Key Points It's important to think through your options before taking the leap into retirement. Working another year could make it possible to grow your Social Security benefits to make up a lack of savings. It could also spell the difference between more and less affordable healthcare coverage. The $23,760 Social Security bonus most retirees completely overlook › At this point, a lot of people are getting ready to put 2025 to bed and welcome in 2026. And you may be especially excited about the n ...

Core Insights - Early retirement at age 60 is feasible with proper financial planning, particularly with sufficient assets and no mortgage [1][5] - Key considerations include understanding retirement accounts, healthcare costs, and Social Security benefits [3][4][7] Financial Situation Assessment - Evaluating financial status involves analyzing assets such as retirement accounts, savings, and home equity against expenses including housing, food, and discretionary spending [3] - A comparison of income sources to expenses is essential to determine if adjustments to savings are necessary [3] Retirement Age Implications - Retirement age significantly impacts future income and expenses, with Social Security benefits not available until age 62, and full benefits at age 67 or 70 [4][7] - Early retirees must self-fund healthcare for five years until Medicare eligibility at age 65, necessitating budgeting for private insurance [4][6] Retirement Account Rules - Withdrawals from a 401(k) can be made penalty-free starting at age 55 if the employer is left, but income tax will still apply [5] - Delaying withdrawals is advisable to allow investments to grow [5] Healthcare Considerations - Budgeting for five years of individual health coverage or COBRA is crucial for those retiring before age 65 [6] - Individuals with health issues may consider delaying retirement to maintain employer-sponsored insurance [6] Social Security Strategy - Claiming Social Security at age 62 results in a permanent reduction in benefits, while waiting until full retirement age increases benefits by approximately 30% [7] - Delaying until age 70 maximizes benefits further to 132% [7] Mortgage Management - Paying off a mortgage before retirement can alleviate financial stress when transitioning to a fixed income [8]