I retired from full time working at 40, ten years ago. Nearly everyone thought I was mad and could not imagine doing the same thing themselves.
Key points ....
1. Will you lose your sense of identity/ self worth ?. Lots of folk get this from their jobs
2. Do you have a robust financial plan that can take shocks ? - covid, need for private operations, divorce, big outlays like new roof etc
3. Can you reverse the decision, or do you permanently burn your earnings capability/ your qualifications expire ?
4. Can your partner handle it ? Will they be happy working when you are doing nothing ? This is more problematic than you may imagine
5. Who will your daytime friends be ? I met a very successful guy who retired at 30 and then reversed his decision as everyone at his golf club was over 60
6. Will you become boring ? Work, all that goes with it ... hours/ tax/ commuting/ colleagues/ failures/ successes/ stories are all common conversation topics. What will you have to say to folk ?
7. Do you need to be a role model to kids ? A 50yr old mate of mine is absolutely loaded and could have retired 10 years ago but continues to work hard as he wants his children to see that nice houses, holidays etc require commitment and discipline
By far the safest option is to go part time/ freelance to keep your options open and avoid a point of no return. I would have done this if I could have, but it was not open to me. A mate is GP with property interests on the side, she is one day a week for this reason.
I have never regretted it. I was in a long hours, high stress environment and I saw friends and colleagues harming themselves physically and mentally chasing ever more stuff, catalysing divorces .....
Key points ....
1. Will you lose your sense of identity/ self worth ?. Lots of folk get this from their jobs
2. Do you have a robust financial plan that can take shocks ? - covid, need for private operations, divorce, big outlays like new roof etc
3. Can you reverse the decision, or do you permanently burn your earnings capability/ your qualifications expire ?
4. Can your partner handle it ? Will they be happy working when you are doing nothing ? This is more problematic than you may imagine
5. Who will your daytime friends be ? I met a very successful guy who retired at 30 and then reversed his decision as everyone at his golf club was over 60
6. Will you become boring ? Work, all that goes with it ... hours/ tax/ commuting/ colleagues/ failures/ successes/ stories are all common conversation topics. What will you have to say to folk ?
7. Do you need to be a role model to kids ? A 50yr old mate of mine is absolutely loaded and could have retired 10 years ago but continues to work hard as he wants his children to see that nice houses, holidays etc require commitment and discipline
By far the safest option is to go part time/ freelance to keep your options open and avoid a point of no return. I would have done this if I could have, but it was not open to me. A mate is GP with property interests on the side, she is one day a week for this reason.
I have never regretted it. I was in a long hours, high stress environment and I saw friends and colleagues harming themselves physically and mentally chasing ever more stuff, catalysing divorces .....