Is Early Retirement As Good As They Say, Or Is It Like The Grass Is Always Greener On The Other Side? The Jury May Still Be Out.
I will say, however, I feel that the idea of early retirement is further validation of the tremendous grip this unnatural concept has on our psyche.
I find it curious and revealing that, in the U.S. where I live, you are considered deficient, unfortunate, or weird if you don’t retire and disengage from work on or around an arbitrary number established 86 years ago – age 65.
Conversely, you are considered heroic and put on a pedestal for being able to retire and disengage ahead of that number.
In some ways, it’s a sad commentary on what work has become for so many – a non-fulfilling, uninspiring slog through long commutes, bad bosses, unpredictability, and lack of control.
Do we need any more validation of that than the current “Great Resignation” phenomenon?
Early retirement may have a dark side.
- Shell Oil studied thousands of its employees and found that retiring at 55 doubled the risk for death before reaching 65 compared to those who worked beyond age 65, challenging the notion that retiring early boosts longevity and, in fact, demonstrating the opposite – mortality rates improve with later retirement.
- A study in the Journal of Epidemiology and Community Health suggests that retiring early may actually increase your risk of dying early. Findings showed that healthy people who postponed retirement and chose to retire a year later than those in the comparison group had an 11% lower risk of dying early.
- A study from Cornell U. and the University of Melbourne shows a striking correlation between social security claims for early takers and a jump in mortality. Men in particular see an increase in mortality risk of about 20%.
- According to the International Journal of Geriatric Psychiatry, retiring later appears to delay the onset of Alzheimer’s.
Flunk retirement? No way!
In my experience as a career transition and retirement coach, it is rare that any retiree – early or not, and particularly, men – will admit that their retirement isn’t going well. And many retirements don’t go well because the advance planning only had to do with the money.
Over one-half of retirees enter their retirement with no semblance of a non-financial plan that would include discussion and a plan for the psychological, mental, physical, and spiritual sides of retirement.
Early retirees are guilty as well. One thing they may fail to factor in is the role of relationships in retirement and not consider that their circle of relationships will shrink and be difficult to restore because few people their age are retired.
One risk for any retiree is the threat of boredom. Far too many retirees retire from something and not to something. Self-indulgent, leisure-based retirement quickly wears thin for most, and without a purpose or a sustainable, inspiring reason to get up in the morning, boredom is in the wings. Boredom often leads to depression.
In summary –
– retirement fails to acknowledge the important role that work plays in longevity. We are built to work, to create, to produce. Retirement goes against that, and other, critical components of our biology which offers us only two options. We either grow or we stagnate.
The traditional self-indulgent, leisure-based retirement model just simply isn’t healthy in the long term as evidenced by the fact that, in the U.S., our elderly spend more of their years in chronic illness than any other developed nation.
We tend to “live too short and die too long.”
We can’t push all of that off on retirement, but we need to be honest and acknowledge that it does play a role.
I see no reason to start that deterioration process early – or ever.
How about you?
The bottom line is: your life has to be full. If retiring empties it, it’s probably doomed. Second point: what does it have to be full with? Not fun and pleasures and enjoyments. Challenges. Efforts. Trials.
I am in total agreement with the concept of retiring to something rather than from something – nicely phrased Gary. I have a good friend who at 56 has ‘retired’ from building her own very successful business over the last 35 years. Her days have never been busier – or as Jeffrey has framed so well – her life is ‘full’ with things and people. She has never been as happy or felt as productive in her life. I think that the magic lies in the ‘reflecting and planning’ before you take the leap!
I have never had the problem of nothing to do.As a Kid, my father was overseas in WWII,, and my mother had a care station for those to sick to stay home, and too poor to go to the hospital. We kids were tasked to do whatever was needed as soon as we were able. (2 girls and 2 boys in the family at the time). A light on the outside of the house summoned what ever Dr. was passing by that his presence was needed. I remember two operations on our Kitchen Table. My mother was caretaker of our Church, and by age 8, i was also tasked to accompany her to the church at night as often tramps would go in to keep warm at night. Never any problems, and often they would carry in wood in return.At 9 Yrs I was looking after our food garden, and helping to catch chickens at a local farm, by 10, I was driving their tractor to haul Hay for their cattle. and by 16, I was handling a chainsaw cutting firewood and piling pulpwood for sale. At 13, I became a member of the school army cadet corps, and at 14 went to a 6 week Summer camp on a Driver mechanic course. The next year I added Mechanic and attendant at a Service station to my list. That year I was appointed President of our church Youth program, (Three church group. ) and before the year was oveer, I was asked too cover one evening service a month for the overworked pastor. I had one summer of instructional training and pubic speaking with Cadets,and was a co-leader of the |Junior Choir, so did reasonably well.as my school work was falling bhind, the next year I was appointed chief Instructor for the School Cadets, and took a typing course along with a couple Make Up Courses. I was also directed to assist the Chemistry teacher in his over full lab courses.. The next summer I qualified for the National reward camp for top cadets across Canada where I placed fourth out of 1500 Cadets. That is my background and the base for my life.
A neighbour had a hardware dealership, along with a mill and some retail stock. He saw the need for a Propane outlet in the area, and sent me on a course to learn the necessary skills to run it. I completed the training and worked there until called to the main office to assist with the expansion there. 1 1/2 years later I was called out in Aide to the EMO during an international problem teaching Health and safety related things, Emergency First aid, Basic Rescue, and community organization for problems. These skills led to a full time job, Organization and leadership of two County organizations, two Provincial organizations and Directorship of two National organizations. as well as a few community groups. still time for travel and fun.
Totally agree with you Gary. Got few friends who retired early and are gone already. And I got a very close friend that retired on her 70s who’s fabulously amazing and who actually updates me on who’s now an absentee (you know what I mean). She turned 86 on Dec. God bless her!
Gary we must be on mental telepathy in my case I do not see any prospects for retirement anytime soon like you my friend I need to stay healthy, fit, mentally sharp. Hopefully I will be working like you well into my 80s and beyond because as a middle-aged man I am in for rough economic times more difficult to secure any type of employment regardless of educational background, titles, degrees. I mean I get rejected repeatedly for full-time education employment with a teacher credential! Just like dating. So, I am putting aside full-time prospects, there is massive agism regardless of race. But there is a part of me that thrives on being an entrepreneur. I enjoy marketing, selling my services, gigging going from job keeps everything interesting avoiding that retirement fate. I remember the fine American actor Spencer Tracy line from the Lady in Shanghai “I am not independently wealthy, but I am independent” that’s how I see myself leaving any retirement out of my thoughts.