Early retirement refers to the option of leaving the workforce and ceasing to work for pay at an age earlier than the traditional retirement age, typically considered to be around 65. Individuals who choose early retirement often do so for various reasons, including personal preference, health issues, financial independence, or the desire to pursue other interests or activities outside of a formal job. Early retirement usually requires careful financial planning to ensure that sufficient savings and investments are available to sustain an individual’s lifestyle without the regular income associated with employment. Consequently, early retirees may rely on various sources of income such as pensions, Social Security, or personal savings. The concept also encompasses the potential challenges and considerations involved, such as adjusting to life without structured work, managing healthcare benefits, and ensuring long-term financial security.
A federal court in Boston approved a controversial early retirement program, impacting federal workers. Participation was significant, with around 75,000 employees, or 3% of the federal civilian workforce, opting for…