While early retirement can be alluring, it presents significant financial and emotional challenges. Retirement savings must stretch for a potentially longer duration than expected, making it crucial to manage withdrawals carefully. Additionally, those retiring before age 65 face steep healthcare costs due to ineligibility for Medicare. These risks highlight the necessity for careful planning and consideration before making the leap into retirement.
Running out of money is a major concern for early retirees, as longer retirement spans mean savings must last longer than traditional guidelines expect.
Healthcare costs can severely impact a retiree's budget, especially since Medicare only starts at age 65, necessitating private insurance earlier.
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