Retirement Same For Young And Old
It amazes me the response of peers when I share my story of Mr. Cannes and I retiring within the next 5 years. Many times I don’t get much of a response and assume my peer simply does not believe it can happen. At other times, the response is a question of why I would want to throw my career away. Other responses are doubt in my investments such as that the Canadian real estate market can crash like it did in US.
I don’t feel that all these responses are justified since I view retirement at 35 the same as I do for someone who is 65. The strategy is the same: invest money so that the income is adequate at the time of retirement and mitigate investment risks.
There are slight differences in retiring at 65 vs 35. One is that health is likely to decrease at 65 and it may not be possible to return to work in the event that retirement funds are not sufficient. Aunt Betta’s health may prevent her from topping up her needed retirement savings whereas I can always return to work or work part time if I need further income. On the other hand, retiring at 65 normally entitles you to government benefit on top of your savings.
Not everything goes to plan. The stock market and housing market may crash like it did in 2008. Health may falter and cost you extra care. Expenses may be driven up by lifestyle for a few years. These issues are not dependent on age therefore risk mitigation should be the same regardless of the age of retirement.
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The big issue, I think, is not that potential problems can occur at any age, but that by retiring early you’re retired for longer. A 60-year retirement increases the likelihood that you’ll have to deal with infrequent but problematic events at some point. On the other hand, there are a bunch of problems that you avoid (like, losing your job!). So the more flexibility you can build into your life, the better.
You talk about the option of returning to work… will you do things in your early retirement to keep yourself looking attractive to potential future employers? Like, frame your independence as a sort of consulting or self-employment gig?