Home > Retirement and Working > Retiring Young - Pros and Cons

Retiring Young - Pros and Cons

By: Jeff Durham - Updated: 22 Jun 2010 | comments*Discuss
Retiring Young Retiring Early Early

Most of us will have trudged home from work on many occasions and really wished that we could just walk away and never go back. And unless we win the lottery or come into some vast amount of inheritance money, the chances of us retiring young are pretty limited for the vast majority of us. Unfortunately, finance is the biggest issue and to retire young (or earlier than usual), it’s important that we’re confident that we can support ourselves and any spouse or children for the additional years when we’re not working so what are the pros and cons of retiring young?

Retiring early means that, generally speaking, we’ll be in better all-round health to do all the things that we really want to do and to do them for longer. Whether it’s pursuing new leisure activities or travelling around the world, retiring younger should be about giving us more scope and freedom to do all the things we’ve not been able to do as much, if at all, whilst we’re at work.

Many people who retire at the usual age suffer the misfortune of ill health shortly after they retire and may ask themselves the question, “what if I’d retired earlier...I could have done so many things which I can’t do now”. Furthermore, many people tragically die shortly into their retirement which somewhat negates all of the financial provisions they’ve put into place to last them 20 or 30 years after they’ve left work.

The most important factor is financing an early retirement. Many people don’t think this through well enough and although they might be the envy of friends who are still having to go to work for a few more years, the early retirees may soon find that the money available to them via pensions and the like simply isn’t enough to sustain them in the kind of lifestyle they aspire to for very long.

Others find that the ‘idyll’ of early retirement doesn’t quite live up to their expectations and they soon start to feel bored and at a loss with how to fill up all of the extra time. Some also find that being in the company of their spouse and family for longer periods of time than they’re used to become somewhat of a strain and it can sometimes put additional pressure on a relationship.

Therefore, retiring young is not quite as cut and dried as thinking that you’d rather be anywhere than in work. There are many factors to consider and they all need to be carefully thought through and discussed with other family members and probably financial and pension advisers too before taking the decision to retire early.

However, if you have reached the point where you know that you want to retire young and have worked out that it is financially possible to do so, how else can you ensure that it’s likely to be a wise decision.

In this scenario, it then really boils down to the question of finance in the main. Whether it’s early voluntary redundancy payments, work pensions, statutory pensions etc., you need to do all of these calculations then look at other options too. Perhaps you place retiring early well above maintaining a specific lifestyle in terms of level of income. Therefore, you may choose to cut back on your spending and invest some of the savings you’re able to make for later years. Maybe you’ll choose to think about downsizing your home if your kids are off your hands. Or you may have other ‘talents’ which you know you can make a living off, should you need to make additional money as you go.

As long as you and your immediate family are sure that early retirement would benefit all of you and that you’ve worked out the finances and have reached a decision that it would be financially possible, then retiring early does present many more opportunities for you to enjoy your leisure time and to pack more in to your retirement whilst you’re still likely to be more active and in better health than you might be later on in life. It’s a decision that’s not to be made lightly, however.

You might also like...
Share Your Story, Join the Discussion or Seek Advice..
Why not be the first to leave a comment for discussion, ask for advice or share your story...

If you'd like to ask a question one of our experts (workload permitting) or a helpful reader hopefully can help you... We also love comments and interesting stories

(never shown)
(never shown)
(never shown)
(never shown)
Enter word:
Latest Comments
  • Rock an Roll guy
    Re: Clubs to Join in Retirement
    Hi I'm wondering if there's a mixed lunch group or club I'm asking on behalf of my 75 year dad
    7 December 2018
  • Rob
    Re: Clubs to Join in Retirement
    I've been retired for 6 months now and it's driving me bonkers. I use the gym every day and walk between 2 and 5 miles a day six…
    3 December 2018
  • Bella
    Re: Clubs to Join in Retirement
    I’m live in Scarborough. I’m looking for a group to do keep fit. Not to fast has I just had a operation and I’m in my year years of…
    3 December 2018
  • Jay
    Re: Clubs to Join in Retirement
    Both I and my partner are in our seventies and live in Lincoln although neither of us come from here. We have been together four…
    29 November 2018
  • Chichi
    Re: Clubs to Join in Retirement
    Hi, I m looking for a club to join . I m a retired 71 year old widow ,active in Durban area Just company to socialise feeling lonely
    28 November 2018
  • Auds
    Re: Clubs to Join in Retirement
    I live near durham city, i am married but my husband has his own interests that doesnt involve me, i would like to have a friend…
    22 November 2018
  • Betty
    Re: Clubs to Join in Retirement
    I need some social life list once-twice a week.i
    21 November 2018
  • Twiggy
    Re: Clubs to Join in Retirement
    My husband passed recently I am looking for a pensioners club or a club with various activities my husband and I ran a club for 30…
    19 November 2018
  • Bojomess
    Re: Clubs to Join in Retirement
    Messagaebfir Delly where do you live anywhere Loughborough
    17 November 2018
  • Bojo
    Re: Clubs to Join in Retirement
    I would like to join a club I’m recently widowed and moved to the Loughborough area but due to my husbands health problems…
    15 November 2018