The prevailing school of thought is that it’s completely unrealistic to retire at age 50 in today’s economy — maybe it was an option twenty years ago after a strong bull market, with lifetime income from a company pension and an early Social Security benefit payout. Today it seems like people are simply resigned to working longer to make retirement work. The question that bothers me is, who wants to “have to” work until seventy? The “have to” part just doesn’t sit right. First of all, there will be the people who can’t work longer due to health reasons and secondly, people who lose their jobs and can’t find another one. There is no guarantee that working until seventy is even possible.
Wanting to continue working is another story. Work actually may be healthy for many people to keep them mentally sharp, reducing the need to subscribe to Luminosity since staying current on the job may be enough cognitive stimulation. Working is also a social experience and studies have shown that people who have regular social interactions are healthier than those who don’t, having fewer illnesses and even a longer life expectancy. But having to work is another story.
On the other side of the spectrum, it may be unorthodox to retire at age 50 but not impossible. It may take unorthodox strategies to execute though. For many, it may be worth the effort since there are multiple benefits of retiring early.
For five strategies – some you’ve thought about and some you might not have ever considered — to help facilitate an early retirement click here.