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Should I Retire Early?

When we think about the idea of “retirement age,” we tend to think of 65 as that magic number that means now you can officially retire.

But not everyone retires on their 65th birthday! Some wait a few more years before doing so, either to keep earning for a bit longer, or simply because they enjoy the work they’re doing, while others might decide they’re ready for their working life to end sooner.

In fact, many people retire early, often at the age of 62 or even younger. Why has retiring early become so increasingly popular? It turns out there are some interesting benefits to retiring early. Let’s look at a few reasons why retiring early might be worth considering.

The Benefits of Early Retirement

Do you already know why you want to retire early? Let’s go through some of the benefits early retirement can offer you.

Better Overall Health

Our bodies change as we get older – that’s just a fact of life. It’s also clear that working for a living, even in the most interesting job ever, can take a toll on your mind and body, due to stress or commuting or any other number of reasons.

Choosing to leave the workforce a few years early helps you stave off some of the effects that stress will have on you while also offering you better overall health at the beginning of your retirement. You’ll have more time to relax and spend your days how you want, which will also give you more time to enjoy your health.

Too many of us wait too long to retire, and as a result are finally, at the moment we can be the most free, held back by mobility or health issues. However, should you choose to retire early, you can enjoy your retirement years while you’re at your healthiest.

Making Dreams Come True

Even if you love your job, do you ever feel like, after years or decades with it, you’re just done?  

Retiring early means you’ve got extra time to try something different – maybe something you’ve always wanted to do but never had the time while you were working. Now is the perfect opportunity to pick up a new skill, a new hobby, travel the world, or do absolutely anything else you’ve had on the back burner for years. 

The World is Your Oyster

Another benefit that makes retiring early worth it is giving yourself way more free time than you used to. Have you ever wished to see the world but never could because of your limited vacation days? Now it’s time to travel the globe, take in the sights, and enjoy the people and cultures of other places. Whether it’s taking an RV across the country or riding the rails across Europe, retiring early means you’ve got opportunities to enjoy the world around you like never before!

Downsizing for Fun and Profit

Do you know what’s a great feeling? Getting rid of your old, expensive existing home and moving somewhere smaller. You’ve raised your family and they’ve gone off on their own, so now you don’t need that giant house anymore. If your mortgage is already paid off, you can use the equity in your home to retire early and move to a smaller and more affordable place like an apartment or a semi-detached home in a retirement community. You can use the rest of that equity to enjoy your retirement. 

Know You’ve Got Healthcare Covered

Let’s be honest: the rising costs of healthcare are on everyone’s mind right now. Sure, you might feel healthy and active right now, but things change over time – and often in unpredictable ways!

But retiring early to downsize and move to a retirement community has a second benefit if you choose what’s called a continuing care retirement community.

These environments include pre-paid health services within their costs, meaning for the rest of your life, you know exactly what your monthly budget can be. Because, if you ever need a higher level of care such as assisted living or skilled nursing, it’s already included! You don’t need to make sure you save up for if that day every comes.

You can instead focus on living your extra retirement years to the fullest!

It’s All in the Details

It makes sense now why so many want to retire early, doesn’t it? While it may sound pretty perfect, there are some things to keep in mind, especially when it comes to how early retirement influences your retirement benefits.

You can start receiving Social Security payments at the age of 62, which means that you’ll start getting those payments a few years early. But it’s very important to note that the government reduces your benefit amount when you do this, so be aware of this difference.

If you have a large enough savings, or you have significant retirement income already, this slight reduction in your Social Security payments isn’t likely to impact you too terribly. Likewise, if you’ve already done things like downsizing and using the equity in your existing home to bolster your retirement savings, you can minimize the impact even more.

Turn to Acts for More on Early Retirement

If you’re thinking about retiring early and looking for a great way to enjoy it, now and long into the future, consider moving to an Acts retirement community.

As a continuing care retirement community, Acts help you stretch your savings by knowing exactly what to budget for. Residents move into a charming cottage home or spacious apartment, and enjoy a smorgasbord of amenities and activities, including pools and fitness centers with fitness trainers, classes and hobbies in art studios and woodworking shops, fine dining, excursions, and much more. Then, years or decades in the future, if they ever find themselves needing more health services, it’s already available, right on the beautiful campus they already call home.  

If you’d like to learn more about the benefits of early retirement at an Acts community, check out any of our 27 campuses across nine states.


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