Many people find the idea of early retirement appealing. We can now enjoy the extra time we have to travel, pursue hobbies and spend time with loved ones. It’s not an easy dream to make a reality, but it is possible.
The UK’s current State Pension age is 66, but it is expected to rise to 68 in the coming 20 years. This is due in part to an aging population that means more people will have to work longer hours.
It is easy to feel bitter and resentful toward anyone who has been able to stop working young for those who fall within this category. It is not always easy. These are some of the challenges that could impact an early retirement.
Early Retirement Challenges
1. Absence of a purpose
Our jobs take up a large portion of our lives. It gives us a framework and routine that we can use to plan all of our social engagements. While some people enjoy their jobs more than others. However, working provides us with a central point. When we suddenly lose it or are dependent on the state pension, this can be a difficult adjustment.
2. Extensive savings
As you age, your ability to live the life you want will decrease. There will be expenses. So financial planning is important to ensure you make the most of your retirement years and to help your loved ones plan for the future.
3. The loneliness of being alone
Even if your family and friends are close, it is possible to feel lonely in retirement. They have their own lives and will likely have less time than you do. This is a problem for those who are close to their colleagues at work and have difficulty filling the void caused by a lack of social interaction.
4. Maintaining a healthy lifestyle
You can look forward long periods of relaxation and rest after you’ve finished working. As with all things in life, there is a balance. It’s important to keep active and to exercise regularly to keep your mind sharp.