While it is essential to realistically assess the financial implications of an early retirement decision, intangible considerations must also enter in to your decision-making.
These are not measurable in dollars and cents, so you must rely on your personal judgment. You may find it helpful to talk with people who have retired in recent years, and perhaps also to people who have stayed on the job even when they could have retired.
Job enjoyment - will you miss the intangible rewards you gain from working?
- socialization
- structure
- getting out of the house
- challenge
- achievement
These are just some of the rewards you may gain through your work.
- Which apply to you? What are others?
- How important are they?
- If you retire, how will you find other ways of gaining those rewards?
Job stress - what are some negatives you experience because of your work?
- Emotional stress
- Physical fatigue or strain
- Difficulty with co-workers or supervisor
- Uncertainty about future job security
- Difficulty balancing work and family demands
These are problems are experienced by some workers.
- Which apply to you? What are others?
- How severe are they?
- How stressful do you expect it would be in the next few years?
Only you can evaluate how the costs and benefits balance out as you consider early retirement.
Both financial and personal factors must be considered.
When you've carefully considered information about all these factors, you'll be ready to make a sound decision. You may or may not be entirely certain about what is best, but you'll know you've evaluated the information carefully, and you can move forward with confidence.