From tech giants to business whizzes to lucky lotto winners, we’ve all heard stories about the fortunate folks who get to retire early. Looking at their successes from an outsider’s standpoint, it’s easy to feel envious of their good fortunes. However, if you examine the truth about retiring early, you’ll realize just how complicated the situation truly is. Like many things in life, taking on a life free from work can become a mixed bag. Considering the reactions and experiences from people who have done it, retiring early is far more complicated than most people believe.
- You may have to redefine who you are. During your years in the workforce, when people asked about what kind of person you are, you most likely responded with your job title. At dinner parties, weddings, and family gatherings, your career has often served as an introductory touchstone to who you are. However, once you retire, this important factor no longer applies. Suddenly, you must decide how you will redefine yourself.
- It’s fun at first—then reality sets it. When you retire, time and opportunities unfold before you. For young retirees, this applies even more so. Skydiving, traveling across the world, running marathons—the options seem endless. Unfortunately, when it comes to statistics, your long-term enjoyment can hit a plateau. Ever heard the term “young and restless?” In retirement, you don’t have the same schedule keeping you anchored. So, while you may have a great time, eventually it can become stifling. After all, with all that time open to you—many decades, if you retire early—you can eventually run out of ways to fill it.
- You’ll learn new truths about yourself. During your retirement, you may find out new things about yourself as you undergo a variety of experiences. Maybe you’re a great soap-maker, or you love to play tennis, or you enjoy reading classic books. In retirement, you get to know yourself much better, which can present exciting new sides of your personality.
- You may want different things. The truth about retiring early is that you may not be the same person you were before. That isn’t a bad thing, but it often changes what matters to you. Prior to your retirement, you may have planned to spend years on the beach or perhaps backpacking across the country. During your retirement, however, you may miss the challenges and human interaction from the workforce. On the other hand, you may have found something more meaningful to you: a passion, a business you want to start, or perhaps a quest for higher education. Though there remains much emphasis on reaching your retirement, some people realize that they’d rather be doing something else.
The truth about retiring early is that there’s no universal, one-size-fits-all experience. You may love your young retirement, ache for the workforce, or vacillate between the two. Whatever happens, you’re in the position to try something new in the reinvention phase of your life.
Whether you want to retire early, late, or on-time, we can help you build your savings, money-protected. To learn more about our investments, call us at 877-912-1919. As for finding out more about the retirement process—and how to spend your golden years—check out our blog.