Who’d have thought there’d be so many reasons to retire? Generationally, we’re living longer healthier lives and many folks have chosen to extend their working years. On the other hand, more people than ever before are retiring early.
The best reasons why you should retire usually hinge on age / savings. Seldom is it that simple, as personal factors greatly influence this decision. These include declining health, feeling burnt out, low job satisfaction, family obligations or simply wanting to enjoy life.
Let’s be clear, there are many reasons to retire and just as many why you shouldn’t. It all comes down to your personal situation and what you want. Generally, it’s a combination of things leading up to the big decision.
Our article, The Best Age to Retire for Longevity and Happiness, revealed your mid-fifties is the optimal age to retire. These retirees are young and healthy enough to make the most of their next stage of life. The obvious caveat is they’ll require more money than someone who works an additional decade.
Obviously, not everyone is able, or necessarily wants, to retire that early. Having stated this, the following are 21 reasons which might influence your timing.
1. The Most Common Reason for Retiring – Your Age
The most common reason for retiring is turning a certain age. For instance, slightly over 18% of Americans leave the workforce at age 62. Interestingly, this coincides with Social Security eligibility.
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Furthermore, over half of people leave between the ages of 61 and 65. Thus, for many, age appears to be a milestone signalling it’s time to leave work behind and move on to their next phase of life. For more information, see Should You Retire at 62.
2. Financial Independence
A second milestone would appear to be achieving financial independence. It’s also one of the best reasons why you should retire. This will vary for each person, yet the question is “how much is enough”?
It largely depends on the lifestyle you want and desire. Unless you love your job, you’re probably already evaluating the trade-off between working a few more years...
***You can continue reading the full post at 21 of the Best Reasons Why You Should Retire (https://retiresgreat.com/best-reasons-why-you-should-retire/)
