Surprising Stats: Nearly 60% of Retirees Leave Work Early and Unprepared!
Who wouldn’t dream of retiring early? Imagine having the luxury of time to unwind, explore your passions, and enjoy life at your own pace!
Yet, a staggering 60% of American retirees found themselves hanging up their work boots sooner than they had anticipated. Research reveals that the average retirement age has dipped to 62, a full three years ahead of the traditional age of 65.
But here’s the kicker: most of these early exits from the workforce weren’t exactly by choice.
Among those who retired earlier than planned, a hefty 46% cited health issues as their reason, while 43% pointed to challenges in their jobs. Alarmingly, only 21% felt financially secure enough to make that leap.
An unplanned retirement can throw a huge wrench in your financial future. Abruptly stepping away from the workforce can lead to lost income, reduced savings opportunities, and a missed chance for your investments to grow over time.
Imagine how much your savings could swell if you could keep them untouched for just a few more years!
Early retirement can also mean scrambling to cover healthcare costs before Medicare kicks in. Losing employer-sponsored health coverage can lead to significant out-of-pocket expenses, even if you’re eligible for COBRA.
Relying on Social Security benefits to make ends meet can be a recipe for stress. And retiring before your full retirement age results in a smaller monthly benefit—something only 4% of retirees managed to sidestep by waiting until age 70 or beyond for maximum payouts.
Read more: I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 3 of the easiest ways you can catch up (and fast)
