Many people consider early retirement. Many different factors must be taken into account when making a decision of this sort. You should make certain that it is actually financially feasible for yourself and your loved ones. If you are one of the lucky few who can retire early in comfort, however, definite advantages exist.
When asked, many people would say that they considered their family to be the most important thing in their life. Due to society's many obligations, people spend a considerably large portion of their lives away from their family. By retiring early, you will have more time to spend with family and the things in your life you most value.
Many people use early retirement as an excuse to follow up with their education. Though it is possible to pursue an education and still work at the same time, it is often not practical. Early retirement may be the perfect opportunity for you to finally learn about a subject that has always interested you but not seemed practical. Retiring early, you will have the opportunity to broaden your horizons.
Though you are not yet eligible for full Social Security benefits at age 55, you are eligible for early benefits. This will mean taking annual payments that are not as high as at full eligibility. If you have managed your finances well, however, the additional income from Social Security can give your retirement at age 55 significant advantages. This money from early retirement can even be invested in a higher yielding stock fund account.
By retiring at an age as young as 55, you may be helping to increase your life expectancy. Much will depend on how you chose to live your life after retirement and the amount of exercise you get. By reducing the stress in your life, it is possible that you will be much healthier over the long term. Less stress would be combined with a freer schedule to devote to health.
- CNN Money; Can I Retire Early?; Walter Updegrave; May 9, 2005
- The New York Times; The History of Retirement; Mary-Lou Weisman; March 21, 1999
- CNN Money; The 7 New Rules of Financial Security; April 13, 2009
- CNN Money; I Hate My Job. Can I Retire Early?; Walter Updegrave; June 9, 2010
- CNN Money; 3 Easy Ways To Start Saving Now; Walter Updegrave; December 10, 2009
- U.S. News and World Report; 9 Secrets of Retirement Happiness; Emily Brandon; February 28, 2011
- Photo Credit retirement worries image by Jale Evsen Duran from Fotolia.com
The IRS Definition of Retirement
You are not permitted to begin withdrawing from a qualified retirement plan without incurring penalty from the IRS until you have reached...
How to Plan My Life at Age 55
Middle and old age can bring dramatic changes to your life, many of them unexpected. Although you can never predict what the...
How to Cash in on Retirement When Terminated at Age 55
If you have been contributing to a company-sponsored retirement plans, such as a 401k plan or 403b plan, you may be hoping...
Can I Take Money From My 401(k) at Age 55?
For-profit companies can elect to sponsor 401(k) plans to assist their employees with retirement savings. Typically, withdrawals cannot be taken from the...
What Age Can a Person Retire?
Properly preparing for retirement takes years, if not decades, as you make sure you pay the required credits into the Social Security...
Can You Withdraw Benefits From a Pension Before Retirement?
Pension plans are retirement plans established by employers to provide eligible employees with a fixed income during retirement. Pension plans generally designate...
How Much Money Do I Need to Retire at 40?
Early retirement is a dream for many workers, but retiring early is an extreme goal even for dedicated savers. You already know...
How Much Money Will I Need to Retire at 55?
The idea of retiring at age 55 can seem attractive for many reasons. At this age, you've probably done a lot of...
How Much Money Do I Need a Year to Retire?
You already know that you need to save and invest for your own retirement. But it can be hard to know exactly...
Can You Retire at Age 55?
Retirement planning is something to consider if you want to stop working at some point in your life. A retirement plan allows...
Retirement: Benefits & Disadvantages
Retirement is a major lifestyle transition for most people and many thrive on the independence and flexibility it affords. Others may sense...
What Are the Benefits of Early Retirement?
Early retirement is rewarding for those who have spent a lifetime providing for themselves and their families. It provides a number of...
Pension Age Benefits
If you are part of a government pension plan, the IRS defines reasonable ages for pension distributions. These benefits can be paid...