Is Retiring Early Worth It? | Cleveland Bradley County Teachers Federal Credit Union

Is retirement something you look forward to? While there are certainly those among us who love their careers enough to never want to leave, for most of us, thinking about retirement is something that can bring immense joy.

Imagining our days free of any real schedule and thinking about finally having the time to travel or learn a new skill seems like a dream, so why wouldn’t we want to start that dream as early as possible, right?

Retiring early certainly sounds appealing, but you will need to weigh out all the pros and cons in order to decide if it will really be the dream you are hoping for.

The Pros

Listing out the pros of leaving your job early might feel like an easy task. Freedom, complete control over your day, never having to dress up again—those are pretty big pros! But when you are thinking about early retirement, you need to keep in mind that this isn’t a vacation, it is a long-term decision and a pretty big life change.

Instead of listing the pros you can get from a weeklong break in your regular schedule, dig a little deeper in order to really create a list that will show the kind of impact leaving work early will have. Consider some financial pros first—like the money you will save from dropping a commute. Less gas and reduced wear and tear on your vehicle is a pro that will have a positive impact on your everyday life.

Another financial pro to retiring early could also be that you have more time to contribute to your passion, perhaps even being able to profit from it. Many people who retire early don’t actually stop working; instead, they shift gears to spend more time focused on a side hustle or fully devote themselves to a job that wasn’t their first career. Even if you aren’t making as much money, working on a passion can offer a wealth of happiness that will certainly outweigh financial income.

The Cons

An obvious con here, especially if you aren’t retiring early to step into a different career, is the loss of income. Many of us don’t feel like we can walk away from our jobs early because we aren’t financially stable enough.

That is certainly a huge factor to consider, but there again are some cons to retiring early you will need to dig a little deeper to uncover.

Your emotional health is something that should be considered when you are looking at an early retirement. Even if your job has you completely stressed and overwhelmed, once you walk away from a daily routine, you may find yourself feeling lost and alone.

Before you walk away from a job, even one you hate, you need to consider how you are going to keep yourself busy. Remember that note above about retirement not being a vacation? Make sure it isn’t just a break, or even a change in employment you are in need of before you make any big decisions.

Another con you may not have known you needed to consider is if you will need to pick up part time work. Working part-time might not seem like a con to retiring early right off the bat, but you could find yourself taking a job that leaves you feeling less-than-appreciated, which can be a hard transition if you were comfortable in your last place of employment.

Retiring early certainly seems appealing when you don’t take the time to really dig into it and consider how life without your job will really be. Spend some time taking a deep look at the future, and list even the smallest pros and cons in order to make the best decision. Unless your pro list really outweighs the cons, it might be best to stick it out in your current position just a little longer.

Want more advice on when to retire, and just how much you will need in order to retire comfortably? Contact us and we will be glad to help.