Retiring Early May Not be the Answer

For many working people, the ominous feeling begins on Sunday night. They know that when they wake up on Monday, they are going to have to make it through another tough day at work —research says that Mondays are the most stressful days at work.¹

Dr. Jordan Grumet often felt this way. Burned out by the relentless demands of running his own medical practice, he went to bed each Sunday night with a growing sense of dread. He needed some way to escape. And so, he saved aggressively until he achieved financial independence and was able to retire at age 45. Not only could he quit his stressful job, but he now had the freedom to do anything he wanted.

According to recent surveys, about 70% of Americans dislike their jobs. This is perhaps the biggest motivator behind the financial independence, retire early movement, which promises that if you can save 25 times your annual living expenses, you can shake a case of the Sunday dread.

It’s not too hard to imagine how much you'd enjoy things like sleeping in, hitting the gym when it's empty, and traveling without the crowds. Unfortunately, experts say this exuberance, based on an unstructured life, probably won't last.

Jacob Schroeder, who's written about this movement for Kiplinger, says, "If you dislike your job or simply feel dissatisfied with life, it's easy to think that financial independence will bring lasting happiness. But when you do make it, you may feel a temporary blip of euphoria that then fades, a psychological phenomenon called the 'arrival fallacy'."

First of all, quitting a career (even one you don't like), can cause you to question your identity. Dr. Grumet found that leaving medicine, a discipline he'd spent decades pursuing, to be one of the hardest things he ever did. He now regularly volunteers at hospice and speaks often using his medical expertise.

Second, when you leave work, you are most likely leaving some of your closest relationships. Maintaining these friendships outside the workplace can be difficult.

Schroeder concludes, "Ultimately, if your personal life isn't fulfilling before retirement, it likely won't improve afterward."

In other words, meeting your retire early goal won't automatically give your life purpose. It's something you must find in your current, probably less-than-ideal circumstances.

Regardless of your personal timeline, we are here to help you reach your financial goals for retirement. Since retirement is still part of the journey, rather than simply a destination, having a fiduciary partner along the way can help you navigate your ideal future plans.

1. http://go.pardot.com/e/91522/ke-you-happier-its-complicated/95q27p/2487736607/h/MeX6mIzaV6Dmx_WEbeGXqQjXC14fbToF5fhp75q1s_c