It’s everyone’s dream to retire at an early age. Probably to go on vacations and see what the world has to offer. Then, of course, there’s also the option of resting at home and skimming over the books on your shelf.
But the dreams and plans one has may not fit with what reality has to offer. After someone asked an online forum for examples, these are real things people never tell you about early retirement.
1. You’re Always Busy
It’s quite an irony when you think about it. You pulled out of work and retired early to rest. Yet, somehow you find your days filled with activities. There’s always something to be done at each time.
It could be the vacation scheduled for next week or the overgrown lawn. Your mind always comes up with a new project. Chances are your brain cells are used to doing work, so it’s pushing you in that direction.
2. Room For Reinvention
It can seem uninteresting when you’ve been doing the same old job for years. However, the moment you retire, it opens your mind to vast opportunities. You take up an online course and also get out many new things. The job shackle just dropped, and you’re finally free. Now there’s time for you to reinvent yourself. However, it can be hard to adjust to fit this new perspective.
3. No Life Outside Work Equals Back To Work
Some people can’t identify themselves outside their work. Whenever they try to introduce themselves, their profession comes first. It’ll be hard to navigate through life after retirement. However, most people go into volunteering. In some cases, they return to work until their retirement.
4. “Getting Work Life” Out Of Your System
It’s six on a Monday morning, and you find yourself ready. Then you realize you’re supposed to be retired and head back to bed. It’s pretty annoying. Getting off your daily routine might be hard for the first few days. No one ever tells you about this before you make the decision.
5. Bored And Lonely
Your peers are still in the system at this point. So while you are chilling in front of the TV, you probably see a series, while others are stuck at work and have a busy schedule. It can get boring and lonely when you interact less with people. There are fewer activities to fill your days, and the monotony of your daily life then hits you.
6. Social Security Benefits
Retiring early significantly impacts your Social Security Benefits, even though it might seem like the best idea initially when making the decision. When you stop paying into the system after you retire, it affects your benefits. The reports the Social Security Agency sends yearly are just a projected benefit until retirement. Planning early and getting things in order is safer before jumping right into retirement.
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7. The Cost Of Health Insurance
When you retire early, the health insurance shoot’s up. It gets higher than you planned, which might leave you in a fix. This could dent your finances and make you regret your decision a bit. The good idea is to get a contract job or, better still, have good plans for this. No one tells you about this.
8. The Pension Isn’t All That
You’d think your pension is probably an incredible amount — an amount that can let you travel a bit and still cater to your daily activities. Unfortunately, that isn’t the case, and it can barely cover the regular subscription. There’s also your medication which is a necessity, and your pension also pays for it.
People hardly talk about the pension issue when retirement comes up. Before you opt for early retirement, think about this.
9. Financial Stress
As a retiree, you’d probably live on your savings and investments. Over time, you’d notice a depletion in your finance and nothing to make up for it. Well, that’s if you have no side hustle or another way of earning. There’s also a possibility of market downturns and unexpected expenses that could pop up. Financial stress is one of those things people rarely talk about when early retirement comes up.
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10. The Need To Plan
Sometimes the decision to retire early might be a spontaneous one. Maybe you hit the lottery or just realized how crummy your job is. You probably got lucky with your investments or something that made life seem easy.
The next thing you know, you’re off the system and relaxing at home. However, when the initial rush is over, then comes regret. It could become depressing, and your health may deteriorate. That’s why it’s necessary to have a working plan for early retirement.
This thread inspired this post.
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