3 Reasons Not to Retire Before 65

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Early retirement might seem like a dream, but if you’re considering giving up your career for a life of leisure before your 65th birthday, you could be setting yourself up for some serious financial struggles later on.In fact, there are three big reasons you might not want to retire until you’re at least 65.Image source: Getty Images.1. You’ll see smaller Social Security benefits if you claim themWhile 65 used to be full retirement age (FRA) for Social Security,, that’s no longer the case. In fact, depending on when you were born, FRA (the age you can retire and get your standard benefit) could be anywhere from 66 to 67. If you start your benefits before then, you’re subject to monthly penalties that add up to reduce benefits by 6.7% for each of the first three years you’re early and an additional 5% for years before that.Most people planning to retire before 65 will probably rely on their benefits, which means incurring more than a year of early-filing penalties. You could come to regret that later if you get less lifetime income from Social Security or if you find yourself struggling to make ends meet with a smaller benefit late in retirement.2. You won’t be …

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