I was lucky enough on Wednesday to be featured in an article on the Daily Mirror website about our savings and early retirement goals. However, it came to my attention that people don’t believe it can be done, nor that the numbers will add up once we get to that day. I have talked about the numbers before and how our simple, frugal lifestyle will benefit needing a lower number, and although our overall number has changed slightly, it’s the bit about retiring early that gets me.
I believe that everyone should be aiming for early retirement.
It isn’t necessarily about leaving your job – I love my job – but it’s about time and freedom to pursue other interests. We only get a finite about of time on this planet (gosh, that sounds deep!) and that’s it. Money cannot buy you more time and you never know just when your time here is going to end. Retiring early from whatever career you have chosen gives you the option of spending your limited time however you want.
You want to go travelling? You can. You want to help others? You can. You want to start a new business? You can (though this probably isn’t retiring in the traditional sense ;)). You want to take up a new hobby? You can. You want to sit around all day and do nothing? You can! The possibilities for all that time are endless and you can do whatever you like. Why wouldn’t more people want this?
Also, it means that there are more jobs available for the next generation to step into; the more people retire early then the more vacancies for jobs are there for the next set of employees to step into. That would mean that the unemployed rate would decrease, rather than increasing as it is at the moment.
It also would mean that your health would improve, both physically and mentally. You have more time to prepare healthy meals, though still on a budget, no more rushing around in a morning and being woken up unnaturally by an alarm. The strain of work can take its toll mentally too, so retiring early means that you no longer have that staring, and can take part in more relaxing activities. The decrease in physical and mental fatigue can only be a positive thing.
You also get more time to spend with friends and family if you retire early. One of the main motivators for us to retire early is so that we can spend more time with our friends and family, and be there to help with our parents as they get older. I want to be free to support and help them if necessary, which may not be possible if I’m still at work. The joys of spending time with your loved ones is priceless.
You could volunteer and help others if you take early retirement. Just because you finish your paid employment does not mean that you cannot start something new or teach others and share your knowledge. How about volunteering at a homeless centre or food bank? What about an animal rescue centre (what I hope to do!) or offer support in your local school? This means giving some of your (free) time so you need to decide whether that’s what you want to do, but it’s definitely something to consider.
Most of all, you have your freedom. That’s a very powerful thing to be able to say; you are totally free to pursue whatever you want to do. Whether that’s sitting at home and watching daytime tv, to pottering around in the garden and growing fruit and veg, to starting your own company or helping others, the choice is yours. And in the end, who doesn’t want that? That’s why I think everyone should be aiming for early retirement.
Do you agree? Are you aiming to retire early? I’d love to hear from you in the comments!
I love this post. It really puts everything into perspective. Haters will always be there because they are afraid to change. They don’t want to give up what they deem “freedom” today for REAL freedom later. That would be hard. But it’s a great trade-off if you’re willing to make the change! Thanks for renewed perspective. Happy weekend.
Yes! Freedom later comes at a sacrifice of some of the freedom now, but for an amazing choice to have later on. Happy weekend to you too 🙂
Love this way of thinking about early retirement. Certainly, it seems like, with all the economic progress and gains and productivity society has made, that we should be able to reduce everyone’s work burden, and give them back more of their lives to enjoy!
Here’s hoping!
Early retirement is my goal. That is why I am using all means such as investment and getting side hustles to achieve this goal. The earlier the better!
Good luck with your plans 🙂
I agree, my husband and I have been really motivated to retire early because we want to spend more time with our kids. We were never really seriously motivated to do this until having kids showed us how many hours we spend at work.
Yes; I can’t imagine how hard it’ll be to return to work when I have to.
While I didn’t retire early, I do think it’s an achievable goal for some, and certainly a worthwhile ambition. I think it’s difficult to be the pioneer, but once people see others doing it successfully, they realize the possibilities that exist.
I hadn’t even considered it until I started reading personal finance blogs and saw that other people have achieved this goal, some incredibly early on. Now I want to be part of the club!
I think it’s awesome to aim to be able to retire early so you can do what you want – no one or any company will own you then, and if you love what you’re doing, you can keep doing it and if the situation changes, you can walk away.
That’s the plan! 🙂
I can’t agree with you more!
Interesting point about opening up jobs for the younger generations – that’s a new one and it makes sense.
I’m pumped now – let’s all start preaching the good news of early retirement (anonymously and on the Internet, of course) !!!!
This post is my life. I’m a millennial, I don’t want to work a 9-5 job until I’m too old to enjoy life! My husband and I are taking actionable steps to retire early, like investing in index funds and real estate. It’s nice to have posts like this to remind me of what will be and why we are putting in the work now!
Interesting article, retirement can be great as long as you plan for it and have lots of interests. My father was forced into early retirement and could never adjust to losing his routine, structure and purpose. You need to plan very carefully as it is a huge adjustment.
Very true; I think you need to have a routine with things planned into it, definitely. Haven’t really thought about what happens when you actually retire!
So great to read this! Our acquaintances think we’re mad having both taken early retirement (due to poor mental health) in January 2018. We had months to pack and prepare our house for sale, we have now bought a home in Englands last wilderness and can’t wait to get there! We are both 51, our older children have flown the nest and we only have our 9 year old…she’s so excited about our new adventure and the things we can do because her parents won’t have to work.
We checked and rechecked the sums quite convinced we couldn’t do it, but we can and are. Small savings make a huge difference…age is not the guide…..your finances are.
Your post has given me a boost against the never ending….”you can’t retire, you’re too young!” brigade ;o) x
I turned 60 last month and have now been retired exactly a year.
My wife also 60 as been retired 5 years already.
Is it working ? You bet 👍
The real thing we have now is time. Everyday is a Weekend we can do what we want and we do.
Our money comes from my wife’s £4000 NHS pension and the money I have invested in stocks and shares via a SIPP. In the years that we have until our SPA we are using capital as well as the wealth generated from the shares. However at SPA it’s unlikely that we will touch this and it will remain in trust for my sons to inherit many years from now.
I am also waiting on sale of my former marital home ( a divorce settlement in a meshes order) and the funds we will use in ISA’s and £50000 in premium bonds.
Life’s not bad at all 👍
It sounds like you’re living the dream! Thank you so much for sharing 🙂