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Early Retirement Will Bankrupt Your Dreams, Here’s Why
Old 04-18-2022, 11:46 PM   #1
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Early Retirement Will Bankrupt Your Dreams, Here’s Why

https://www.entrepreneur.com/article/425080

Wow according to this article you had all better get back to work as of yesterday!

They cover all the fear tactics and end with this one you live longer if you work till 66...However, Bloomberg summarized the correlation between early retirement and early death as “striking” when citing another study.
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Old 04-19-2022, 01:05 AM   #2
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The article does say near the beginning "... Well, unless you have more than enough money in the bank or multiple income sources, there are a lot of financial risks involved with early retirement...."

I'd suspect most of the retired folks on this board qualify for this exception.
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Old 04-19-2022, 01:20 AM   #3
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You know our corporate overlords are getting concerned about the labor shortage when they use words like "bankrupt your dreams" and "medical limbo" instead of just saying you will need retirement health insurance through COBRA or an ACA plan. Even with its flaws, it is so great that the ACA came along and allowed many of us here to retire early and not have to worry about qualifying for health insurance.
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Old 04-19-2022, 03:26 AM   #4
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"Early Retirement Will Bankrupt Your Dreams". Early retirement fear porn with the premise being if you have "average" retirement savings, still have debt, don't have a budget/plan, haven't factored in the risk of a market downturn, etc... that retiring early may not be for you. And the icing on the cake is that you may be bored in ER.

Pure silliness.
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Old 04-19-2022, 04:11 AM   #5
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Quote:
"Early Retirement Will Bankrupt Your Dreams". Early retirement fear porn with the premise being if you have "average" retirement savings, still have debt, don't have a budget/plan, haven't factored in the risk of a market downturn, etc... that retiring early may not be for you. And the icing on the cake is that you may be bored in ER.

Pure silliness.
Well, I'm 0 for 5. Guess I'll make it.
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Old 04-19-2022, 04:41 AM   #6
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Originally Posted by srblanco7 View Post
"Early Retirement Will Bankrupt Your Dreams". Early retirement fear porn with the premise being if you have "average" retirement savings, still have debt, don't have a budget/plan, haven't factored in the risk of a market downturn, etc... that retiring early may not be for you. And the icing on the cake is that you may be bored in ER.

Pure silliness.
Indeed - "be a good worker drone a little longer, citizen! It's good for you!"
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Old 04-19-2022, 05:08 AM   #7
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The article does say near the beginning "... Well, unless you have more than enough money in the bank or multiple income sources, there are a lot of financial risks involved with early retirement...."
So: don't quit your job and retire early if you can't afford to? That hadn’t occurred to me. Thanks for the insight!
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Old 04-19-2022, 05:20 AM   #8
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Work was getting in the way of my naps, so I think I'll keep being retired.
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Old 04-19-2022, 05:21 AM   #9
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I thought saving 80X my bare bones would be enough that I could retire in my 50's. Looks like I better keep working into my 60's.
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Old 04-19-2022, 05:31 AM   #10
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Work was getting in the way of my naps, so I think I'll keep being retired.
Reminds me of the time, I closed my eyes for literally one minute and 2 staff caught me by looking through the little glass into the office.
Took awhile to live that down.
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Old 04-19-2022, 05:53 AM   #11
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This is just a silly article. It's basically factual.........provided one accepts the initial premise of retiring before one can afford to. Even then, it's superficial and just scare tactics. Nothing truly constructive about the article.
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Old 04-19-2022, 05:55 AM   #12
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What can I say? I guess I just had a death wish.
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Old 04-19-2022, 05:56 AM   #13
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Social Interaction: BZZT! No more! Everyone works from home so you get to interact over your computer. Pure crap and stress. I interact more socially now, even during covid, than I did when I worked from home.

You will die: BZZT! All my early retirement friends are doing fine, 5 to 10 years on. They retired healthy. I'm convinced the bad stats come from people who were FORCED to retired early due to bad health.
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Old 04-19-2022, 06:15 AM   #14
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I thought saving 80X my bare bones would be enough that I could retire in my 50's. Looks like I better keep working into my 60's.
100X is the new 80X or haven't you heard?

We've heard all this drivel before. YMMV
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Old 04-19-2022, 06:23 AM   #15
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I'm convinced the bad stats come from people who were FORCED to retired early due to bad health.
Yup - I’m sure folks whose entire identity is in their job title/ career might be a small part but l believe it’s largely forced early retirement from health issues
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Old 04-19-2022, 07:45 AM   #16
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So: don't quit your job and retire early if you can't afford to? That hadn’t occurred to me. Thanks for the insight!
Should be obvious to anyone who can fog a mirror. : )
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Old 04-19-2022, 07:50 AM   #17
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A pretty useless article, focusing mostly on average numbers: average SS, average debt by age, etc.
Fortunately, we're all above average here...
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Old 04-19-2022, 07:55 AM   #18
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Click bait. And it's working.
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Old 04-19-2022, 09:09 AM   #19
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We have double the equity we had when we retired early ten years ago.

That was a surprise. We planned for real investment growth of three percent.
Returns were higher, inflation was lower.

We had zero debt. Owned our home. Our retirement income stream consisted of the traditional three retirement stools-DB pension, investments, social security.

It just dawned on us yesterday that we have never paid credit card interest, never had a consumer loan other than a 0 percent car loan for 24 months, never had a bank loan other than a mortgage for 15 years.

Medical was not an issue for us-we have medical.
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Old 04-19-2022, 09:53 AM   #20
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The article quoted is just sour grapes appealing to the 66% that live paycheck to paycheck to justify never retiring until forced to. It makes them feel good to know that they can continue to work and remain financially irresponsible. Every early retirement situation is different. We save more during retirement than the vast majority of people our age that continue to work. Seven years into early retirement we have never withdrawn from our retirement accounts and don't plan to until age 72 or later. Debt? What debt? We own three properties free and clear and never paid a penny of credit card interest. We pay cash for our cars and never buy anything unless we can pay it in full.
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