Retiring at 65 could be the biggest mistake of your financial life. Here’s why, and what to do instead

Core Insights - Economic pressures are leading many Americans to consider delaying retirement, with 70% of pre-retirees over 50 contemplating this decision [1] - A significant gap exists between the desire to retire early (59% of U.S. adults) and the belief that it is financially feasible (only 40%) [1] Financial Considerations - Delaying retirement can maximize financial benefits, such as increasing Social Security benefits by postponing until age 70 [3] - Continuing to work into one's 80s can further enhance financial savings, contributing to a larger nest egg [3] Non-Financial Risks - Focusing solely on financial aspects may overlook important non-financial risks that could affect retirement quality [2] - The average U.S. adult can expect to live only 63.9 years in full health, suggesting that retiring at 65 may lead to a decline in health before enjoying retirement activities [4] Quality of Life - Early retirement allows for more time with family and friends while in good health, enhancing the quality of life [5] - Prioritizing quality of life over financial gain may encourage individuals to consider retiring before age 65 [5] Practical Steps - Individuals interested in early retirement should assess their financial readiness, categorizing themselves into groups based on their savings status: have, nearly have, or have not [6]