Counting down the days to your retirement? Thinking about cutting short your career because you don’t like your job? If you haven’t made the best career choices, or are unhappy in your job, it could seriously harm your lifestyle if you decide to retire early from your career.
According to the American College of Occupational and Environmental Medicine, whilst poor health is the main reason workers in the US take early retirement, low career satisfaction is also a major factor in the decision to stop working sooner than planned. While these are American statistics, they can apply to the UK too. Think carefully if you want to quit your career because you’re unhappy, as the consequences can be far reaching.
So why should you rethink early retirement from your career?
There may be other career options
Although you may feel like you hate your career, and the temptation to leave early and make the most of your years is very attractive, think about the changes you could make to stay working in your career for longer.
You could talk to your employers to find better hours or more career fulfillment. You could also look around to find other career opportunities; it’s never too late to make a career change if you think it through carefully.
Have you explored all the career options? Write down why your current career isn’t motivating you right now, and think of some ways to change this for the better.
It may help to talk to a careers advisor with experience. They can analyse your personality, your strengths and weaknesses, and provide you with career options that better suit your motivations and your practical circumstances.
Less pounds in the pot
The biggest drawback to early retirement is, of course, losing your regular income early. You may have a pension you can live off, but savings and other investments might not fare so well if you stop contributing to them now. Your pension itself may also suffer.
There may be enough money now, but unavoidable expenses such as house maintenance or care for an elderly relative may make an unexpected dent in your savings. Do you really want to have to face these issues later in life, realising that you should have stayed in your career for longer?
Work longer – Live longer!
New findings from the Health Retirement Study suggest that continuing your career past age 65 could actually add more years onto your life and lead to an 11% lower risk of death from all causes. The data proved that working even a year past retirement age had a positive impact on mortality rate, and indicated that those who remain active and engaged gain health benefits.
So, next time you talk about retiring early because you don’t like your job; think about your career options and how you can make your career work for you to see long-term benefits!