How much is enough
The toughest part of early retirement is knowing when you have enough saved to retire comfortably without running out of money. Working longer prevents this problem. The big question is how much is enough? Early retirement opens up a lot of opportunities, but obviously the longer you work and save the higher your net worth is.
I think the “living to work” mindset plays into people wanting to retire later even past the standard 65. I have known several people who believe if they’re not working they have nothing else to fulfill themselves.
If you live in Canada the average life expectancy for a male is 79 years and a female 83 years. For a couple one out of the couple can be expected to live well into his/her 90s or longer. Statistic Canada
Back in the early 1900’s when a lot of Social Security started life expectancy was 50 years, so not many lived long enough to collect. In 1927, the Federal government introduced the first old age pension.
In 1965, the Federal government further reformed the public pension regime when it introduced the Canada Pension Plan (CPP). That’s how we have the standard 65 years of age for retirement. Canada Income System
Why I don’t want to work until I am 65
I am sure you have heard the saying 60 is the new 40, but is it really ? Maybe 60 is, but I have noticed that once you get into your 70’s you don’t want to travel as much and health can be an issue. Travel insurance is expensive and most retirees want to slow down and stay closer to home. There are exceptions, for most retirees by the time they are in there 70/80s they start having mobility/health issues.
Some experts discourage people from retiring at 65 and suggest working a few more years to fund their retirement. That would help some people financially, but that’s not for me. I would rather save more now and have a longer more enjoyable retirement. I want to travel and RV. Once I am in my 70’s I will probably prefer to stay home or easier traveling like cruises or all-inclusive packages.
“I would say the greatest gift is time. Money, real estate, stuff, can be bought or stolen, but you’ll never get an extra hour back,”(sorry I don’t know who the quote came from).
Only 5-10 good years of retirement after 45+ years of working sounds like a poor trade-off, that’s why I will not wait until I am 65 to retire. I will be a little more frugal and delay gratification now, save as much as I can so I can retire early.
Don’t wait for retirement to enjoy life !!