Pros and cons to early re­tire­ment

Prairie Post (East Edition) - - Seniors - METRO

A life­time of work­ing com­pels many peo­ple to look for­ward to their re­tire­ment. Some peo­ple even work to re­tire early. A 2014 sur­vey by the fi­nan­cial ser­vices provider TIAA-CREF found that 37 per­cent of Amer­i­cans plan to re­tire be­fore age 65. How­ever, many of them will not have con­trol over the mat­ter. Those who do may want to con­sider the pros and cons of early re­tire­ment.


Many peo­ple seek early re­tire­ment so that they can live a life free of the con­straints of sched­ules. In re­tire­ment, time be­comes, more or less, a re­tiree’s own.

Leav­ing a job can be a boon to a per­son’s health as well. Re­liev­ing one­self of the pres­sures and stresses of pro­fes­sional life can free up the mind and body. Stress can af­fect men­tal and phys­i­cal health, tax­ing the heart and con­tribut­ing to con­di­tions such as de­pres­sion or anx­i­ety. Ac­cord­ing to the Mayo Clinic, stress can cause headache, mus­cle and chest pain and con­trib­ute to trou­ble sleep­ing.

The ear­lier the re­tire­ment, the more op­por­tu­nity to travel be­fore health is­sues be­gin to limit mo­bil­ity. Early re­tire­ment also can be a way to vol­un­teer more or even start a new job op­por­tu­nity — one where work­ers have greater con­trol over their sched­ules and ca­reers.


One of the dis­ad­van­tages of early re­tire­ment is a loss of in­come. Con­tri­bu­tions to re­tire­ment ac­counts also ceases at re­tire­ment. This can lead to fi­nan­cial set­backs if ad­e­quate sav­ings were not al­lo­cated for re­tire­ment. Ac­cord­ing to the re­source Wealth How, some peo­ple who re­tire early fear out­liv­ing their sav­ings.

While re­tir­ing early may be good for health, it also can have neg­a­tive con­se­quences. An anal­y­sis from the Na­tional Bureau of Eco­nomic Re­search found that re­tire­ment can lead to de­clines in men­tal health and mo­bil­ity as well as feel­ings of iso­la­tion.

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