Early Retirement
Good afternoon everyone.
How many of you have thought about retirement?
What is retirement?
Conventionally retirement means stop working and start living on pension at the age of around 60.
Now, what is early retirement?
This is about retiring in early age such as in your 30s-40s.
Early retirement is not necessarily be putting full stop to your profession. It can be just stop working to survive. You have enough savings and passive income for your lifestyle.
You may continue to do the job you like but spending only a few hours in a week or a few days in a month.
This early retirement has many benefits.
Before looking into benefits let's see what's happening to a lot of professionals.
During the early years of career, we are healthy and energetic, and most are unmarried.
Later, as we grow in the career and more family responsibilities come, life gets busier, gets less time to take care of health, less time for hobbies, etc.
We get busy in the race to survive or to be successful. Here the definition of success is given by others most of the time. If you are happy with this race and keeping your physical and mental health and relationships in good condition this is good. You may not have to think about retirement. But this is not the case always, or not for everybody ....
Many are waiting for retirement to relax, to be with loved ones and to enjoy life.
But, in reality many retired people are fighting with health problems, some are lonely, some are unhappy and some even worse - dying early.
Let's take an example. For that I have couple of questions. You may please unmute and answer.
What is the life expectancy of people in India? - 69.66
What is the life expectancy of doctors in India?
As per the study done by IMA, life expectancy of doctors is around 59 which is 10 years less than that of commoners.
The main reasons are stress and sedentary lifestyle of doctors which are related to their profession.
You can see that many of us are not much different from doctors in these aspects. 'Fortunately,' nobody is doing a study about engineer's life :D
If we are too busy with work and we are stressed it also affects the people living in our home. This makes our situation worse.
I hope early retirement makes more sense now.
Early retirement could reduce stress and give you time to do exercise and take care of health. It has many other benefits, you can pursue your interests and hobbies, travel, do volunteering, spend more time with friends and relatives, attend functions, celebrate festivals, read, learn new things, or even get enough sleep.
Now some might be thinking how I can retire and sit in home as I will need a lot of money for my kid's college and for their wedding...
Because it's a convention in our country.
During young age many parents work hard to make money for the future of children, and they hope that children and grandchildren will live with them, love them care them and have fun.
But as you know things have changed already for many. Let's just look at ourselves, how many of us are living with our parents.
Children love parents and want to be with parents most when they are small. That's the best time to spend with them.
But if we were so busy to enjoy their affection at that time, there’s no guarantee that you can do that in future.
A few years back someone asked Warren Buffet about his definition of success, he said, how many of the people you want to have love you actually do love you.
Love can't be bought with money, even for Warren Buffet. So as time.
Now the question is how can you retire early?
Some of the countries have early retirement plans provided by government.
But for most of the countries including ours, it's left to our skills and creativity in managing money and following a suitable lifestyle.
I believe you can figure it out if you choose to retire early. There are blogs written by people who retired early, that could be a good reference.
In conclusion
1. Don't wait for old age to relax and enjoy life.
2. Job related stress and sedentary life affects your health & life expectancy.
3. There's a lot of fun and meaningful things in life which we shouldn't miss because of our job
Just remember, life is short and it could become shorter and not enjoyable if we don't live it carefully.
Thank you.
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