Not all saving years are created equal. People tend to earn more when further along in their careers. Plus, older Americans are often relieved of heavy financial burdens when their mortgages are paid off or their kids finish college.
That’s around the time the IRS’ catch-up contributions policy kicks in. Retirement accounts receive favorable tax treatment, so there are limits to how much you can contribute each year. When you turn 50, the IRS extends those maximums by thousands of dollars a year depending on your account type.
By retiring early, you forfeit the chance to stuff as much money as possible into tax-privileged accounts during what are likely your prime earning years.
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