Early retirement is when an individual stops working or quits his/her job before the usual statutory retirement age. For example, retirement in someone’s late 40s can be considered early retirement.
Early retirement is usually planned due to someone's incapability to work further or achieve specific goals. For instance, an individual might go for early retirement to pursue his/her passion for cooking and turn this passion into a source of income.
However, in some instances, one might not plan for early retirement, and the individual might need more assets to last longer. Thus, every individual, whether or not they want an early retirement, should plan for it to be financially secure.