Everybody wants to retire early. However, not many people envision what they would do after the retirement. Many people think that entering early retirement will give them more time with the family and more things to do the way they wanted.
While there are some truths to them, the reality is far from a happy ending.
My father is still working. He is 70 years old. And no, he doesn’t have to work and he actually have already achieved the coveted financial freedom.
He keeps working for 40 hours a week because business negotiation, management and finances gives him “a life” – something to pursue and keep him busy with, while enjoying his hobby – orchids.
From many stories I heard from him and others, retirees are often not the happiest people on earth.
They often got sick and degraded in health, and they often meet their Creator a while after retirement.
Why? Some of the reasons I know includes the feeling of not being needed anymore, stress and depression, and the feeling of meaningless life.
All in all, the difficulty in coping with drastic changes from somebody into “nobody” is common among retirees, including early retirees.
Do what Bill Gates does
OK – You are probably not going to be happy with this case study, but I see what Bill Gates does is a ideal for many of us: Build a business empire, “retire” from it, and do social causes.
Or, maybe you are not as fortunate as Bill Gates, you still can aim to reach the top of your career, retire, and do whatever you want in your life that gives value, at least to yourself.
Whichever, whatever, the key is you have to know what you will do after your retirement. And a sound plan of it is needed.
“Playing golf” is not a sound plan for after-retirement activities – you can play any golf you want, but you need something that adds value to your life, to the least. “Run a consultancy business” is a sound business plan, as your tons of experience are needed badly by others.
My conclusion is, you have to enter entrepreneurship to a certain degree to prepare your after-retirement phase – sociopreneurship, ecopreneurship, franchising, mentorship and any other types of entrepreneurship-related activities are the best bet to allow you to have passive business ownership, where your active involvement in the business is optional.
Doing the above will give you two benefits: A business that can support your monthly budget, and a mean to keep you active and have a meaningful retirement.
Are you ready to retire early?
Image by pedrosimoes7.