In the wake of the COVID-19 pandemic, many Americans are rethinking their financial priorities. Some have decided to cut their working years short and move into retirement ahead of schedule.

However, the Social Security Administration would prefer that you work to the full retirement age of 66 or 67, and there are financial incentives in place to encourage you to do so: retiring at age 62 instead of the full retirement age can mean up to a 30% reduction in your lifetime Social Security benefits. Will early retirement affect your financial stability in your golden years?

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