Does the idea of going to work exhaust you physically and mentally? Do you dread heading into the office, attending meetings, and poring over reports for hours? If so, you may be suffering from burnout.
Job-related burnout can take on different forms. For some people, it can play out like deeply rooted dissatisfaction. For others, it could mean feeling perpetually down and stressed.
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Now it's one thing to suffer from burnout in your 30s or 40s. But if you're older and are struggling with job-related burnout, you may be inclined to just call it quits and kick off retirement early.
It's certainly a tempting idea. But it could have negative consequences.
The problem with retiring early due to burnout
It's one thing to plan and save for an early retirement for many years and then move forward with one once the time comes. It's another thing to rush into early retirement because you can't take the pressure or misery of working any longer. The latter scenario could have serious repercussions.
First, if you retire a good number of years earlier than planned, you might limit your ability to build up your nest egg. You might also end up tapping your savings at an earlier age than expected, thereby increasing the risk of your cash reserves running out in your lifetime.
Furthermore, if you retire early and aren't yet eligible for Medicare, you might strain your finances paying for health insurance on your own. Or, you might put your health at risk by forgoing health insurance and not following up on medical issues.
Then there's Social Security. Once you turn 62, you're allowed to claim benefits. But you won't be eligible for your full monthly benefits until full retirement age arrives. That age is 66, 67, or somewhere in between, depending on your year of birth. Retiring early could mean claiming Social Security early -- and having to accept a reduced monthly benefit for life.
Alternatives to retiring early due to burnout
It's easy to see how you might get to a place where you just can't stand the idea of going to work for one more day. But before you retire early, you may want to try the following.
1. Reset some expectations
Are you feeling burned out because your boss has unreasonable expectations? Or maybe it's you who's putting the pressure on yourself.
Either way, a major reset may be in order. Meet with your boss and explain why their demands can no longer fly. And if the problem is you, remind yourself that you don't have to be Employee of the Year if it's causing you too much stress -- you just have to do a good enough job to keep your job.
2. Explore new opportunities at your job
Maybe you've come to loathe the daily tasks you've been handling for years, like reviewing boring data. Before you quit, see if there's a way to switch up your workload and engage in projects that are more interesting or rewarding.
3. Don't be afraid to seek out a new position
If you're stuck with an unreasonable, overbearing boss and work you hate, don't hesitate to explore new opportunities outside of your current employer. Even if you have to take a lower paying job elsewhere, that may be preferable to retiring outright.
4. Become your own boss
Venturing out on your own could make it so you're able to keep doing what you do for longer, only with less stress and aggravation. If you're an advertising professional, for example, who's tired of competitive colleagues and quotas, start your own consulting gig.
Again, you may not earn the same amount of money you're used to living on. But if you're at the point where you're about to retire early out of frustration, earning something may be preferable to earning nothing.
Burnout is not an easy thing to deal with. But don't rush to retire early because of it. Doing so could really upend your senior years. Instead, try to do what you can to stick things out a bit longer if you're not really financially to call it quits for good.
