How to Avoid Retiring Early Due to the Coronavirus Crisis

Millions of Americans have lost their jobs since the coronavirus crisis began. Unfortunately, that's impacting retirement plans.

An estimated 15% of people who have lost their jobs in the course of the pandemic are now planning to retire earlier than initially anticipated, according to the SimplyWise September 2020 Retirement Confidence Index.

Leaving the workforce ahead of schedule could have serious repercussions. If you retire early, you may be forced to claim Social Security early, thereby slashing your monthly benefit for life. Secondly, retiring early could mean falling short on savings and having to constantly cut corners in retirement to compensate. Finally, retiring before the age of 65 means having to pay for health insurance outside of Medicare, which could get incredibly expensive.

Source Fool.com