Would You Retire Early?
By ARIES1973
@ARIES1973 (11784)
Legaspi, Philippines
May 12, 2025 12:38am CST
I have a lot of ideas for business. The business I started in 2023 did not prosper not because I can't sell but because I can't deliver. I closed the business so that we won't have any problem with taxes. I was assigned in a remote place making it somehow impossible to pursue the business which was just starting. I am doing most of the major tasks and I can't find someone with the same skill. I still have my machines and I am not selling those because I am still planning to return.
My Mom told me to avail of the early retirement so I could start with my business. I don't know it this will be a good idea considering that I am only 15 years in service. My salary is also good. I want to establish a business because aside from I love sewing and creating different items out of fabrics, I also want to help the community in the long run.
If you were in this situation, would you retire early?
9 people like this
9 responses
@rsa101 (38494)
• Philippines
15h
I recently took early retirement because I had already completed 25 years of service, and the timing felt right for me. In your case, if you're eligible like I was, it might be worth considering, as long as you have a solid fallback plan in place. If I were in your position, I would be cautious and work on establishing a business while still employed. With the support of your family, you could manage both until your business becomes stable. Once the business demands your full attention, that might be the right time to fully commit to retirement, ensuring you have a secure fallback in place.
4 people like this
@ARIES1973 (11784)
• Legaspi, Philippines
15h
That's a great suggestion and that is also what I have in mind. I shouldn't start a business after retirement rather, I should have a stable business while I am still active in service. That by the time I retire, I would only continue the business if it would need my full attention. Besides the number of years in the service is a factor for computation for retirement benefits which in my case would be a little low.
3 people like this
@rsa101 (38494)
• Philippines
15h
@ARIES1973 That's true as well. I'm not sure if taxability is a concern in your work. I decided to avail mine since I saw it was already tax-exempt, so I let it go. If you still enjoy your work, why think about retirement so early? I assume you're working in the government, and your tenure seems secure enough to get a better retirement pay if you stay longer.
3 people like this
@ARIES1973 (11784)
• Legaspi, Philippines
13h
Yes, thank you for sharing your thought on this matter. In today's current economic situation, we need to ensure that that our income is secured before making any drastic moves.
1 person likes this
@allknowing (145332)
• India
12h
Can you not take leave, get some assistant and pursue your business and see how it pans out. Then you can resign.
1 person likes this
@ARIES1973 (11784)
• Legaspi, Philippines
11h
That's probably a good idea. I mean I can file a leave for a week or two and start the business. I don't need to resign because I want to have benefits and pension which can only be given to retirees.
1 person likes this
@allknowing (145332)
• India
11h
@ARIES1973 As they say a bird in hand is worth two in a bush Your job at the moment is that bird.
1 person likes this
@cherigucchi (14962)
• Philippines
11h
Can you not pursue the business while you are still working? I hope that you can work on it soon. Goodluck
1 person likes this
@ARIES1973 (11784)
• Legaspi, Philippines
10h
I actually started one in 2023 but I had to close it because I was assigned in another place in 2024. I could no longer manage the business. I am planning to start again but still making some research so that I would do it right this time. Thank you for sharing your opinion.
@Fleura (31656)
• United Kingdom
12h
It would be a big step to give up a secure job to gamble on succeeding in business. As others have said I would try to get the business going while still working. Of course that is hard to do because there is only so much time in the day!If I was more confident I would work and save until I had enough money put away to keep me going for several months, then leave the job and work hard at getting the business up and running.
1 person likes this
@ARIES1973 (11784)
• Legaspi, Philippines
12h
Time constraint is the issue. But there are other business types which can be done without requiring much skill. With the kind of business I started before, it really needs someone with a skill. So, I would probably think of some kind of business which I can delegate the task to others. I am thinking of a retail business. Thank you for dropping by.
1 person likes this
@Fleura (31656)
• United Kingdom
11h
@ARIES1973 There are many stories of people who have started a successful business while working or doing something else. It might help to read about their experiences. I could suggest a couple of books but it would probably be more useful for you to find some from your country because their experience will probably be different.
1 person likes this
@Ineeddentures (920)
•
9h
No
I would not retire early if I was in the situation you describe.
You have a good job, a good salary and those things are enough reason to postpone retirement for a while yet
1 person likes this
@ARIES1973 (11784)
• Legaspi, Philippines
6h
Thank you for sharing your thought on this. Yes, I have a good job and perhaps I just need to delay my plan of putting up a business and just focus on my current work. I can also put up a business that I can allow other people to manage.
1 person likes this
@Ineeddentures (920)
•
5h
@ARIES1973
Allowing other people to manage our new and fledgling business carries a few risks.
At least that is what I found.
The manager has to be as committed to it as you are.
If not, well, it might not be a viable business very long
@BACONSTRIPSXXX (14980)
• Torrington, Connecticut
5h
if I could I would, I plan to retire by 62 god willing
@Traceyjayne (1908)
• United Kingdom
6h
I would retire in a heartbeat but it seems what might be best for you is to continue to work part time as you say the money is good....then work on your own business part time too. Once your own business takes off you can stop working for someone else.
1 person likes this
@LooeyVille (52)
• United States
9h
No, I would keep on working as long as I could to save up for later.
