Came across this article a few days ago from Marketwatch.com.
The premise is that there are some good reasons not to retire even if you can.
First and foremost, and one I absolutely agree with especially if you’re a man, is that a many people’s entire identify is built around their career. Now some might think that’s sad. But I don’t, necessarily.
How do we know who Milton Friedman was? From his work as an economist. It wasn’t because of his volunteering as a soccer coach.
So, before you tear into that argument too much remember a lot of men truly get their sense of worth from their labor. If this is you and you retire early, you need to ask yourself, what are you going to do for your sense of identify?
You no longer can be defined as the guy who ran XYZ company. Now, you’ll be defined as the guy who doesn’t work. You’ll quickly see the respect you once commanded is gone, completely.
However, do feel that WAY too much concern is put into the 10% penalty that comes from taking a premature distribution from an IRA. If that is the ONLY thing keeping you from leaving your crappy old job, I’d invite you to think again.
Health insurance is another issue that many are afraid of. Yes, it is a risk to go without health insurance. Indeed. But there are MANY other risks out there too. So, before you close your mind to the idea of being independent because of health insurance, consider all the other risks you are currently taking on and see how they weigh when it comes to not having health insurance.
All in all, I don’t think “retiring” from your crappy old job means you don’t have any money coming in either. I simply think it means to find something you LOVE doing and doing it ALL THE TIME.
For me, it’s Youtube. I love it. And hopefully I’ll make enough from it to pay the bills. If not, well, at least I gave it a sincere effort and can be proud of myself for doing that.
Retiring early is not for