Retiring early is a dream for many, but it’s often easier said than done. They leave their careers and give up the steady paycheck decades before the norm goes against conventional wisdom. Why do so few retire early, even if they are financially able? The underlying reason is just how mentally tricky the transition can be. Most need to prepare to abandon the many intrinsic rewards of working. Their career likely provides their primary source of identity, community, stimulation, meaning, and recognition. Letting go of that stability to chart a new path in life is too uncomfortable for many.
Yet for the bold and adaptable, embracing early retirement has benefits too. Gaining years of freedom to focus on passions, improved health from shedding work stress, building your own business, and deepening relationships are potent motivators. This guide covers the fifteen most common intrinsic rewards of employment that early retirees must learn to live without. We’ll explore why these changes are so challenging and tips to adapt and thrive in your new life stage. With eyes open to the losses retirement involves you can thoughtfully prepare for and replace these voids.
You must let go of these fifteen things to retire early:
1. Career Progress
It would be best to give up the feeling of progressing and developing new skills in your career when you retire early.
2. Career Identity
When you retire early, you lose the identity tied to having a prestigious career title.
3. Your Space/Separateness from Spouse
Retiring early means giving up having regular time apart and your space separate from your spouse.
4. Status and Job Title
Early retirement means you no longer have the status and respect that comes with having a high-level professional job title.
5. Friends/Work Friend Network
Retiring early means the instant social network and friendships you got from work disappear.
6. A Full Calendar
Once you retire early, your calendar is no longer filled with meetings and work obligations.
7. Work Dinners/Entertainment/Conversation Topics
Early retirement means losing the automatic entertainment, drama, and conversation topics from your job.
8. Fulfillment/Progress
Retiring early requires giving up the feeling of fulfillment and forward progress from work challenges and goals.
9. The Work Journey
Once you retire early, you are no longer on a journey with colleagues working towards common goals and achievements.
10. Recognition
Early retirement means losing the praise, raises, and promotions recognizing your hard work and achievements.
11. Winning and Losing/Being in the Arena
Retiring early requires giving up the thrill and emotions of competing, winning, or losing at work.
12. Drama
Early retirement means losing part of the workplace’s interpersonal drama, politics, and excitement.
13. Politics
Retiring early removes you from your job’s politics, infighting, and power struggles.
14. Social Interaction
Once retired early, the regular social interactions with co-workers throughout the workday end.
15. Income Security (Both Real and Perceived)
Retiring early means losing the real and perceived comfort and security of having a steady employment income.
Let’s dive deeper into each topic.
1. Career Progress
It would be best to give up the feeling of progressing and developing new skills in your career when you retire early. This isn’t easy because many people tie their self-worth and identity to career advancement. Humans have an innate need to feel they are moving forward and improving. Retiring can make some feel stagnant. To accept this, find other areas to progress in, like your own business, hobbies, volunteering, or passion projects. Know you can still learn and grow outside of a career.
For many, a job provides structure to constantly develop new skills and move up in an organization. With this framework, some may feel confident about how to progress. To adapt, create your structures and benchmarks for learning. Take classes, set goals to master hobbies, and find ways to stretch yourself outside a traditional job. Progress can still happen in retirement.
Being challenged and gaining new skills provides a sense of momentum and achievement. When that ends, it’s normal to miss it. Seek out mental stimulation and find new skills to motivate you. Gardening, writing a book, and teaching a subject you’re passionate about can provide progress. Retirement shifts progress to non-career areas.
2. Career Identity
When you retire early, you lose the identity tied to having a prestigious career title. This isn’t easy because a career provides their primary source of identity for many. It can be jarring to lose that sense of purpose and prestige. To adapt, focus on all your other roles – as a partner, parent, friend, and community member. Seek meaning in relationships versus job titles.
Prestigious titles provide a sense of self-importance that is hard to give up. With the external validation, some feel a gain of worth. To overcome this, realize your intrinsic value isn’t tied to artificial accolades. I’d like you to focus instead on what makes you unique.
For many, an impressive career is central to their persona. Losing that causes an identity crisis. To adjust, broaden your sense of self beyond the job. Develop new interests that help define you. Your identity is multifaceted, and retirement allows you to explore unique aspects.
3. Your Space/Separateness from Spouse
Retiring early means giving up having regular time apart and your space separate from your spouse. This adjustment is challenging because people get used to independent lives outside of their partner. Adapting to being together most of the time requires compromise. Be proactive in communicating needs for personal time and space. Schedule regular activities apart to maintain a sense of independence.
Going from limited quality time to constant togetherness is a difficult transition. Missing your autonomous work life is normal. Seek out alone time by developing individual hobbies. Be transparent with your partner and coordinate schedules. Retirement requires rebalancing relationships.
Many rely on work to provide time away, which they value. Without that escape, frustrations can build. It’s essential to discuss needs openly and allow each other breaks. Take up solo activities that give you independence. Schedule regular date nights, too. Finding new norms takes effort.
4. Status and Job Title
Early retirement means you no longer have the status and respect that comes with having a high-level professional job title. Losing this prestige can be demoralizing for some. It requires focusing less on others’ perceptions and more on self-worth. Labels don’t define you. You can find respect by volunteering your expertise to help causes you believe in.
Prestigious careers confer a sense of influence. That abruptly ends when you retire early. To adapt, find other ways to use your experience to make a difference. Mentor others, consult part-time, or join community boards to maintain meaning. Respect comes from using your talents, not just a title.
Many find pride in having an impressive title despite drawbacks. Retirement removes that external validation. To adjust, reflect on accomplishments versus accolades. Find self-respect by spending time on what matters most to you. True fulfillment comes from within.
5. Friends/Work Friend Network
Retiring early means the instant social network and friendships you got from work disappear. Building new social circles from scratch is tough. To adapt, please just reach out to existing friends first. Join new groups to meet like-minded people. It takes effort, but meaningful friendships support retirement happiness.
Losing daily social interactions with coworkers can lead to loneliness. To overcome this, schedule regular video chats to stay connected. Attend professional meetups to network. Shared experiences form bonds – be proactive in creating them.
Many rely on coworkers for adult interaction. Without that, it’s normal to feel isolated. Combat this by reconnecting with old friends, reaching out online, and joining clubs. Nurture the people who matter most to you—quality over quantity.
6. A Full Calendar
Once you retire early, your calendar is now filled with meetings and work obligations. Going from busy to comprehensive open schedules overnight is a dramatic change. To adapt, create a structure for yourself with daily routines. Join clubs requiring attendance: schedule activities, social events, and projects in advance. A fulfilling life is still possible.
Many are uncomfortable with the lack of scheduled responsibilities. Block off dedicated time for hobbies, exercise, and relaxing to adjust. You can just populate your calendar with activities you enjoy. Retirement is the freedom to plan your time, not leave it empty.
Such a stark change to open calendars causes unease. Combat this by scheduling social activities, meals, classes, volunteering, and travel. Populate your calendar based on your interests. Retirement is an opportunity to live by design.
7. Work Dinners/Entertainment/Conversation Topics
Early retirement means losing the automatic entertainment, drama, and conversation topics from your job. Adapting to less stimulation and excitement is challenging. Seek out new passions to devote time to. Schedule regular social interactions to maintain bonds. Choose positivity over drama. Retired life has less distraction from what matters.
Many relied on their job for social stimulation and distractions. To adapt, intentionally make time for enriching activities versus passive amusements. Learn, create, and experience new things. Focus conversations on family, friends, and passions versus work. Retirement can expand your world.
The workplace provided built-in socializing that disappears. To adjust, engage in cultural activities that interest you. Read books and take classes to stimulate thinking. Make friends through hobbies. Retirement allows customizing your sources of enrichment.
8. Fulfillment/Progress
Retiring early requires giving up the feeling of fulfillment and forward progress from work challenges and goals. Losing this sense of momentum takes time and effort. Find new outlets like passion projects, volunteering, and teaching to create micro-goals. Focus fulfillment on bettering yourself versus an organization. Progress still motivates in retirement.
A sense of purpose comes from overcoming obstacles. Without that, some may feel aimless. Combat aimlessness by aligning activities with values. Gardening provides progress by producing food or beauty. Fulfillment comes from what you uniquely contribute to the world.
Overcoming workplace problems provides satisfaction. In retirement, create new sources of achievement. Set physical fitness goals, write a book, and start a blog. Fulfillment comes from the journey, not the end goal. Small milestones provide momentum.
9. The Work Journey
Once you retire early, you are no longer on a journey with colleagues working towards common goals and achievements. Lacking the shared mission and camaraderie is disheartening. Seek out or form new communities focused on interests or volunteering. Contribute your skills towards group causes. Bonds form through collaboration.
Humans derive joy from banding together. When that’s lost, one can feel adrift and alone. To adapt, join groups for retirees, join teams for recreation leagues, or fellow volunteers. We all need people united by shared values and purposes.
Succeeding or failing as a team provides motivation. To recreate that sense of collective effort, join civic organizations, volunteer groups, and clubs. Contributing your skills towards shared goals creates camaraderie.
10. Recognition
Early retirement means losing the praise, raises, and promotions recognizing your hard work and achievements. External validation feeds self-esteem. To adapt, reflect on accomplishments versus applause. Feel pride in tasks well done without fanfare. Seek only approval from those who truly matter to you. Others don’t define your worth.
Feedback and recognition fulfill basic human needs. To adjust in retirement, could you reflect on your principles and act accordingly? Use your freedom to do meaningful work and hone your skills. Self-respect matters more than external praise.
Acclaim for work well done provides a dopamine hit. In retirement, pursue passions for internal rewards versus applause. You are mentoring others, expressing creativity, and helping your community provide self-worth. Inner fulfillment outweighs outer validation.
11. Winning and Losing/Being in the Arena
Retiring early requires giving up the thrill and emotions of competing, winning, or losing at work. The highs of success and lows of failure provide excitement missing in retirement. To recapture this, join competitive recreational leagues like fantasy football for example, set ambitious goals, and find challenges that test abilities. Games and friendly rivalries satisfy the need for risk and reward.
Striving under pressure and experiencing setbacks gives life texture. To recreate this, set stretch goals outside your comfort zone. Enter cooking contests, race 5Ks, take art classes, and put your skills to the test. Don’t play it safe – grow through accomplishment and disappointment.
The exhilaration of winning and the agony of losing provide meaning. In retirement, whether painting or golfing, challenge yourself to improve. Compete against former versions of yourself. The arena looks different, but the thrill remains.
12. Drama
Early retirement means losing part of the workplace’s interpersonal drama, politics, and excitement. While stressful, many feed off these dynamics. Resist provoking or engaging in gossip to recreate it. Channel that energy into passions and people that enrich your life versus drain it. Retirement is a chance to connect to what matters.
For some, the constant conflict provides stimulation, even if it’s toxic. To adapt, reflect on the stressors you don’t miss. Build relationships based on uplifting versus drama. Choose activities that provide excitement and meaning on your terms.
Office gossip and intrigue provide a diversion from daily monotony. Trading that for tranquility requires adjustment. Find positivity in the calm to pursue purpose. Drama is ultimately a hollow distraction from living fully. Embrace the simple life.
13. Politics
Retiring early removes you from your job’s politics, infighting, and power struggles. The loss of being a player is hard for some. Yet most discover that the level of politics ultimately leaves you empty. Focus energy on causes versus personal gain. Lead through inspiration, not manipulation. Actual influence creates progress.
Many find fulfillment in navigating workplace power dynamics. That drive needs redirecting to maintain meaning. Run for local office, serve on nonprofit boards, volunteer to shape change. Leave behind self-interest to make a difference.
Combativeness gives way to cooperation when you disengage from office politics. Rediscover colleagues as people versus competitors. Enjoy amity freed from conflict. Pettiness and power struggles drain the life of meaning. You can instead build things up.
14. Social Interaction
They were once retired early, the regular social interactions with co-workers throughout the workday end. Humans are wired to be social creatures. Losing daily banter and friendships means seeking new connections. Join clubs, volunteer, take classes – be proactive about networking. Enriching bonds takes effort.
Watercooler chats and joking during meetings provide a sense of community. To adapt, schedule video calls and everyday in-person activities to stay connected. Reach out more to existing friends. Nurture your meaningful relationships.
The social element of working is comforting and energizing. Recreate this by hosting dinner parties, joining recreational clubs, and volunteering as a team. Schedule weekly catch-ups with friends. Isolation drags you down.
15. Income Security (Both Real and Perceived)
Retiring early means losing the real and perceived comfort and security of having a steady employment income. Depending only on your savings requires adjustment to maintain the same lifestyle. Create a retirement budget and live below your after-tax means. Consult or work occasionally for extra income and buffer. Build your own consulting firm or business that interests you.
The certainty of regular paychecks is hard to sacrifice. To adapt, build multiple income streams – consulting, rentals, dividends, royalties, digital assets, or eCommerce. Set yearly withdrawal rates from savings to avoid depletion. Consider going back to work part-time doing something you love if needed. Retirement from your career today doesn’t have to mean retirement forever from all income producing activities.
Even with adequate retirement savings, it feels precarious to rely solely on investments. Allay fears by working part-time, developing skills with income potential, and budgeting wisely. Security comes from expanding options versus funds alone.
Key Takeaways
- Sacrificing career growth and validation requires finding fulfillment outside of work. Seek out new challenges and ways to utilize your skills.
- Losing your work identity means focusing on other aspects of yourself – as a partner, parent, friend, or hobbyist.
- Adapting to increased closeness with your spouse necessitates communication and coordination for personal space.
- Status is inner pride in your principles versus outer acclaim from titles.
- Nurture existing close friendships and be proactive in making new social connections.
- An open calendar is the freedom to schedule activities that enrich your days.
- Intellectual curiosity and cultural engagement can provide stimulation previously found at work.
- Creating small achievements and goals provides a continued sense of progress.
- Join groups and volunteer teams to maintain bonds built for everyday purposes.
- Self-approval for using your gifts matters more than external validation.
- Challenge yourself and compete to recreate the thrill of winning and losing.
- Choose relationships that energize you over draining drama.
- True influence comes from inspiring people versus political power.
- Defeating isolation requires an effort to connect with your community actively.
- Security arises from expanding income options and living below your means.
Conclusion
Retiring early can require significant mental adjustments as you transition away from the stimulation, challenges, and sense of meaning your career and coworkers provide. But by focusing on self-approval, being proactive socially, and staying intellectually engaged, you can recreate those feelings of identity, achievement, and community. Retirement is an opportunity to live life more deliberately, spending time on what matters most to you. With effort to adapt, the gains of freedom and reduced stress outweigh the losses. Most can’t – can you?