There is something about a life void of daily expectations and monthly pressures. There is something to be said for sleeping in on a workday without having to call in sick or having to suffer a pay cut. Some posit that it is to enable them to enjoy the little joys of life; spending quality time with family and volunteering for their favorite non-profit organization, while some feel its just another milestone in life to drop out of the rat race quite early. Whatever the reasons are, one thing is certain; more and younger people are retiring early.
The age of retirement which has been increased in some developed countries by at least 5 years no longer seems to be a determinant in retirement as workforces in these countries keep shrinking due to the early retirement of workers in these countries.
Workers now predicate their retirement on other “more important” issues than age in determining whether they are due for retirement. A few of these more important issues are noble in themselves while others seem kind of bizarre and anticlimactic. Below are 5 major reasons why people retire early:
Believe it or not a good percentage of early retirement is as a result of medical conditions notwithstanding the ever-increasing scientific breakthroughs in health and wellbeing. These breakthroughs might as well be considered as the cause of retirement due to medical conditions as these days people are able to diagnose their susceptibility to some diseases, especially neurodegenerative disorders, and begin precautions quite early. These precautions may include an early retirement in order to combat, manage or avoid these ailments.
Retirement due to medical conditions may be primary or secondary. Primary in the sense that the retiree is affected by a medical condition that makes her incapable of meeting the demands of a normal job forcing her into early retirement whereas secondary refers to a medical condition wherein the employee is not the direct sufferer of the medical condition but is forced into retirement as a result of her relationship to the sufferer. Perhaps to become a permanent caregiver to a loved one.
With the imminent gloom in global financial forecasts, it is noteworthy that a lot of people are still able to achieve financial freedom in relatively record time, leading them to early retirement.
People use various parameters to consider themselves as being financially free but one chief parameter is the ability of the person to thrive at the same standard of living without a job. Most people who have achieved this feat do not feel the need to continue the rat race charade and ultimately drop out of it to pursue other interests.
More common in the tech sphere, a single innovation could set one up for good. However, only a handful of people in this sphere may ever be opportune to take early retirement as a result of their innovations. Competition is stiff in these circles and bankable innovations hard to come by.
Hitherto people worked until their retirement age, retired and used the rest of their time to pursue things they were passionate about. The growing impatience to wait for this cycle has seen a lot of young folks leave the organized labour set or to pursue their passion. Buoyed by the success stories of their predecessors and/or guilt about their supposed role in the unfolding of events around the globe, lots of people are retiring earlier out of a “conviction to do more” than for any other reason.
Developed countries have a welfare system in place that takes care of its disabled, underprivileged/disadvantaged and elderly. Sadly, the assurance of this scheme is the reason behind a lot of retirements whereby people would rather opt for the meagre allowance that the social service has to offer instead of working to their full potential.