Summary
A financial expert explains why some people regret retiring early. They often do not consider important money-related issues before deciding to leave work. These issues can cause unexpected problems later.
Key Facts
- The average retirement age in the U.S. is about 64, but it varies by state.
- Early retirement can lead to financial challenges that retirees did not predict.
- Many people underestimate how long they will live, which can risk outliving their savings.
- Inflation can reduce the buying power of fixed retirement incomes over time.
- Withdrawing retirement funds early or without a plan can deplete savings quickly and cause tax issues.
- High spending in the early retirement years can create financial strain later.
- Tax rules on pensions and retirement income can lead to unexpected tax payments or penalties.
