The catalyst for retiring isn't always a financial one though, though a level of financial security is needed/helpful. I am 55, and I have retired twice now... You might say that that's because I retired too early in the first place...but...the reality is more complex.
I am 55. My husband was 47 when he died, and at that time we were financially secure - I'd been in 'C' suite jobs for more than 10 years. I had always planned on stepping back at 50ish to just focus on non-exec work, with a bit of charitable work and some consulting thrown in. Semi retirement if you like. Not long after he died I decided to simplify my life - we had properties in three counties, and in 2 countries. I got rid of most of them. In the cold light of day the return on these rented out was far less than if the cash had been equities, and they consumed far more bandwidth than I wanted to give. I am now left with a house in London, and a place in Italy.
I accelerated the exit from full time to work to consulting / non exec work and semi retirement once he died, and after an 18 month break, mainly over covid. that's what I did. But, I soon found that I was actually working harder than I had been before....albeit for even more money. Money that I didn't really need. So I gave up work completely when I was 53. While married and working full time my social circle was fairly small, in terms of those I saw regular, and, quite frankly, fairly homogenous. But now I have a wider circle of friends with varying backgrounds and of varying ages, who I catch up or meet or do things with more often. They are not all retired, but they also don't all work full time, or don't wok in regular Monday to Friday roles. I have the opportunity to do more things, locally in my community, and with family and friends, to travel, to support things that matter to me. My parents are in their 80s and fit and heathy, but I am acutely aware that won't be the case for ever, so I am happy that I can make the most of time right now. And, quite frankly, my husband dropped dead at 47 - life is fragile, and can be short. So never mind work-life balance, I now have a far better life balance and feel more fulfilled than I ever did while working Even though I have lost the man I spent the best part of 25 years with.
What did work bring me, other than money? Well, there was, I thought, job satisfaction and a sense of self worth. Looking back, the status and self worth element of working was, in the end, just plastering over the fact that I wasn't really always in control of what I did and when. Someone, somewhere always wanted something. Now, its all in my control.
I loved my work, my job, the difference I made, the people and careers I developed, the sense of being part of something. And yes, the money was nice But my life now is more rewarding on far more levels. But, I accept, that is underpinned by a level of security that my career gave me. However, what brought that sharply into focus was the death of my husband, and the realisation that I already had enough - indeed, more than many. I didn't need to work any longer, so I didn't.