Retirement word brings many emotions because when an individual is working for a company for a long period of time and one day he or she has to retire than naturally, it is a big decision or phase of life for an individual. In the past, people used to retire only after completing the entire service but with changing times and thinking young people do not complete the entire length of service rather they retire early for a variety of reasons like giving more time to family, or for pursuing their hobbies or for starting their venture and so on. If you are one of those individuals who is thinking of retiring early from the job than you first read the advantages and disadvantages of early retirement –
Advantages of Early Retirement
Quality time with Family and Friends
The first and foremost advantage of retiring early is that you get to enjoy quality time with your family as well as friends because when you are doing the job you become so engrossed with your job that you forget everything including laughing and sitting with your family members and friends. In simple words, by taking an early retirement you get to live with your family and friends because when you are in the job you are merely staying with your family and not living with your family.
Healthy Lifestyle
Another benefit of early retirement is that you can live healthy lifestyle by doing exercise, yoga, meditation, daily walk due to availability of more time because when we are in the job we get so tired doing the job we do not find it feasible to do routine exercise which in the long term can prove to be a disaster for our body and health as health is one thing which cannot be brought back once it goes out of hand.
Time for Hobbies and other Activities
If you are doing a job then just close your eyes for 1 minute and think how many times you got time to pursue your hobbies whether it’s playing guitar or doing gardening or playing soccer and so on. In short, once an individual retires he or she can pursue his or her hobbies, besides if one is energetic enough one can also start his or her own business thus ensuring that not only one remains engaged but also earn extra income.
Disadvantages of Early Retirement
Possible Monetary Problem
The biggest drawback of early retirement is that it can lead to monetary problem in the future because your saving and investments are dependent on external factors like fixed deposits rates, stock market behavior and so on thus one can never be sure how much money will remain and in case of emergencies like critical health problem, accidents the risk of one getting bankrupt is high and when one retires there is no back support which is the case when one is in job.
Frustration
While one is doing a job than thinking about retiring enjoying the free time looks good but when one retires and after 2 or 3 months once starts to feel frustrated due to no work which in turn can cause other health problems like depression and anger. In simple words its one thing to think that one can enjoy the free time but another thing to actually live happily in free time with nothing to do and that is the reason why an individual should ensure that he or she continues to work for 3 or 4 hours so that frustration does not creep in the mind of an individual.
Not Utilizing Full Benefit
In case of jobs when we first join the job its toughest as you are doing new work which takes time to understand and your salary is also low but as one gain experience and is doing job for many years than job becomes easy and salary also become good hence in a way if you are retiring early than you are leaving your job when you are enjoying golden period of your career and hence you will not be able to utilize the full benefit of the job due to early retirement.
As one can see from the above that retiring early has advantages as well as disadvantages and that is the reason why anyone thinking of taking early retirement should carefully read the above points and then decide about retiring early as it is a big and life-changing decision.