Financial independence or FIRE has become a buzzword these days. A lot of people want to retire early. In my first post, I have written about some of the reasons I want to retire early which might be valid for you too. In this post I want to write about some of the other reasons why people want to retire early. Some of these reasons might not be too obvious.
Why retire early?
Following is a list of some other reasons why people want to retire early. The list is by no means comprehensive, but would still cover the majority of reasons.
- Not in the right job. This is the harsh reality of people. Not everyone is able to find their dream job. In fact, I would go a step further and say most of the people don’t even know what their dream job is. Our career choices are not just our own. Our family, friends and peers have an influence on our decisions all the way through. What happens is we end up with something we don’t like and feel the effects of burning out much sooner. And the end result is that a lot of people keep toiling around for the money to pay the bills.
- Declining health. This is probably one of the top reasons why people retire early. Roughly 10-15% of the global population has some sort of disability. And with time that gets worse. Hence, a lot of people are forced to retire early rather than the decision being a choice.
- Time is important. People understand that the average lifespan is around 75 years in India. If they retire at 60, they probably have 15 years of time. Hence, people want to maximize their years in retirement and gather the corpus faster.
- Family is priority. Of course, family is a priority for almost all of us. But if you are not in the right job, you feel even worse choosing to slog over spending time with your family and kids.
- Unfulfilled passion. This is not a very common reason to achieve complete financial independence. However, some of us have a passion that we at least want to try out. In order to do so, we need some sort of financial backing for the time we are trying out our passion. Hence, this is sort of a mini retirement, where people save up for 3-5 years of expenses to fulfil their passion.
Those my friends, were some of the not-so-obvious reasons why people retire early. Do let me know if you think there are other reasons as well by commenting below. Till then keep FIREing.