7 Reasons to Plan to Retire Early: Whether You Want To Or Not!

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As a banker, you see all walks of life. When it comes to retirement there were people who were carefree and others who are burdened. The ones who were pinching every penny or the ones who were headed on their next trip. Some even live in fear and are not sure their money will last.

Many think they can not retire early but, that should be the plan whether you think you will want to or not. Some people are caught having to retire early without the finances to do so. If you have the right reasons, it is easier to develop a plan so you are prepared.

So Why Should You Plan On Retiring Early?

Because you never know what can happen or where you will be in your career. Many careers are changing. If you have not kept up with

The Annoying Boss

The annoying boss may be enough of a reason, but you should be prepared regardless.  Obviously, if you are already a boomer it may be a little late for this article but midlifers should take note. For those who can make changes now, do it.

You never know when there will be a regime change and you want to have the resources to leave on your terms.

Spend More Time with Friends and Family

If you are always tired or stressed from work you don’t feel as motivated to get together. I know when I was working I had to force myself to go on a trip or make plans. It sounded more appealing to me to stay on the couch and watch documentaries during my vacation time. I needed to recoup.

Since I have stopped working, I have been able to take trips, and everyone has noted how much happier I am. I used to look burdened when I was working, and I was a lot less fun. People know I will say yes to most invites now, so they reach out more.

Travel While You Still Can

Often health issues start to creep in during your 60’s. Traveling now is ideal when thinking about taking long trips or going into adventure travel due to aches and pains and other restrictions as we age. Hiking, white water rafting, and other adventurous activities are less attractive.

Vacations from work are hardly long enough. You have little time to recoup from your trip, and vacations are best spent without restrictions. Also, you can get better travel deals if you are flexible with your schedule.

Make Your Health A Priority

Stress, lack of exercise and poor diet from working long hours and not planning meals or making time to care for self is often a factor in many health issues facing people in their 50’s and 60’s. I know my job was causing my health issues and was my main reason for getting out of banking. As we age we are unable to handle stress the way we did when we were younger due to mineral deficiencies because stress depletes minerals and then, of course, there are those fun hormonal changes.

You May Have To Retire Early

Circumstances may change, and you may be forced to retire early. Health, downsizing, and competition in a smaller pool of young workers who will work for less is reality. It is best if you are prepared. Many people have ended up in dire circumstances because they were not financially prepared for a long-term problem.

Address The Future Today

Many Americans are far from retiring well into their 60’s and even their 70s. By addressing this now you have a better chance of fixing the problems that will arise later. Cutting your budget and taking a hard look at your finances is never a bad thing.

American’s have huge amounts of debt. Is it really important to have a TV in every room? Will the smaller SUV work just as well as the Tahoe? Are you still making ego purchases so you can keep up with the Jones’?

Look At Your Current Plan

When you look at your current plan you may realize you will not be able to retire until your 70’s. Talk with your financial adviser about where you will be at certain points. Most investment sites have calculators to help you see where you will be in the future.

Avoiding it will not change anything, and you may be limiting yourself in retirement because you did not want to address the issues.

Increase in Income

When you realize that you may not be able to retire like you planned you are more motivated to earn more. You will look at opportunities differently. You may work harder to get that promotion. Extra income can include a side business or second job. Investing in real estate is another way to increase income.

Photo credit Pexels and Huy Phan

The Truth Is You Never Know What Will Happen in Life

Everything is temporary. If you can start preparing now, you can ride the waves of life with ease. Here are some budget tips to help you get there sooner!

  • Debt: Pay off your smallest balances first then take that payment and put it on the next card or balance.
  • Pay additional principal on your mortgage with your tax refund. Make at least one or two additional payments a year directly to the principal. It can shave 10 years off of your mortgage.
  • Keep that car! Drive it until you can’t! Once you pay it off you may have some repairs but it won’t total what you pay in payments each year.
  • Shop sales only for clothes, makeup, and housewares. The retail mark-up on new clothing is huge and a total waste of money. Buy offseason for next year.
  • Stash as much into your 401k as you can. You will save money on taxes and you can use the catch-up plan through your employer.
  • Get healthy! Nothing costs more than medical bills. I always had a high deductible for emergencies and put money in an HSA and the difference in my 401k. The company matched my contribution on the HSA and I saved a ton on insurance costs and again, on taxes.

Click here to see the best place to retire!

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107 responses to “7 Reasons to Plan to Retire Early: Whether You Want To Or Not!”

  1. Cathy Avatar

    This is another great post! You are always speaking right to me and my husband. Thanks for the tips! I wish he could retire today!

    1. Tricia Snow Avatar

      It is so exciting! Better to be prepared and to be self-sufficient!

  2. Dennis Avatar

    This is really good advice! Always could use another reason to retire early!

  3. Laura Avatar

    Such great tips! Thanks for a great post!

  4. Shirley Avatar

    Great tips. My farmer and I both work on the farm…self employed. We figure the farm as our retirement as that’s where all our money has gone into all these years. Thanks for the great information.

  5. T.M. Brown Avatar

    Oh, my goodness ~ so much good information in there. We are still a bit away from retirement, but I agree that it is never too early to start the planning process.

  6. Katie Avatar

    I love the point of traveling while you can enjoy it! I’ve seen that in my family too often, they wait so long for it to be time to see the world, but then it’s 10 times harder to go places because the body just isn’t as good as it was 20 years ago.

    1. Tricia Snow Avatar

      I am already feeling it at 52! I could not imagine doing this at 65+.

  7. Nicki Avatar

    Great advise! Who doesn’t want to retire early?

  8. Kirsten Avatar

    I have 6 years of teaching to go and then I can retire. I will be 55. Looking forward to it!!!

    1. Tricia Snow Avatar

      Awesome! You will love it!

  9. Kathryn at QuestFor47.com Avatar

    Great tips! My goals are definitely to retire as soon as humanly possible, while continuing to do all the things that I love. And I KNOW I’ll be able to make it happen!

    1. Tricia Snow Avatar

      I love it, Kathryn! I KNOW you can do it!

  10. Missy Avatar

    The early preparation helps so much. Just get started!

    1. Tricia Snow Avatar

      Absolutely, Missy! Procrastination is not our friend!

  11. Michele Vadnais Avatar

    All great tips for retiring early! Thank you for helping on this path!

  12. Pauline Avatar

    I think planning for retirement is so important. I work with low income families and individuals and it breaks my heart that so many people over 60 didn’t plan well for retirement. It seems to be the ones that have been self employed or homemakers that struggle the most.

    1. Tricia Snow Avatar

      Business owners think they can sell their business for tons of money. Unfortunately, that is often not the case.

  13. Melanie Walsh Avatar

    We are still a bit away from retirement, but I do hope to be able to retire early. This will allow us to take advantage of travel and health. Going to keep these items in mind as I plan for my early retirement

    1. Tricia Snow Avatar

      Awesome, Melanie! You can do it!

  14. Sandi Avatar

    Can’t wait until my side hustle is my early retirement hustle! Great advice, thank you.

    1. Tricia Snow Avatar

      Thank you and good luck, Sandi!

  15. Tracy @ Cleland Clan Avatar

    While this is great advice with useful tips, I plan on working an extra five years past when I can retire. The money almost doubles if I can do that so it’s well worth it for me. Plus I have summers “off” 🙂

    1. Tricia Snow Avatar

      Good for you! It is all about the freedom to decide rather than have to!

  16. Meagan Avatar

    Great tips! I would love to retire early!

  17. Janine Avatar

    To me, retirement is all about working because I want to not because I have to. I like to be busy too much to not have projects. But I hate HAVING to go to work because I can’t live without that paycheck. I have goals to retire as early as possible so that I can live my daily life the way I want to!

    1. Tricia Snow Avatar

      Right, Janine! It is about the freedom to choose!

  18. Jordin Avatar

    Great ideas! So many people have dreams to retire but don’t know how. This post provides great starting points.

    1. Tricia Snow Avatar

      True, thank you Jordin!

  19. Amanda Avatar

    My husband has a goal to retire by 50 for all of these reasons. I hope we can make it happen!

    1. Tricia Snow Avatar

      Cheering you on Amanda!

  20. Jennifer Avatar

    This is such a great post! So many important aspects to living the life you dream!

  21. Junell DuBois Avatar

    Wonderful advice! Everyone should be prepared for situations to change. It’d be wonderful if we could all retire early, on our own terms though.

  22. alison netzer Avatar
    alison netzer

    Great post on who to and the benefits of retiring early. I don’t want to wait either ( anice win of the lottery would help), but I want to live my life now!

    1. Tricia Snow Avatar

      I was in conflict over living my life now as well. It is hard watching others going here and there buying whatever they want. In the long run, I am glad I took 6 years to pay off the rentals. I have income for life and I am not dependant on a job. They are all still working their 9-5 jobs.

  23. Sheila Avatar

    Great advice here! My husband (our main breadwinner) retired early this year, at 56. I’m doing seasonal work for a few more years and hope to be able to retire too. Love the money saving suggestions.

    1. Tricia Snow Avatar

      Congrats to the hubby! You are on your way, Sheila!

  24. Tiffany Avatar

    Working on our plan to retire early (by 55!) With no debt, you can really make your money wok for you through investments.

  25. Leigh Ann Avatar

    These are all great tips and I can definitely relate. My husband just retired at 62 but I’m 14 years younger so I need to have a plan for sure.

    1. Tricia Snow Avatar

      How exciting! Congrats to the hubby!

  26. Kristi @ Way Beyond The Norm Avatar

    Love these financial tips! We just have payments on the house, the RV, and my student loans left. Our house is for sale and once it sells it will pay off every one of those debts and we’ll have a hefty amount left over to live on while we RV full-time. Plus we both work remotely as well, so we’ll be able to put a good amount into savings each paycheck. Hubby would love to retire early.

  27. Shirley Avatar

    I just retired a month ago and received my final final paycheck this morning. Yikes!! I might have to go through your article with a fine tooth comb!

    1. Tricia Snow Avatar

      Lol! I hear ya! It is a little nerve-wracking!

  28. Jessica Avatar

    I love the comment about making your health a priority. So much great info!

    1. Tricia Snow Avatar

      My job was affecting my health. Within 24 hours of leaving my very high-stress job, most of my issues disappeared. Because I was prepared I could take the time to get my health in line. It is so important!

  29. Michele Avatar

    I agree with this whole heartedly! I worked in a hospital for 16 years before having my daughter and staying home. I can’t remember how many times I took care of a patient (maybe a heart attack, stroke, etc) that told me, “I wish I had lived more” “I wish I had enjoyed retirement” or “I had such big plans for my retirement.” Very sad.

    1. Tricia Snow Avatar

      That is SO sad! Glad I am on a different path and it is one I enjoy and MY choice!

  30. Ola Avatar

    My spirit is ready to retire now! Unfortunately, I have to wait until my finances are ready. Great tips!

    1. Tricia Snow Avatar

      Keep plugging away! You would be surprised how much you can accomplish!

  31. Cameron Avatar

    Amen to all of this advice! My husband and I are working on a retire early plan and these steps are all important!!

    1. Tricia Snow Avatar

      Thanks, Cameron! A plan is important!

  32. Kim Avatar

    Great tips! I think once the debt is paid down, a whole new freedom opens up. You are no longer tied to your job and you can start thinking about enjoying retirement. That’s my hope anyway!

    1. Tricia Snow Avatar

      Exactly! SWEET FREEDOM!

  33. Angela Greven Avatar

    There is some great information in here for getting where everyone wants to be! Life is definitely uncertain and when your working for someone else that is a real worry for many. Love how you guys buckled down and made it happen! 💚

  34. Pam Avatar

    I love this! I had a great example in my grandparents who retired at 55 and spent a good twenty years traveling and exploring before they slowed down.

    1. Tricia Snow Avatar

      That is so awesome, Pam!

  35. Vessy Smith Avatar

    I LOVE this post, and I would totally want to retire early! You live one life, and you have to enjoy it as much as possible!

  36. Lisa Wells Avatar

    Wonderful tips! We are hoping to retire early so we have more time to travel!

    1. Tricia Snow Avatar

      That was my thing too! Good luck!

  37. jen Avatar

    I feel like these are good tips on how to live just in general. 🙂 Family and travel as a priority!

    1. Tricia Snow Avatar

      Absolutely! I think starting young is the key to doing it the easy way! I was harder on myself and started in my 40’s.

  38. Trisha Avatar

    These are all great tips! Great post!

  39. Anna Avatar

    My mom retired early and could not be happier. She is surely taking care of her health and finally living her life

    1. Tricia Snow Avatar

      That is awesome! Tell her congrats from me!

  40. Jennifer|Me and My Traveling Hat Avatar

    Great article lots of great information I will be sharing this with friends and family because many are approaching retirement.
    Love your wisdom in many of your articles.

    1. Tricia Snow Avatar

      Thank you, Jennifer! That means a lot! Tell them to stop by and leave a comment! I would love to hear from them!

  41. Tracy Foster Avatar

    I totally agree. Life is short. I sort of “retired” recently. I now blog and work at the family bookstore 8 hours a week.

    1. Tricia Snow Avatar

      Yes, I could not afford to stay on the road 365 days a year, so I blog as well! Congrats on your blog Tracy!

  42. Holly Bird Avatar

    Retiring is not always as easy as you think, these are some great tips!

    1. Tricia Snow Avatar

      No, it’s not. We busted our butts for 6 years to pay off all of our rental properties. Without that debt-free income, I could have never stopped working.

  43. Donna Lynn Starling Avatar

    I am so ready. Great tips. Working on it now

  44. Ash & Dani Avatar

    All good things to think about! I hope we will be able to keep traveling well past retirement!

    1. Tricia Snow Avatar

      I agree! Those aches and pains are starting to creep in, though!

  45. Julie Avatar

    Working hard to make this happen for my hubby!! Stopped the eating out all the time. Step one!!

    1. Tricia Snow Avatar

      That is a biggie! Cooking is so much better for you as well.

  46. JK Bloom Avatar

    As a freelancer I don’t see myself being able to retire early, if at all, but at least I can travel while I’m working. 🙂 I love your post!

  47. Christopher Avatar

    As a recently retired banker myself (age 63) your article was spot on. In my 39 year career I saw many people who had to have a new truck every three years, always withdrawing from their IRA and 401(k) accounts, maxed out on all their credit cards etc;. On the flip side there were the others who always put a little extra on their mortgage payment each month, maxed out their IRA every year, lived in a small but comfortable house, and when it was time for a vehicle, always bought used, mostly paid cash. In other words, they could care less about keeping up with the Jones’s. Most of them always were able to retire early.

    1. Tricia Snow Avatar

      Thank you, Christopher! Congratulations on retiring early!

  48. jen Avatar

    A lot of good information here…

  49. Karie Avatar

    This is my goal is to retire early. We had a late start on retirement so I don’t know if that will happen but we are going to aim for it. All those are great reasons why to retire early. It’s funny how I didn’t used to pay attention but the older I get the more I am thinking about this constantly.

    1. Tricia Snow Avatar

      Karie, you can do it! In 2007-8 I was hit HARD with the crash. I was a real estate investor and owned a mortgage company so you can imagine. We paid off all of our real estate debt in 6 years. It was tough but we did it! You just need a plan!

  50. Jess Knowlton Avatar

    I would love to retire early! haha But this is something we talk about regularly. Planning ahead is important.

    1. Tricia Snow Avatar

      We really had to make it a focus!

  51. Becki Svare Avatar

    We are definitely interested in retiring early! Or at least, working on what we want to work on, where we want to work on it! This has some great information!!

  52. Gail Avatar

    My main reason is to be able to travel while I still can… can’t go for a hike when you need a walker lol

    1. Tricia Snow Avatar

      I said that this weekend when I had to hike up a mountain! It is so true!

    1. Tricia Snow Avatar

      We changed our plan after 40 so it can be done!

  53. Jenny Avatar

    These are fantastic tips for being able to live life to fullest after retirement. We don’t want to work all of these years and then not be able to enjoy life, right. Thank you for this eye opening post.

    1. Tricia Snow Avatar

      Exactly! You want to be able to do stuff while you are still young enough to enjoy it!

  54. Cynthia Mackintosh Avatar

    Wow I love this post! These tips are all great advice! I would love to retire early!

    1. Tricia Snow Avatar

      Thank you Cynthia! It has been a blessing!

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