Forty-four percent of those who plan to retire early cite spending more time with family and loved ones; 34% said they have come to realize that personal mission is more important than saving for retirement; 32% said they can afford it; 28% said they want to focus on priorities ad hobbies outside of work; 22% said they either got laid off or their work situation has changed due to remote work; and another 22% said they were offered a buyout due to the pandemic.
When asked what’s more important, the study found that most adults (60%) prioritize personal fulfillment such as doing something that they care about over salary and income potential (40%) in their careers.
“This is a really fascinating finding and one that advisors should take note of as they work with their clients,” noted Mitchell. “What people prioritize goes well beyond their bottom lines. The best advisors understand their clients’ values and motivations, not just their financial situations.”
The 2022 Planning & Progress Study was conducted by The Harris Poll on behalf of Northwestern Mutual and included 2,381 American adults aged 18 or older who participated in an online survey in February.