it's brutal that you work your ass until 40's then get sick while you are just recently retired. It's such a waste saving money using most of you life span just to use it to pay for your illness treatment then become poor afterwards when you get old in case you survive the illness.

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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.

Read More: https://www.msn.com/en-xl/money/other/i-retired-early-and-regretted-it-why-i-went-back-to-work-to-continue-building-wealth/ar-AA1fBYHz?ocid=hpmsn&cvid=f2c759f9480f49fea02aa0d8288cc290&ei=16

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 went through this actually. Before I retired early I already knew I couldn't just vegetate doing nothing that would kill me eventually. So I'm doing some occasional side-hustles (not for the remuneration obviously but more like for fun) and some building/house renovation tasks and small repairs around the house. That keeps me busy and doesn't let my brain to idle a single moment. I'm also adding sports to the mix occasionally that also helps a lot.

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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.

One more thing in my opinion, apart from not retiring early to maintain productivity, there is also something you need to pay attention to, don't think about retiring early if you are still single. It's a good idea to not only take into account your own cost of living targets but also take into account the addition of your partner and your children. Unless you want to stay single, that's an option.

In my opinion, the passive income target is at least to cover living costs and for future investments, only then can you retire early, if you can build large assets. As long as you still want to be rich, and your lifestyle becomes simpler, your assets will increase. Because sometimes we have to think about retiring early so that our health is maintained. But there are also things like my friend who retired early from his job because he was focused on being with his family, apart from because he already had passive income. 5 months after early retirement he was stressed and sick, then finally consulted a psychologist. The psychologist said that because my friend was used to regular activities, when he entered retirement he had no activities, relaxed, relaxed, his body became sore. So don't ever retire, currently my friend already has farming activities, besides investing.

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Retirement is good but it was designated to be at certain age. For instance in my country the legal age to retire is 60 years, but you can only work actively for 35 years before retirement.
I've seen a lot of people even after retirement, they still feel the urge to work again, because as human being you need to keep your mind and your body at work. Sitting down idol may lead to thinking and depression, but I won't advise anybody to retire at a young age, not minding the kind of money you have, Because the world still needs your experience and expertise. If you decide to retire at 40, what the heck are you going to do with the rest of your life, because going to work or engaging your self is another way of keeping your body and mind sharp.
In my university for instance, lectures are allowed to work till they are 75 years old, except you insist you want to go on early retirement, the reason for that 75 years is that, they still need the knowledge of this lecturer's because there wealth of knowledge is second to none.

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Even those at work presently are not planning to get retired soon despite knowing that they are due for such, if the nature of work we do has some more important benefits it served us then we couldn't have wanted to get retired soon because of those incentives, power and the privilege we gave as an opportunity to have served under such capacity, if one retires he has no working opportunities reserved for his earnings any longer, but when one is tired already, he has to retire to get himself alright and leave by what he had worked for.

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I wouldn't have anything against retiring today, but only on the condition that I have enough money to be able to do the things I want and with which I certainly wouldn't be bored. Unfortunately, many people who do not have to work (for some reason) and have a lot of money, often do not know what to do with themselves, which can be a big problem.

I think that many people dream of early retirement because they do jobs they don't want to do or hate those same jobs from the bottom of their souls, while others you can't force into retirement even when they have to do it by law. However, many see their workplace as something more than making money, whether they enjoy the work they do or the people they are surrounded by.

I think it is important that a person has a goal and an interest in life, and then it is not a problem if for some reason he/she retires early.

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

.. 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.

Retirement is never in my mind with the current economic woes in our country and inflation and the value of our currency going down pensioners are losing their pensions worth and besides the body will become weaker when it stops doing what it used to do for so many years, it's ok to take a short vacation or rest but we should always find ways to make money and get the body to work.
The mind and the body will suffer from boredom due to inactivity and it happens when you retire from work I've seen senior citizens still working because they don't want to procrastinate, which will harm their well-being.
Our time to retire will come when it's time for us to go into this world.

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