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Most Americans would probably say they need to be in the seven-figure club to consider a comfortable retirement — and they would like to retire as early as possible.
A recent Empower survey seems to confirm this view (1). The survey, which was conducted in June 2025, found that the average American thinks they should be retired by the age of 58. That is six years earlier than the actual average retirement age of 64, based on 2024 data from the Center for Retirement Research at Boston College (2).
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Meanwhile, the average American believes the “magic number” for most adults to retire comfortably is $1.46 million (3). Simply put, the ideal target is reaching well above seven-figures before 60.
If you’re on track to hit these milestones, congratulations! But there are several reasons, besides the money, you may still end up regretting early retirement.
Surveys of actual retirees keep landing on the same uncomfortable finding: The regrets that haunt early retirees are not always about the money — they’re about other things the paycheck quietly came with.
Here are three things you might want to consider before taking the plunge into early retirement.
1: A balance sheet becomes a burden
Carrying debt has different implications when you switch from steady employment income to a fixed retirement income. There’s little room for error, and if you’re carrying a lot of high-interest debt, it can quickly erode your budget, even if your nest egg is worth $1 million.
According to a national survey conducted by Talker Research on behalf of National Debt Relief, roughly 72% of Americans over the age of 55 had some debt (4). More strikingly, 62% said this debt was a surprise and that they didn’t plan for having it at this stage in life.
From unexpected medical bills to sudden emergencies, even affluent retirees can find themselves with a hefty interest payment every month.
To minimize your risk if you find yourself in debt, consider consolidating all your debts into a personal loan through a platform like Credible. Instead of juggling multiple monthly payments, you’ll have one predictable payment to manage each month.
Through Credible’s online marketplace, finding the right loan becomes much simpler. Credible lets you comparison-shop for the lowest interest rates with just a few clicks.
In less than three minutes, you’ll see all the lenders willing to help pay off your credit cards or other debts with a single personal loan.
If you owe a substantial amount, you may also want to see if you qualify for a debt relief program to help clear a significant portion of your debt.
With Freedom Debt Relief, you can speak with a certified debt relief consultant for free, who can show you how much you can save by partnering with them.
If you’re eligible, they can negotiate settlements with your creditors until all of your enrolled debt is resolved.
Read More: Robert Kiyosaki warned of a ‘Greater Depression’ — with millions of Americans going poor. Was he right?
2: A lack of mental challenges
Another reason to reconsider early retirement is your cognitive health. A study published in De Economist journal found that, on average, cognitive abilities steadily decline after retirement (5), meaning that your job and all the intellectual challenges you face daily at work might actually help keep you mentally sharp.
Fortunately, the fix could be very cheap: Try finding some way to challenge yourself on a regular basis. Whether that’s community work, a new passion project, a part-time job, freelance consulting or a seat on a corporate board, some form of mental exercise could help keep you in the game.
That’s where retiree-focused organizations like AARP can help by offering job boards and resources for retirees looking for their next challenge. At just $15 a month for your first year when you enroll in automatic renewal, their membership could be the cheapest insurance against a boring and unstructured Tuesday.
Sign up with AARP today and get 25% off your first year.
3: An absence of community and socialization
Loneliness and lack of social interaction can be another genuine health hazard in retirement. A feeling of isolation is often associated with health problems such as heart disease, depression and cognitive decline, according to the National Institute on Aging (6).
To mitigate this risk, it’s suggested that you build up your social infrastructure — before you need it. Recurring dinners, a hobby community, a faith group, a running club, all of these activities can keep you connected to others. Try to find a group, community work or social gathering that you can be a part of before you leave work permanently.
After all, the people you see weekly at 62 are the people who’ll show up at 72.
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Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Empower (1); Center for Retirement Research at Boston College (2); Northwestern Mutual (3); Talker Research (4); Springer Nature (5); National Institute on Aging (6)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
