Most of us would like to retire early, however that is just a dream that most will not realize. Early retirement is something that more and more people are pushing towards, the idea of working until you are 60 no longer sits well with some people. Should you retire early? These are the benefits of early retirement in South Africa.
Early retirement is a dream for most South Africans; however, it is one that is realized by people who have the means. This article assumes that you have the means to retire early. Early retirement requires money, lots of it.
1. Family time
The way that society is currently set up doesn’t really encourage spending quality time with your family. We go to work early in the morning and come back late at night, we spend approximately 2 hours with our families each day. Our kids are more exposed to their friends and television than they are to us.
Taking an early retirement means that you will be able to spend quality time with your kids and spouse. You might be single and without any kid, you will spend time with your family (parents, siblings) and relatives. Early retirement allows you the freedom to spend as much time with people that you love.
2. Self-development
There are a lot of things that we wish we can do to develop ourselves but we often don’t have enough time for them. Early retirement gives us enough time to focus on our gifts and talents. You can use the time you have to write books or develop other skills that you want.
Early retirement gives you the chance to be whatever you want to be in life. You can learn new skills and do other things that will lead to personal fulfilment. Things like being a sports coach or community activist.
3. Travel and hobbies
Traveling the world is a dream for most of us, taking early retirement gives us enough time to do that. There are retirees that have travelled to over 60 countries. It is truly a wonderful experience; this is something that might be super hard to do if you are tied to a corporate job.
Taking an early retirement gives you time to practice your favourite hobbies, you might finally focus on playing music, sports or hiking.
Should you retire early?
Deciding to retire early is not a decision that you should take likely because it has some consequences. The number one factor that you should consider is finances, do you have enough money to last you for your entire life. Do you also have enough money to cover any unforeseen emergencies that might popup along the way?
Think about all the future financial commitments that you still have to make. Your children’s education and the rise in cost of living. If you have enough money to retire early then why not? It is something that most of us dream of.
Conclusion
Early retirement has some cons, you might get bored and find it strange to live an unstructured life. This is something that you should take into consideration. Do you have any thoughts or questions? Comment below.
