Many people dream of retiring early. They dream of having a lot of time to themselves for them to be able to make the best use of their time. But only some have this choice to make. In the case of job loss, or certain illnesses, you have to go with the option you have ahead of you. So is early retirement necessarily a good thing, or does it have its cons too? To know more about what William Schantz says on early retirement, continue reading.
Advantages and Disadvantages of Early Retirement by William Schantz
Here are a few pros and cons of early retirement.
Pros of Early Retirement
- Good for Your Health
When you retire early, you have a lot of time to build a healthier version of yourself. You can focus on building extensive meal plans and working out. This is not just about your physical health; working on this can also help you significantly improve your mental health. With lower work-related stress, you will also see an overall mood improvement.
- ● More Family Time
You also get to spend much more quality time with your family than you must have otherwise missed. So when you retire early, William Schantz says you must focus on scheduling family time too.
- Enjoying Leisure Activities
There must have been so many things that you wanted to do but couldn’t because you were so preoccupied with your work. Early retirement means that you have so much more time on hand to pursue your passions. Be it traveling, going with your friends, or even getting an opportunity to educate yourself more, with extra time on hand, you can do all of that.
Cons of Early Retirement
- No Income
The biggest downside of early retirement is that you no longer have that steady flow of income that you once did. This means that you have to support yourself from your savings or some extra income with any other businesses you might be doing. Initially, this can seem like a huge hit, and you might even need to change your lifestyle.
- Feelings of Loneliness
When you are working, you are very occupied doing something productive. This means that you don’t have any extra time to think. Not just that, but you also get to interact with so many people daily. But after early retirement, you might start feeling that loss of contact, which is one of the leading reasons people feel lonely. William Schantz says that this can even lead to an identity crisis for many people.
- Loss of Benefits
When working somewhere full-time, you have certain covered social security benefits and healthcare. But when you retire, you are no longer given all of these benefits, which can lead to a sudden realization of no longer doing as great.
Final Words by William Schantz
Now that you have a better idea of the pros and cons of early retirement, as pointed out by William Schantz, you can make a better decision for yourself if given a chance. Being well informed can help you be more satisfied with what you are doing.