--- title: Busey Bank | Could (or Should) You Speed Up Your Retirement Plans? description: Before retiring early, taking a few financial matters into consideration first. 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Posted by [Busey Bank](https://moneymatters.busey.com/author/busey-bank) on May 9, 2022 8:15:00 AM ![Busey Bank](https://moneymatters.busey.com/hubfs/Logos/BuseyCircleBlue.png) Find Busey on: [Facebook](https://www.facebook.com/BuseyBank/) [LinkedIn](https://www.linkedin.com/company/busey/mycompany/) [Twitter](https://twitter.com/busey) Share on: [![Share on facebook](https://f.hubspotusercontent00.net/hub/7528304/hubfs/raw_assets/public/mV0_hubspot/img/facebook-color.png?width=24&name=facebook-color.png)](http://www.facebook.com/share.php?u=https://moneymatters.busey.com/busey-bank-could-or-should-you-speed-up-your-retirement-plans&utm_medium=social&utm_source=facebook) [![Share on linkedin](https://f.hubspotusercontent00.net/hub/7528304/hubfs/raw_assets/public/mV0_hubspot/img/linkedin-color.png?width=24&name=linkedin-color.png)](http://www.linkedin.com/shareArticle?mini=true&url=https://moneymatters.busey.com/busey-bank-could-or-should-you-speed-up-your-retirement-plans&utm_medium=social&utm_source=linkedin) [![Share on twitter](https://f.hubspotusercontent00.net/hub/7528302/hubfs/raw_assets/public/mV0_hubspot/img/twitter-color.png?width=24&name=twitter-color.png)](https://twitter.com/intent/tweet?original_referer=https://moneymatters.busey.com/busey-bank-could-or-should-you-speed-up-your-retirement-plans&utm_medium=social&utm_source=twitter&url=https://moneymatters.busey.com/busey-bank-could-or-should-you-speed-up-your-retirement-plans&utm_medium=social&utm_source=twitter&source=tweetbutton&text=) [![Share on pinterest](https://f.hubspotusercontent00.net/hub/7528304/hubfs/raw_assets/public/mV0_hubspot/img/pinterest-color.png?width=24&name=pinterest-color.png)](http://pinterest.com/pin/create/button/?url=https://moneymatters.busey.com/busey-bank-could-or-should-you-speed-up-your-retirement-plans&utm_medium=social&utm_source=pinterest&media=) According to a March 2021 survey, an estimated 2.8 million Americans ages 55 and older decided to file for Social Security benefits earlier than they expected because of COVID-19. This was about double the 1.4 million people in the same age group who said they expected to work longer, presumably due to pandemic-related financial losses.1 ![A man and woman walk down the street, looking at the building next to them.](https://moneymatters.busey.com/hs-fs/hubfs/MoneyMatters/Money%20Matters%20Blog%20600X200.jpg?width=600&name=Money%20Matters%20Blog%20600X200.jpg) Many older workers were pushed into retirement after losing their jobs, and others may have had health concerns. Still, it appears that work-related stress and the emotional toll of the pandemic caused a lot of people to rethink their priorities and their retirement timelines. How do you know if you can realistically afford to retire early? First and foremost, determine whether you will have enough income to support the lifestyle you envision. Instead of accumulating assets, you will start to draw down on the assets you accumulated. For many, this can be a difficult transition—starting to spend rather than save. Below are five important factors to consider. **Lost Income and Savings** You may be sacrificing years of future earnings and contributions to your retirement accounts by retiring earlier than projected. For example, an early retiree who was making $80,000 per year would forgo about $400,000 of salary over five years or $800,000 over a decade, not counting cost-of-living or merit increases. The 10-year total rises to nearly $1 million when annual raises averaging just 3% are included. If the same retiree could have contributed 5% of salary to an employer-sponsored retirement plan with a 100% match, he or she would also miss out on $8,000 in contributions in the first year, more than $40,000 over five years, and almost $100,000 over 10 years. **Debt and Other Financial Responsibilities** If you are still paying a mortgage, have other debts, or are supporting children or aging parents, you may not financially or emotionally be ready to retire. Ideally, you should be free of "extra" financial responsibilities so you can focus on meeting your own living expenses without a regular paycheck. **Reduced Social Security Benefits** The earliest age you can file for Social Security is 62, but your benefit would be reduced to 70% or 75% of your full retirement benefit—for the rest of your life. So even if you do decide to retire, you might think about waiting to claim your benefit until you reach full retirement age (currently age 66 to 67, depending on the year you were born) or longer if you have enough income and/or savings to cover your expenses. For every year you wait past your full retirement age, your benefits will increase by 8% (up to age 70). **Higher Medical Costs** If you retire before you or a spouse become eligible for Medicare at age 65, you could lose access to an affordable employer-provided health plan. You can purchase health insurance through the Health Insurance Marketplace or a broker, but the age-based premiums are typically more expensive for older applicants. And if you seek medical treatment, you'll typically need to cover copays, deductibles, coinsurance, and some other expenses (up to the plan's out-of-pocket maximum).2 Even with Medicare, it's estimated that a married couple who retired at age 65 in 2020, with median prescription drug expenses, would need $270,000 to have a 90% chance of paying their health-care costs throughout retirement.3 **What will you do when you leave the work force early?** For years, you have spent the better part of your day interacting with others, feeling as though your time is important and well spent. When you leave the work force, the weeks immediately following can your retirement feel like an extended vacation. But then what? Make sure you have a plan not only for your finances, but for your time. The bottom line is that some people might be giving up more than they realize when they retire early. Before you say goodbye to the working world, be sure you have the resources to carry you through the next phase of your life. As you consider your plans for the future, the professionals at Busey Wealth Management can offer solutions tailored to your unique financial goals. Learn more by visiting [busey.com/wealth-management](https://www.busey.com/wealth-management). *This is not intended to provide legal, tax or accounting advice. Any statement contained in this communication concerning U.S. tax matters is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties imposed on the relevant taxpayer. Clients should obtain their own independent tax advice based on their particular circumstances.* *This material is provided for educational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities.* *This presentation is for general information purposes only. It does not take into account the particular investment objectives, restrictions, tax and financial situation or other needs of any specific client.* *Investment products and services through Busey Wealth Management are:* Not FDIC INSURED | May lose value | No bank guarantee *1 U.S. Census Bureau, 2021* *2 Kaiser Family Foundation, 2021* *3 Employee Benefit Research Institute, 2020* Topics: [Wealth](https://moneymatters.busey.com/tag/wealth), [Retirement Planning](https://moneymatters.busey.com/tag/retirement-planning) # Join the online Busey community and leave a comment below! ### Busey Bank knows Your Money Matters Money Matters, a financial blog designed to provide insights, resources and tips from the financial experts at Busey, covers a variety of topics to help you realize your financial goals. 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