The Pros And Cons Of Early Retirement - 1326 Words

The Pros and Cons of Early Retirement kw: benefits of early retirement Meta: If you can get the money together fast enough, there are some benefits of early retirement. Find out the pros and cons of retiring early. While many Americans are still working to recover from the recession of 2007 to 2009, the economy has picked up in recent years. The dreams of retiring early are back. According to one survey, an estimated 37 percent of Americans expect to retire before the age of 65. There are some drawbacks and benefits of early retirement that people should expect. Obviously, the first problem is saving enough to support yourself for the rest of your life. Other than the money, there are other things that can disrupt your retirement†¦show more content†¦Plus, they were able to enjoy a higher pension. While studies like this one show that retiring early might not hurt your health, there are some studies that show that it could increase your risk of dying early. We will cover that risk and some of these studies in the next section. 3. You Can Start a New Career For decades, you have thought about writing the next great American novel. Now, you finally have time do that. A number of businesses are actually started by people who retire from their first jobs. Once you no longer need to work, you can pick any career or industry that you want. Unlike a 20-year-old adult, you have a wealth of experience on your resume. Plus, you are retiring early enough to still be appealing to a potential boss. The Cons of Retiring Early The benefits of early retirement are numerous, there are also some problems that you can expect along the way. These issues depend on what you do after retirement, how much you have to retire on and your current health problems. 1. Smaller Social Security Benefits Unfortunately, retiring early can mean that your Social Security benefits decrease. Let s assume that you were born in 1960 and started taking Social Security payments when you turn 62. These payments will now be 30 percent less than if you reach your full retirement age of 67. If you were to delay your benefits a until 68, you would have another 8 percent increase in your monthlyShow MoreRelatedRetirement Benefits For Small Businesses902 Words   |  4 PagesRetirement is a major life event. Many people are living in retirement well beyond 20 years. For this reason, planning for retirement is vital. Unfortunately few Americans are saving adequately for their retirement. Reports reveal that a startling 68% of working-aged people, age 25-64, do not participate in an employer-sponsored plan. One reason for this is because a large number of Americans work for small businesses that do not provide retirement benefits. 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