Examining the 5 reasons an earlier retirement might make sense for you.

When you originally planned for retirement, chances are you spent a lot of time focusing on the cold hard dollars and cents, calculating the optimal timing for your finances and adjusting your calendar accordingly. 

My guest on this week’s episode of the Retirement Revealed podcast, Ashley Micciche, suggests that there might be more reason to retire earlier than you originally thought. Ashley breaks down 5 reasons to consider retiring as early as possible based on her experience with retirees.

One of the most compelling reasons to retire early is to spend more quality time with loved ones. As we age, our relationships with family and friends often become our most cherished assets. Ashley pointed out that many people, particularly grandparents, find themselves yearning to spend more time with their grandchildren.

For many of Ashley’s clients, the pull towards a more relaxed lifestyle where they can be more present in their families’ lives is powerful. Retirement offers the flexibility to travel, to visit family who might live far away, and to build stronger bonds without the constraints of a demanding work schedule. This aligns with findings from the Harvard Study of Adult Development, which suggests that the quality of our relationships is a key determinant of both our longevity and the quality of life as we age.

Retiring early also allows individuals to make the most of their healthy, active years. The stories of generations of retired people often cite the toll extending their careers had taken on their health, some to the extent that they aren’t able to enjoy retirement the way they had hoped to while they were still working.

This is a common scenario that many retirees face—by the time they stop working, they are too physically exhausted or their health has deteriorated to the point where they cannot take advantage of the freedom retirement offers. Retiring early can provide the opportunity to travel, explore hobbies, and engage in physical activities while you are still in good health.

I recently saw this play out at our gym with a very active man in his early 70s who suddenly had an unexpected medical emergency and passed away during a workout. It was a stark reminder: we can’t predict how long we will remain healthy, and it’s important to enjoy life while we can.

In today’s world, retirement doesn’t necessarily mean the end of work. Many retirees continue to work part-time, consult, or pursue passion projects. This flexibility is a relatively new development, as Ashley noted, contrasting it with her grandfather’s experience when retirement meant a complete stop to work.

Now, with the rise of the gig economy and the increasing demand for experienced professionals, retirees can choose to work on their own terms. Whether it’s working reduced hours, consulting, or starting a small business, there are many ways to stay engaged and productive without the pressures of a full-time job.

For those who are not ready to fully retire, this middle ground offers the best of both worlds—maintaining a sense of purpose and engagement while also enjoying the freedoms of retirement.

Another critical point Ashley brought up is the need to shift our mindset from accumulation to fulfillment. Many people are driven by the idea that more wealth will lead to more happiness. However, as we approach retirement, it’s crucial to ask ourselves, “How much is enough?”

Ashley brought up the latin concept of memento mori, which beautifully addresses this question. Translated as “remember you must die,” memento mori is a reminder to focus on what truly matters and to not get caught up in the endless pursuit of wealth, which can often lead to delaying retirement unnecessarily. Instead, the goal should be to live a life of fulfillment, making the most of the time we have rather than accumulating assets we won’t be able to enjoy.

Finally, it’s essential to focus on maximizing your happiness, not just the numbers on your spreadsheet. This idea echoes the sentiment of the book Die With Zero, which encourages readers to think about life in terms of experiences rather than just financial security.

If you’re always waiting for the perfect financial moment to retire, you might find yourself working longer than necessary, missing out on the joys of life that retirement is meant to provide. It’s important to strike a balance between ensuring financial stability and taking the time to enjoy life’s precious moments.

The choice to retire ASAP is not just about leaving the workforce; it’s about embracing the opportunity to live life on your own terms. Whether it’s spending more time with family, enjoying your healthy years, or finding fulfillment beyond work, there are many reasons to consider an early retirement. As always, it’s important to approach this decision thoughtfully, ensuring that you’re financially prepared while also recognizing the value of time and the experiences it can bring.

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Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337

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Additional Links:

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• Ashley Micciche, True North Retirement Advisors: https://truenorthretirementadvisors.com/
  
• True North Retirement Advisors Podcast: https://truenorthretirementadvisors.com/resources/podcast/
  
• “Retire with Ashley” YouTube Channel: https://www.youtube.com/@RetireWithAshley/
  

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