Financial Independence vs Retirement. What should people be concentrating on? I say financial independence and here is why.

I think that traditional retirement as it has been defined has lost its appeal. Especially to the younger generations. People do live longer now. The thought of retiring to the rocking chair. Of just withdrawing from all and any form of passion-driven opportunity for the rest of our life. That all seems to be an outdated notion. Today people are interested in multiple income streams, side hustles, and all kinds of corporate liberation. I say that instead of concentrating your plan on saving for retirement. Instead concentrate your plan on financial independence.

Question: How does someone get to a point where they can actually retire early?

Answer: With financial independence. It is the only ticket to the big retirement show. That is why it should be people’s focus.

Financial Independence Wins

• Financial independence should be the priority goal
• Just forget all about traditional retirement. It is no longer a valid lifestyle model.
• Financial independence allows you to have a choice to retire early and if you desire to retire often. Where you can choose to retire young while you have the energy to pursue your passions. Doing what you value instead of working out of necessity.
• Financial independence enables people to change careers, pursue starting a business, or cut their working hours to have more time for non-work related passions.
• Financial independence is the rocket ship straight to retiring to a passion-driven lifestyle.
• Financial independence can reduce daily stress. It allows people to live with the knowledge that they are living life on their terms. Even if their choice is to work at something they are interested in doing.
• Instead of saving for retirement, save enough to where you have the choice and freedom to retire early and/or stay engaged in paying endeavors.
• Look at retirement savings as the one thing that will allow you to do what you value most which can include working in retirement.

Financial Independence vs Retirement, Another Way to Look at Things

By no means is Leisure Freak Tommy giving up on early retirement with this post. I am just trying to shed a different light on what really gets you there. It is just a different way to look at what the focus is. It still comes down to having a strategic retire early plan that includes your two crucial basics, spending discipline and saving/investing. You still will need to spend less and save more, live a smart-frugal and balanced life, and rid yourself of debt.

If anything else if you have read my site you know that I am always going on about redefining retirement and challenging the social norms associated to it. What I have found is there are many people who don’t care how retirement is defined one way or another. They consider anything associated to the word retirement as a big turn-off. So if you are someone who can’t stand seeing anything about retirement, just think financial independence when you see the words retire or retirement on the Leisure Freak site.

Save Now or Pay With Regret Later

Planned or not, many people can’t retire to the traditional retirement and so they continue to work into their old age for various reasons. They can’t afford to retire because of a lack of savings, high debt, underwater mortgages, or low paying pensions if they even had one. It is not like you can easily depend solely on interest and dividends to finance your retirement or to quickly grow your portfolio without already having a large portfolio. They have no choice but to continue working until they can no longer do it. It is an unfortunate situation to be in so planning and saving for financial independence is crucial.

Others came to the conclusion that the traditional retirement isn’t a realistic lifestyle for them. They planned for and saved for a retirement and lifestyle on their own terms. They have choices and can either choose to work at an opportunity of interest or not. They can live a passion-driven life and not have-to work at something until they no longer can.

It was only through financial independence that I was able to retire at age 51 from a telecommunications engineer career-driven life and get to be where I am now, retired to a passion-driven lifestyle.

I hope to live a long time and that means having a long retirement. I can’t see sitting on my butt for 30 or 40 years. Sure when I get old and disabled from all of this activity that is exactly what I will be doing but until then the plan for me and I think others if they sat down and actually thought about it is to stay open to opportunities of passion and interest.

Conclusion

Whatever you feel about retirement or what I am ranting and raving about here, the most important thing is everyone MUST save for their future regardless of their thoughts about ever retiring. There may come a day when you just can’t continue doing what you are doing for pay now. You can’t see the future and your health, the business climate, or the ability to just slog it out through a miserable career. Give yourself options by planning and saving for financial independence.

Financial Independence vs Retirement, what are your thoughts?