The Challenges of Early Retirement – What You Need to Know?

Challenges of Early Retirement

For many of us, the prospect of early retirement is an enticing one. With no more daily grind to worry about, we can use the extra time to pursue our hobbies, travel, spend time with our loved ones and much more. But like a lot of the best things in life, it’s a dream that can prove extremely difficult to turn into a reality.

The UK State Pension age is currently 66 but is set to rise to 68 at some stage in the next 20 years or so. This is due to a growing and ageing population and means that increasing numbers of people will be forced to work for longer.

For those who fall into that category, it would be easy to feel bitter or resentful towards anyone who has managed to find themselves in a position where they can stop working at a relatively young age. But is it all such smooth sailing? Here are a few challenges that can impact any early retirement.

Challenges of Early Retirement

1. Lack of purpose

challenges of early retirement Lack of purpose

We devote significant chunk of our life to our jobs. It provides us with an underlying structure and routine around which we base the planning of all our social engagements – not to mention earning us the money to enjoy these occasions. Some people like their paid jobs more than others, of course, but working gives us a focal point and when we’re suddenly without it and depend on the state pension, that can be a hard adjustment for many to make.

2. Stretched savings

Stretched savings

The longer you are retired, the further your energy and money will have to go to maintain the quality of life that you would like to enjoy. Of course, you’ll still have various expenses to think about, so careful financial planning is crucial to ensuring you get the most out of your later years as well as enabling you to set up your loved ones for the future.

3. Loneliness


Even if you are surrounded by friends and family, you can still start to feel isolated in your retirement. After all, they have their own lives to lead and the chances are they won’t have as much spare time as you now find yourself with. This can be an issue for those who are particularly close with their work colleagues and struggle to fill the void left by that absence of daily social interaction.

4. Staying healthy

Staying healthy

When you finish working, you can look forward to long periods of rest and relaxation – and it’s certainly important to take advantage of that to recharge your batteries. But as with everything in life, there’s a balance to be struck, and it’s equally essential that you continue to remain active and take regular exercise, to help keep your mind and body sharp.


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