7 myths about retiring young debunked

If you think you know about retiring young, think again — here are seven myths about retiring young debunked by experts, statistics, and cold hard facts.

1. You’ll get bored without work

One of the biggest myths about retiring young is that you’ll be easily bored without work taking up most of your time. However, this myth is easily debunked; knowing what to do with yourself after you retire is key.

Early retirees-turned-experts mention that full-time travel, fitness, reading and writing can all be worthwhile ventures, and that maintaining a tight social circle is key. Additionally, with enough side hustles, you could be just as busy as when you were fully employed.

2. You can’t bank on social security

Social security benefits are a hot topic for retirees both young and old. Young retirees are under the assumption that social security benefits are going to dissipate completely in the coming years, but that’s not entirely the case.

Forbes reports that though the particular fund that social security is paid out of may run out eventually, due to the highly political nature of these benefits, it’s extremely unlikely that the entire program will close. Financiers and governmental officials estimate that young people will still get their benefits, but it might be less than past generations.

3. Retiring young means cutting back like crazy

Self-made millionaire Sam Dogen reports that upon retiring, your annual income can decrease as much as 80%, which many believe means that you’ll be having more baloney sandwiches than caviar throughout your non-working years.

However, this myth is easily debunked as well. If you haven’t been a high spender your whole life, Dogen reports, a decrease in income won’t be a huge shift. And even if you have been splurging most of your life, making minimal life changes to save money, like using a public library or getting a burger instead of a steak, doesn’t mean your quality of life has to go down.

4. You’ll finally be happy without having to work

Those who really hate working believe that upon retiring, they’ll finally get the chance to enjoy life. But just because you’re retired doesn’t mean that you’re happy. In fact, Inc.com reports that the 96% of retirees that noted being happy during their retirement also told the survey that they felt they had a purpose in life.

Without some direction, motivation, goals or values, your retirement might feel just as empty as your work-life did, even if your aspiration is to retire young. It’s important to have something you want to achieve in retirement, like a hobby, passion, or humanitarian objective to achieve if you’d like to be happy in your golden years.

5. You can retire after your first million

While a million dollars used to be the ultimate signifier of a life well-lived, unfortunately, a million isn’t what it used to be. Statistics indicate that over 13 million households in America have one million dollars or more, so if you really want to retire young and still maintain some level of financial security, set your goals a bit higher. Experts say that knowing your yearly living expenses will determine how long you need to continue working.

The average American retiree spends roughly $3,800 per month or $45,000 per year, but unforeseen circumstances can always send that number through the roof. Don’t assume you can retire on the minimum amount possible to live, as unforeseen circumstances can drain your bank account faster than you’d hope.

6. You’ll have no identity without work

Losing one’s identity may be one of the main myths worth debunking when one aspires to retire young. Though it’s easy to slip into “workism,” burnout isn’t something to gloat about, and identifying too heavily with the masochistic aspects of job culture isn’t advisable for long-term psychological soundness.

When you finally retire, and the smoke clears from the forest fire that was your burnout, you finally have a moment of peace to think about who you’ve been all these years, and what you might want out of your new life. You may come to realize that you’ve spent years investing in the growth of companies, but not your own growth. However, this isn’t as grave as it sounds; if one takes extra measures upon retirement to rediscover themselves with tasks like going to therapy or trying new activities, a sense of self isn’t lost forever in retirement.

7. The transition is easy

Finally, you might think that work was the hard part, and staying home will be a piece of cake. But even retiring young can be a painful transition. Whether you’re staying home in a house full of people, pets and kids, or just one spouse, being home constantly can be tough for those around you to adjust to.

In fact, in Japan, it’s reported that “retired spouse syndrome” is the leading cause of divorces in elderly couples. Affecting mostly women whose husbands are retired, physical symptoms such as chills, muscle aches, fatigue and stomach ailments begin to manifest. While that phenomenon isn’t as prevalent in America, it’s definitely present culturally, The Washington Post reports.

Many marriages have trouble weathering the storm of retirement, so if you’re looking to retire early, make sure that you and your spouse or partner have a plan of action regarding how to confront conflict, scheduling, and leisure time.