Ask Your Melbourne Accountant About Early Retirement

Early retirement is what many workers dream of. They enviously look at police officers, airline pilots and military servicemen as well as other similarly employed individuals who accrue full benefits by the time retirement comes around the corner and are then free to live their lives on their own accord. Even the idea of working over sixty five years of age is something that does not appeal to everyone. Your Melbourne accountant will most likely tell you that while on many levels, early retirement sounds enticing, it does have its disadvantages and may not be for everyone. For instance, a sudden upheaval to the daily routine, less productivity and less money are just some of the downsides that retiring early brings.

Routine Upheaval

If you notice how people with routines that are structured seem to lead happier lives, you would be right. People tend to feel more accomplished when they juggle many different jobs. Following a schedule set in stone forces good skills in terms of time management. Early retirement leads to an upheaval in routine and thus less to show for the time they spend.

Less Productivity

Many times, employees that have spent year after year doing a countdown to their days of retiring sometimes realise that on the other side, the grass is not always greener. Of course, they may not be keen on admitting it but many miss the routine of having a nine to five job. Plus while they are able to go fishing, tennis or golf now that they are retired, it is surprising how quickly these activities become boring or tiresome.

Not As Much Money

Your accountant Melbourne will tell you that for employees, early retirement means an income drop. When you cease to work, the paycheck ceases to arrive. After all, a paycheck is something that only people who work get consistently. Of course, there are benefits of pension and perhaps a social security. However, these benefits do not always add up to the earned income of someone who had been working for years. Find out what the benefits of later retirement are from your small accounting firm Melbourne and talk to a qualified Melbourne accountant today.

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