Many Americans are considering delaying retirement due to economic pressures. A report by F&G Annuities & Life found that 70% of pre-retirees over 50 are thinking about postponing retirement. A YouGov poll revealed that while 59% want to retire before 65, only 40% believe it’s possible for them.

Delaying retirement until at least 65 may seem financially wise, but it could come with non-financial risks. Working longer may negatively impact the quality of your retirement years, focusing solely on wealth may compromise health, relationships, and happiness.

Optimizing for wealth by delaying retirement can increase your nest egg and monthly income. For instance, delaying Social Security until 70 can boost your benefit check significantly. However, prioritizing finances may sacrifice health, relationships, and overall well-being.

Retiring early allows for more time to spend with loved ones and engage in activities while in good health. Early retirement can provide meaningful moments with family and enjoyable experiences, prioritizing quality of life over finances.

To retire early, consider your financial situation: have, nearly have, or have not. Overcoming psychological barriers, such as fear of boredom or lack of purpose, can lead to early retirement. Boosting income, reducing expenses, or relocating can make retirement a reality sooner.

Adjusting your budget and lifestyle combined with a few tweaks to your retirement plan can extend your quality retirement years. With careful planning and sacrifices, you can retire earlier than expected and enjoy a fulfilling retirement lifestyle.

Read more at Yahoo Finance: Retiring at 65 could be the biggest mistake of your financial life. Here’s why, and what to do instead