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Older adults should consider the pros and cons of early retirement 2010-05-18 Early retirement may sound like an enticing offer and for some it may be financially feasible. However, adults considering early retirement should examine a few financial and medical factors before making their decision, according to the Boston Herald. Medical costs can be high for uninsured individuals. Adults who have not reached the Medicare-qualifying age of 65 should consider whether they can carry the current and future costs of their medical needs, the Herald reports. Consumers should also take their debts into consideration. This includes mortgage or car payments and revolving debt such as credit card bills, reports the newspaper. The types of retirement income adults intend to use also come into play. Those who plan to rely mostly on Social Security should keep in mind that benefits will be reduced by 8 percent each year before the national retirement age, the newspaper advises. Some states, such as North Carolina, currently have legislation in the works for some workers who may receive full pension benefits during early retirement. However, early retirement income rules vary in many areas and seniors should examine all of the financial and medical implications that early retirement may bring about.  |
