Do you want to retire early? The following is a guest post by Donny Gamble Jr. Donny is an online entrepreneur, author, and runs investing blog Personalincome.org. If you’d like to submit a guest post on Money Q&A, please check out the site’s guest posting guidelines.
Early retirement has been a hot topic lately. It seems that the new goal of many is to retire early and live out their lives on a beach somewhere. While that dream sounds great, retiring early isn’t meant for everyone.
For starters, you have to be able to fund this dream of yours to retire early. With more than one-third of Americans not even saving for retirement, early retirement isn’t even an option for many. For those that can afford to retire early, do you really want to?
Pros and Cons to Retire Early
That’s right—there are some cons to retiring early that are important to think about before saying “So long!” to your job. But first, let’s start with the pros.
Pro: You don’t have to work anymore
This is why most people want to retire early. To no longer have to wake up at a certain time every day, report to a boss and attend pointless meetings day in and day out is what many people dream of. They don’t call it “work” for nothing, and with many people working for the weekend, retiring early would be an answered prayer.
Pro: You can pursue hobbies and interests
Finally, time to work on improving your golf score, renovating your home or starting that online business you’ve always wanted to. With work occupying 40 hours or more of your time each week, there’s little room leftover to put toward what you really enjoy.