Four Reasons Not to Retire Early

The Motley Fool lists four reasons not to retire early as follows:

1. You'll have to wait longer for (full) benefits.
2. You're on your own for health insurance.
3. It could harm your health.
4. You'll need to save more.

Like many mainstream articles, this one is a post in search of some relevance.

Are they serious? The reasons are W-E-A-K in my opinion.

My take on them:

1. I don't need ANY money from Social Security to retire. If I get a penny that would be a bonus!
2. Ok, so I'm going to be chained to my employer simply because I need health insurance?
3. Yes, it "could" harm your health. And aliens "could" invade tomorrow. Seriously, my health has improved dramatically since retiring. I now have much more time to work out, eat healthy, sleep well, etc.
4. I did save more. That's why I can retire on the income from my assets.

Again, was there an actual point here? It doesn't seem like there was to me.

But maybe I missed something. What's your take on their four reasons?

Comments

[Josh Stein]

I think this article was written with the "I hate everything about my job, f--- this place, but I didn't actually think about it before telling them where to go" crowd. Certainly not the readership of a site like this one.

[freebird]

Aren't most mainstream articles supposed to be directed towards the "typical" individual?

1) I'd say most prospective retirees will depend on Social Security for a substantial portion of retirement income. Cutting off Social Security payments may not be noticeable to you, but I think it would be a severe hit to the average retiree.

2) health coverage now or in the future represents the largest single expense for many families. Lots of people stick with a job primarily for the health insurance benefit, and many part timers would like to get in enough hours to qualify for employer sponsored health insurance. I don't think these people are crazy.

3) this point I would agree seems less likely for the typical worker than for those with higher incomes. Physically demanding labor, long commutes, and odd work hours certainly can be taxing to health. But some jobs come with perks like expense accounts, club memberships, or having a team of highly educated underlings to do your bidding.

A pre-Medicare retiree who isn't flush might buy a high-deductible health plan and may be reluctant to check out possible serious problems due to the steep out-of-pocket cost. Such a move can have severe consequences.

4) most studies I've seen suggest that the state of retirement savings for the median 50-60 year old is W-E-A-K. Granted some will have pensions to cover beyond what their assets can safely support but this is a shrinking minority. Also I believe most pensions are back-end loaded so getting out early carries a stiff penalty.

If you can refute these points for the typical household in the pre-retirement age cohort, I'd suggest that you post your rationale. If you can make a strong case it would be welcome news to quite a number of readers out there. Your target audience would then be much larger than what I imagine it to be.

[Araminta]

Wow! Totally agree. Plus retiring means something different for different people. Maybe I could retire tomorrow but I won't because I love my job or I love what I'm doing!

[Chloe Lee]

I totally agree that we should not retire early because we never know what it is going to happen to our life. Even people who are working in jobs that provide pensions are not safe since the company may not pay all of their pension money out due to bankruptcy.
I don't plan to retire at all, that why I am keeping myself healthy and fit so my "engine" last longer.