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Inspecting the benefits of retiring early

07/25/11

A recent Investopedia article highlighted the benefits of retiring early. In spite of the apparent increasing difficulty of retiring early due to the condition of the economy, doing so does have a number of advantages.

One of the main benefits of retiring early, according to the article, is the additional time to spend on hobbies and with family and friends. Putting off retirement until your late '60s or '70s can preclude you from doing things that you otherwise might like to do during your golden years, including physical activities like mountain climbing and races.

Retiring early also gives you the opportunity to begin a new career, whether it's a full-time job or a part-time or volunteer job. The article also notes that people who retire early can have better overall health, due to fewer years of work-related stress, poor lunchtime diets and reduced amounts of sleep. Retired persons also often have more chances and are more likely to get out and be active.

Of course, retiring early isn't without its drawbacks as well. The main concern for most thinking about retiring early is ensuring that retirement savings last for the duration of your retirement. Annuities offer a good way to save up money as they don't have yearly contribution limits and yearly earnings remain untaxed.

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