This article is reprinted by permission from NextAvenue.org. Robert Johnson, a professor of finance at Creighton University’s Heider College of Business, retired from a career in financial education in 2018 but recognized that he wasn’t comfortable spending his retirement years as if he were on perpetual vacation.
Johnson says that while playing golf, reading for pleasure and having completely unstructured days sounds terrific, the novelty wears off quickly, particularly for people who find purpose in their work. “That doesn’t mean you shouldn’t consider retiring early, but you need to map out how to occupy your days,” he says. Retiring in your 50s sounds great in theory, but it can come with a few obstacles, the biggest of which could be boredom. “A nonfinancial reason for one to rethink retirement in their 50s concerns purpose,” says Johnson.
““You might enjoy doing nothing but sipping margaritas on the beach for a year or so, but after the initial ‘honeymoon’ period wears off, I’d be willing to bet that you’ll want more out of life.””
— Taylor Jesse, financial planner
What’s more, if you don’t plan carefully, your early retirement can also include many additional expenses that you won’t have if you wait. Before you join the Great Resignation permanently, carefully evaluate your finances with a financial planner. You may find that an arrangement in the gray area between all work and no work — a preretirement, sabbatical, “workcation,” call it what you will — could be more of what you’re after. See: I was broke and deeply in debt but plan to reach financial independence by my early 40sWhy you might want to rethink retiring Here are six reasons why you might want to rethink retiring in your 50s: 1. Fulfillment. In all likelihood, you are going to get bored, says Taylor Jesse, CPA, CFP, director of financial planning and an investment adviser at Taylor Hoffman in Richmond, Virginia. “You might enjoy doing nothing but sipping margaritas on the beach for a year or so, but after the initial …