<p>To enable you to retire early, or FIRE as it is known, the majority of people are pushing you to become FINANCIALLY INDEPENDENT. In fact, many who support it want to get at this much sooner—possibly as early as their 30s. This calls for significant financial sacrifices and massive savings. Should one accept this much worry when even retiring in our 60s doesn’t appear to be that easy?</p>
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<p>Many of the folks I know would work until they were in their 70s if their employers allowed it. My relative, who is working, just turned 75 years old. The majority of Indian guys don’t have any hobbies and would rather work in an office than sit around the house doing nothing. Do retirement advisors and calculators terrify us with figures like Rs. 10 crore or Rs. 20 crore that we need to save for retirement?</p>
<p>Furthermore, do people in their 40s believe they will live longer than their parents did? And the sixty-year-old retirement age seems superfluous? Can the majority of us live beyond, say, 65 years old?</p>
<p>YES, in my opinion, is the answer to all three of the questions.</p>
<p>What if we choose a less demanding career at fifty years old and continue till seventy-seven, enjoying the journey?</p>
<p>Raising the retirement age to 70 years old would need much less money in order to retire, which would undoubtedly relieve some tension.</p>
<p>There is sufficient evidence to suggest that working over the age of 70 may help postpone the development of dementia and other brain-related conditions.</p>
<p>India has a youthful population, but the knowledge and connections that elderly individuals can provide the nation should also be beneficial.</p>
<p>There is no compelling incentive for individuals to retire early unless there is a significant pull in their direction—their hobbies or interests.</p>
<p>If the physical, social, and intellectual demands of the workplace are preparing people better for retirement, this is also beneficial to the nation, is it not?</p>
<p>Of course, having group medical insurance to age 70 is a tremendous benefit; retirees may save a significant amount of money in this way. It is enormous, in fact, and the business will only see a little rise in the overall premium due to the far lower average.</p>
<p>Is an everlasting life of leisure truly what we want? Is it truly something we can handle? Will we give up on our desire to continue teaching, training, mentoring, and coaching? A lot of us still have these goals. Money could simply be an extra bonus for those of us who would prefer the social benefits of hanging out with younger people.</p>
<p>What about those who want a healthy mix of entertaining activities and things to do? What happens if our bodies prevent us from working? Only individuals who are in excellent health and want to keep working—that is, those who are capable of making choices in terms of their physical, mental, social, and financial well-being—should read this article!</p>
<p>Writing for www.subramoney.com, PV Subramanyam is the author of the best-selling book “Retire Rich – Invest Rs 40 a day.”</p>
Early retirement is not a wise financial decision
