Washington County Weekend Post

2A • WASHINGTON COUNTY POST • SUNDAY, JULY 4, 2021 GMTODAY.COM A lifetime of working compels many people to look forward to their retirement. Some people even work to retire early. But what are the advantages of early retire- ment beyond starting a life of leisure? And are there any detriments to this plan? A 2014 survey by the finan- cial services provider TIAA- CREF found that 37 percent of Americans plan to retire before age 65. However, many of them will not have control over the matter. Those who do may want to consider the pros and cons of early retirement. Advantages Many people seek early retirement so that they can live a life free of the con- straints of schedules. In retirement, time becomes, more or less, a retiree's own. Leaving a job can be a boon to a person's health as well. Relieving oneself of the pressures and stresses of professional life can free up the mind and body. Stress can affect mental and physi- cal health, taxing the heart and contributing to condi- tions such as depression or anxiety. According to the Mayo Clinic, stress can cause headache, muscle and chest pain and contribute to trouble sleeping. The earlier the retire- ment, the more opportunity to travel before health issues begin to limit mobility. Early retirement also can be a way to volunteer more or even start a new job opportunity — one where workers have greater control over their schedules and careers. Disadvantages One of the disadvantages of early retirement is a loss of income. Contributions to retirement accounts also ceases at retirement. This can lead to financial set- backs if adequate savings were not allocated for retire- ment. According to the resource Wealth How, some people who retire early fear outliving their savings. While retiring early may be good for health, it also can have negative consequences. An analysis from the Nation- al Bureau of Economic Research found that retire- ment can lead to declines in mental health and mobility as well as feelings of isola- tion. Retiring early may jump start these health implications. Another consideration is that health insurance pro- vided by an employer typi- cally ends at retirement. That means having to pay out of pocket until a person ages into government-subsi- dized healthcare, such as Medicare in the United States, at age 65. Retiring early is a com- plex issue that requires weighing the pros and cons. Pros and cons to early retirement WE'RE OPEN Advertising is the best way to make points with prime prospects who are ready, willing and able to buy. Call us now! WE'RE OPEN

• Cover