David Ning makes some great points here about the positive benefits of planning to retire early!
Take this advice to heart!
“Plan to retire early” is the basic advice I give to anyone who’s interested in financial well being. While there is more specific advice that could help you to better save for the future, saving early and often can set almost anyone on a better path to financial security. The goal of early retirement can help motivate you to make smarter financial decisions. Here are a few benefits of trying to retire early, even if you are planning to work longer:
You’ll get a plan together relatively early. Most aspiring early retirees have an investment plan, because they need to know how many years they have to work until they can be financially independent. Fortunately for them, plans written when the markets are calm will also help them weather the inevitable turbulence that risky assets go through from time to time. Some people end up short changing themselves by acting emotionally whenever volatility hits the markets. It’s a better idea to come up with an investment plan you can stick with through thick and thin.
It keeps you focused on what’s important. Many people believe there’s some magic to amassing enough wealth to retire, but the key to building a substantial nest egg is to control how much you save and spend. Because early retirees often try to quit the rat race as early as possible, they inevitably try to save more by spending less. Even if you don’t want to go to extremes, practicing frugal living will speed you along your path toward a comfortable retirement.