Early retirement should always be a decision made by the individual and not because of social pressure. There are a few people who would like to retire early because some of their friends have made that decision. I came across someone who wanted to do this. Several parameters can make someone think about retiring early but social pressure should not be one of the factors.
There are several advantages to doing an early retirement and that should be the driving factor for retirement instead of any social pressure on retirement. People usually influence others based on their ideas and ideologies. We have to always be sure to think if those ideas and ideologies would work well for us or not. We shouldn't do something just because 100 people are doing that. We shouldn't be doing it if we don't feel right about it. I heard from someone that this discussion is very common among people who are in their 40s and 50s in their employment. They often think about early retirement or are influenced by people who are having such thoughts. A few considerations should be made before arriving at such decisions.
Planning the financial stability
If someone is financially stable and feels that they don't have to work anymore to take care of their financial needs, then it is a good decision to think about early retirement. Financial pressure will not be there and they can peacefully enjoy their retirement life. There should be multiple income streams that can keep them in their comfort zone. These days people can even plan on doing some small business after their retirement to keep them busy. However, having a good source of passive income and financial stability is very important before making that decision.
Accomplishment and career satisfaction
For some people who are working in public services or other departments where there is goal-based work, this is often a feeling. If they accomplish something or achieve something in their career, they will get the feeling that they are satisfied with what they have done so far and that can be a good drive towards early retirement. Mostly for people in government jobs, the savings itself would be sufficient to lead their life after the 50s or 40s. So they can think about early retirement after their accomplishments and plan for it.
Professional network will decline
This is an important thing to note. After retirement, there is a high chance that our networks might get reduced and it can be hard to socialize with people who are strong in the community. Some people find it hard to accept that but that is going to be the reality. A working Judge has more reputation and power compared to a retired judge. Some people love this power and they find it hard to live without that power. This is one consideration to work the full-service tenure. Some people extend their service even after retirement because of this as they don't want to sit idle at home without this power. They work as long as they have the strength.
Focusing on health
Stress is one of the biggest driving forces for people to decide about early retirement. For some people, it is hard to live a life without stress because they somehow feel that no stress can take away their ability to think and stay active. This is one of the reasons why they mostly focus on their health and feel like retiring early. They come up with some habits or hobbies after retirement to improve their physical health and mental health.
I have to take my grandfather as an example. He lived for 94 years. He retired at the age of 60 and lived for almost 34 years after that. His service years are almost equivalent to his retirement years. He did focus on his health and that's one of the longevity reasons why he was able to sustain for 94 years. It was the COVID pandemic that took him away, otherwise, I'm sure he would have touched 100 because he did not have any health problems.
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