Pros and Cons of Early Retirement [PODCAST 17]

In today’s episode, Tim Regan and Katie Umland talk about the pros and cons of early retirement, including the financial aspects of hanging up your working hat. Whether you’re just starting your retirement planning or are quickly approaching 65, these tips can help you prepare for the future. 

When it comes to retirement, Tim Regan often comes across two very distinct mindsets: those who can’t wait to retire, and those who can’t imagine not having a job – and neither are wrong.

Even though Social Security and Medicare benefits kick in at the age of 65, there isn’t a specific date you have to exit the workforce. Rather, each person has to choose their retirement age based on a number of factors, including:

  • Current finances
  • Future finances
  • Health
  • Travel and lifestyle goals
  • And more

When planning for retirement, individuals should also consider that their golden years could span several decades, and their lifestyle over that time may shift. For example, a healthy 60 year old you may be traveling more or spending more money on hobbies than you at 85 or 90 years of age.

“You’re only going to be so healthy, you’re only going to be so young, you’re only going to have so much energy for so long a time,” Regan explains. 

If you’re looking to retire early or just considering all your options, it may be worth your time to consult with an experienced financial advisor. These professionals can help you put all the pieces together in your retirement plan – regardless of when you want to kick off those golden years. 

Check out the full episode to hear Tim and Katie’s thoughts on early retirement planning.


Key Timestamps and Topics

  • [1:12] Why do benefits start around the age of 65?
  • [3:43] The financial gains of retiring early
  • [11:15] How to prepare for an early retirement


3 Key Takeaways

  1. Social Security was designed to benefit people who lived past life expectancy, which was around 65 years old at the time. However, now that life expectancy is higher, retiring at 65 and collecting Social Security may not make as much sense, hence why the Social Security age is increasing.
  2. Financially speaking, there are no gains in retiring early. Clients often ask whether they should retire early and whether they would be better off, but the financial benefits are limited (in fact, there are no financial benefits to early retirement!). Instead, retiring early is a lifestyle choice that depends on how someone wants to spend their time.
  3. The decision to retire early is not just about finances but also about one’s legacy and how they want to spend their remaining years. The conversation around early retirement involves considering one’s health, how much time they have left to do the things they want to do, and what legacy they want to leave behind.



  1. PrairieView Wealth
  2. PrairieView’s Youtube


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