You have drawn up a retirement plan and are saving every month to achieve your financial goals. However, even the most well laid out plans can go wrong. If you are forced to retire early than expected, you can struggle to support yourself, and according to the CRR at Boston College, almost 37% of people retire earlier than expected. Below are reasons which can make a person to seek for early retirement.
The CRR Study shows that there are three main reasons why people are forced to retire early. The first reason is a sickness. You may be planning to work till the age of 65- 70, but a crippling disease could kick in and change all your plans. You might be forced to stop working and start using your retirement savings way ahead of their time.
The second reason for early retirement is due to employment changes. If your company shuts down or you get fired without notice, you will have to look for new employment elsewhere or seek early retirement. If you do not happen to find a new job, you will have no other choice than to retire.
The third reason is family shocks. A divorce, ailment of a spousal or a family member moving in with you could cause a strain on your finances preventing you from saving as much money as you should. In such a case you will find that you will drain all your retirement savings quickly.