Living Life to the Fullest: Why Early Retirement May Not Be the Best Choice
Does the idea of retiring early and embarking on a life of leisure sound appealing to you? Many people believe that once they achieve financial independence, their journey to happiness should include a significant reduction in work, or even an early exit from the workforce altogether. However, does this truly align with what brings joy and meaning to your life?
The Purpose of Work
As someone who has experienced the journey of balancing work and life, I can confidently say that healthcare, teaching, and traveling the world are all integral parts of my life. Each of these activities brings its own unique benefits and fulfillment. Teaching allows me to develop and enrich the lives of others, while traveling broadens my horizons and brings me a sense of adventure. Both are essential to my happiness and sense of purpose.
The concept of retiring early and then engaging in mindless activities like taking cruises or playing golf seems both unnecessary and, dare I say, somewhat shallow to me. If you love what you do, why wait to enjoy the fruits of your labor? If work makes you happy, why not do it now and never have to worry about financial stress again?
Achieving Work-Life Balance
My career, for instance, offers a great work-life balance with paid summers off. This balance is crucial for maintaining both physical and mental well-being. It ensures that I can enjoy my life without constantly racing towards retirement.
I recently retired at 61, and the job that was once challenging has become quite boring due to outsourcing of the interesting tasks. Prior to that, I had a previous job where I was receiving a partial company pension from the age of 60, which meant I was earning twice the income, subject to tax. Living in the UK without the burden of medical bills and insurance has allowed me to live comfortably.
Of course, freedom from work comes with its own set of realities. As of now, my interests are more about tinkering with electronics and selling a few gadgets. The days of competitive ambition and pressure are behind me.
Challenging Cultural Norms
In our society, we are often conditioned to place value on ourselves based on our profession. However, this is just one aspect of our identity. While work is necessary for a majority, it should not be the sole determinant of who you are or your self-worth.
Most cultures have a tradition of expecting individuals to enter the workforce in early adulthood and to retire in old age. This can limit our ability to pursue and enjoy other life pleasures. I, on the other hand, want more time to travel, spend time with friends and family, and simply enjoy leisure activities.
Could a shorter work week, perhaps four days, alleviate some of the stress and pressure? Or should we ensure that those who do not have enough vacation should have more? Maybe it's time to consider the possibility of retiring earlier in a variety of occupations. Personally, I envision a future where one can retire on an earlier note without facing financial hardship.
While the dream of retiring early may seem idyllic, my experience suggests that the benefits may not always be as straightforward as they appear. Perhaps the best way to enjoy life is to love what you do now, because you never know when you may need to work again.
Even if I were to retire early, Medicare in the UK would not kick in until several years later. Thus, the idea of retiring and enjoying a life of comfort would be a distant dream. Eventually, I'd hope to experience a few nice things before my time on this earth comes to an end, but that is all we can hope for.