Why Entrepreneurs Should Take Early Retirement While the idea of early retirement has become a buzzword in the tech field, it isn't that easy
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How will it feel when there will be no clocking in and clocking out? Would you be able to escape the daily grind of working life before your 60s?
A lot of entrepreneurs face a dilemma that whether they should take an early retirement from the company or should they keep it continuing.
"It might change your goals and your daily routine, but early retirement gives your life a breather," says Jack Ma, the chairman of Chinese giant Alibaba, who recently shared the news of him stepping down at 54 next year.
While the idea of early retirement has become a buzzword in the tech field, it isn't that easy. A secured early retirement needs early planning of life. For entrepreneurs, it is much more difficult than it sounds. How could you possibly give up the control of your business and leave other people in charge of taking care of it?
On one hand, it gives our lives new goals; on the other hand, it causes anxiety. While the latter is the equation with most of the entrepreneurs, there are not many early retirees across the world. According to the Jan report of this year, if you plan your career early, then probably you can take time for relaxation, travelling and spending more time with family in your 40s, 50s and 60s. In fact, some of the economists at the University of Amsterdam also affirm that early retirement can lengthen your life, in a 2017 study, published in the Journal of Economics.
Here's in what other ways it can benefit entrepreneurs,
An Opportunity to Start a New Career
If you feel that it's your saturation point and there is more you can do in your life, switching the career can be the better idea. As an entrepreneur, there are many things that you miss out in life. It could be your personal interests or your family, kids and much more. A new way in life sometimes gives you a new perspective for it.
There is absolutely no way you can escape stress from your working life. At times, it becomes so stressful that it starts taking a toll on your health. Before it worsens, entrepreneurs should not wait until they turn 50 or 60. A New York Times report talks about an analysis in the United States found about seven years of retirement can be as good for health as reducing the chance of getting a serious disease (like diabetes or heart conditions) by 20 per cent. Positive health effects of retirement have also been found by studies using data from Israel, England, Germany and other European countries.
Sign Up for Travel
The earlier you retire, the more years you'll have before health issues begin to limit your mobility. If your someone wants to travel the world, then early retirement from the business should be your goal. The Chinese billionaire Jack Ma also has plans to travel the world post-retirement.