Can You Retire 20 Years Early?
At some point, you may wonder if you can retire at an age earlier than 65. You may even want to take yourself out of the employment game up to 20 years earlier than usual. The answer is complex, and it depends on several factors such as:
What You Mean by "Retirement"
Retirement generally refers to a status of complete non-employment. Retired workers usually stay at home and collect a pension. However, there are other situations that you may consider as "retired" status. Perhaps you only want to work part-time from now on, or you'd like to run your own business instead of engaging in traditional corporate work. In that case, you may retire 20 years early if you so desire. No one can dictate how you earn your wages or how many hours you decide to offer yourself to a company for work.
Your Financial Status
You'll need to be able to take care of yourself financially if you choose to retire. You'll be unable to collect a UK pension if you are not 65 years of age. However, you could survive if you retire early if you have an inheritance or a large amount of money saved.
The Reason You Want to Retire
The reason you want to retire could also make a difference for you. It makes sense for you to retire if you are disabled, and the medics believe that your issue will not resolve. In that case, you may be able to collect a disability benefit that could offer you financial assistance. You can resolve other circumstances, such as improper job matches, low wages, and lack of training for new opportunities. Therefore, you may have other options aside from retiring in those situations.
Consider the factors mentioned above before you make a solid decision to retire. You should always choose the action that makes your life more comfortable.