The Pros and Cons of Early Retirement

September 21st, 2017 by John Wilson

If you ask anyone, one of the biggest things they’re looking forward to in their working careers is retirement. In fact, some people are simply counting down the years, months or even days until they reach the proper age. However, some people are able to retire earlier than most. If you are considering this option, it’s important to evaluate the pros and cons, including whether you will qualify for assisted living housing at that time.

The Pros

Many people hear the term early retirement and they think of only the positives. For instance, work can be a stressful environment for many people. High levels of stress can not only create a strain on your mental health, but it can also weigh down your physical health as well. This means retiring early can have a positive impact on your long-term health, helping you enjoy your senior years as you explore your assisted living options in OKC.

In addition to improving your overall physical and mental health, retiring early can come with a number of other benefits, such as being more fit for travel, which is a common desire during the retirement years. You will feel more energized to spend time with your family and friends. Early retirement also opens the door to try something new, such as a different hobby or a job change.

Your retirement plans should consider assisted living options.

Consider assisted living options as part of your retirement plans.

The Cons

Many of the drawbacks of retiring early relate to the financial aspects of the decision. Besides the obvious reduced amount of time you have to save up for this time in your life, many of the monetary benefits of retirement can’t be accessed until you reach a certain age, which is currently 66. If you retire before this point, you may be limited in the money you can use without accruing major penalties. You will need to pay for your own insurance until you reach the eligible age for Medicare. Oklahoma assisted living services may also be out of reach for a longer period of time due to a lack of funds.

While not a problem for everyone, some people who retire early find they are bored and don’t know how to fill their days when they don’t have to go to work on a regular basis. This may be tied into the money limitations retirement can bring or it may be caused by not having a plan. Regardless of the reason, you may find yourself looking for a job to simply give you something to do after a period of time.

Early retirement can be a tempting prospect if you don’t enjoy the work you do. While it may be an option for some people, it’s important to look at the pros and cons before you make a final decision. Once you weigh the positives and negatives surrounding early retirement, including the need for assisted living housing, you will be able to make a better decision based on your needs.

If you’re looking for answers relating to assisted living options in OKC, contact us. We can help you decide if early retirement is a viable option for you.

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