5 Reasons Not to Retire Early


Retiring early sounds like an ideal plan; but in reality, it may not be a good idea.

For some of you, you may be reaching that time in your life when you’re ready to let go. However, for some of you young, successful professionals you may be planning to retire at an earlier age sometime in the near future. 

According to an article by The Huffington Post, there are five reasons to hold off a little longer on that freedom you long for so much.

The preferred retiring age is 66 years old and up. If you’re that desperate to leave the workforce, then 59, 62, or even 65 might be the perfect time for you (although it’s not recommended).

Road trips down to your favorite sandy beach could cost you in the long run.

Therefore, do not consider early retirement if...

1. Your Children Haven’t Left the Nest

As rare as this may be, for some older workers their children may still be dependent. Young people from 18 to 24 years old make up a portion of the unemployment rate for post-high school graduates. You may find yourself still assisting your child with financial matters or personal purchases even at 60 years old.

2. Your Spouse is Not Retiring Too

Older couples that experience the most relationship conflict are usually retired. The reason behind this issue is that most elderly couples don’t leave the workforce around the same time. When one spouse is unemployed, the working spouse may potentially feel left behind. The retired spouse, on the other hand, may feel obligated to take on more responsibility now that they’re out of work. Most workingwomen who are married to retired husbands have reported the highest percentage of marital complications.

3. You’re Collecting Early Social Security Benefits

You are allowed to apply for early retirement starting at 62 years old, but it’s recommended that you go with a more suggested age of 66 or older. Keep in mind that the amount of benefits you receive increase the older you are. It’s best to wait until age 70 to collect the highest amount of benefits. 

4. You’re Considering a Part-time Job

As stated before, retiring early means you will receive fewer benefits. This sometimes drives people to pursue a part-time job to supplement their income. There is an earnings penalty that applies to early retirees before the age of 66. Unfortunately, you can’t have a job and get Social Security benefits at the same time. Making an income while receiving your retirement check can reduce your benefits—especially if you’re earning more than the annual earnings limit. However, if you work after 66, this penalty will not affect you.

5. You Simply Can’t Afford it

Overall, you can’t afford the risk of retiring early, especially if you haven’t set aside enough funds to last you for the rest of your life. Most 65-year-old people are living 18 to 20 years longer, according to research by the Centers for Disease Control. Your biggest fear may be that your money will run out sooner than expected or you will outlive your savings. If this is the case, then becoming a retiree before 66 years old may not be a smart idea for you.

Be patient and wait for the best time to retire so that you can reap as many benefits as possible. You don’t want to regret leaving the workforce at this moment and not have a comfortable retirement experience.