20 Retirement Planning Mistakes That Waste Your Money

Retiring Too Early

Retiring early has two main disadvantages. First, the earlier you retire, the less time you have to save for retirement.

The second disadvantage has to do with your Social Security payouts. Although you can retire as early as 62 and start receiving Social Security benefits, your age dictates the size of your payout. For example, if your full retirement age is 67 and you start your retirement benefits at 62, prepare for your monthly benefit amount to be reduced by about 30 percent.