Retirement is a goal that many people strive for. However, settling for 65 as your official retirement age means missing out on years you can potentially spend living life to the fullest. Let’s look at the many reasons people want to retire early.
By now you’ve probably heard of the FIRE movement! Maybe you’ve ever heard of leanFIRE, fatFIRE, baristaFIRE!?
As you have probably heard, Americans live longer than previous generations. The Bureau of Labor Statistics estimates that the average American will live to age 78, up from 68 in 1960 and 66 in 1980.
This trend has its advantages. Living longer means you have more time to do the things you want. But you also have more time to make up for missed opportunities. If you want to plan for retirement, you have to start early.
Why retire early beyond financial reasons
You’re probably already aware of the practical benefits of retiring early: You can retire early and spend more time with your family, travel more, pursue a new hobby or experiment with a business idea.
But retirement could be more than just a financial goal. It can be a philosophical shift. When you retire early, you’re taking control of your future.
When you retire, your days become your own. You have time to pursue meaningful work, explore hobbies, volunteer, spend time with your children or grandchildren, or pursue other interests. You don’t have to work 40-plus hours a week just to make ends meet.
That freedom can be liberating.
Most people do not enjoy their jobs
According to a 2017 Gallup poll, 37 percent of American workers are not engaged in their jobs. And 59 percent of workers say they’re either not happy or actively disengaged from their job.
There are many reasons employees are unhappy at work, and early retirement is one. When personal finance expert Dave Ramsey retires from work, he’s looking forward to spending more time with his family and pursuing his passions.
In 2017, Ramsey and his wife paid off their mortgage and paid off $1.1 million in student loans in just five years. Now, Ramsey and his wife are planning to retire at age 55, and they’re doing it by starting their own business ventures and consulting.
“We want to help people get out of debt,” Ramsey said. “We enjoy helping people get control of their finances. But we also love to help people get control of their lives.”
Ramsey explained: “I think that retirement, especially in this day in age, should be thought of as the beginning of your life, not the end of your life. And that’s why I’ve chosen to retire at age 55.”
Ramsey said he and his wife are thinking of retiring early so they can spend more time with their grandchildren.
“We want to be there for them,” Ramsey said. “They are the center of our lives.”
According to Ramsey, starting your own business is a great way to have control over your life, and retire early.
“If you own your own business, you don’t work for someone else,” Ramsey said. “You control your own life. You control your own schedule. You control your own income. You control your own destiny.”
Ramsey and his wife are currently working on their first business venture, which they hope to launch this year. Ramsey said he and his wife are focusing on consulting, because the
Jon Kuperman is a software engineer and real estate investor. He’s always looking for new investments. He’s also hoping to achieve financial freedom through investing.