Retiring early can have some major consequences that many people may not realise including the impact on your ‘end of life balance sheet’, experts have warned
FIRE, or the Financial Independence Retire Early movement, is known for the extremely frugal methods its members live by in order to retire long before the general population. With many aiming to end their careers in their 40s, two money experts warned that many may not be aware of the four drawbacks early retirement has.
While both experts agreed that it largely depends on the goals a person wants to achieve through early retirement, Joe stated outright that being part of FIRE intrinsically means not being able to access as much government support as someone who works until state retirement age. However, she noted this is simply “the trade-off” people make to achieve the goals they want with early retirement. She continued: “It could go in either direction, simply not working does not ensure happiness.
Elsewhere in the conversation, Joe pointed out that early retirement doesn’t always have to mean completely refusing all types of income but rather turning to focus on what you enjoy doing. He revealed how his father-in-law found the perfect balance as he had retired early because he’d lost passion and enjoyment for his work.
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