4 Drawbacks of Early Retirement You Need to Know About
There are plenty of good reasons to retire early and enjoy more leisure time when you're younger. But early retirement isn't always the rosy existence you'd expect it to be. There are several disadvantages associated with leaving the workforce at a relatively young age, so consider these consequences before making a move.
Though you might think you'll manage to cut your costs in retirement, the fact of the matter is that you may end up needing more income than anticipated. And the sooner you retire, the less opportunity you'll have to save.
While it's true that some older workers are well positioned as far as their retirement savings go, the majority are glaringly behind. The median savings balance among older workers aged 56 to 61 is just $17,000, which clearly won't go very far in retirement.
Source: Fool.com
