For a lot of people, the siren song of retirement is something they plan for most of their working lives. It’s often seen as a goal for people to reach, but what if retiring as early as possible isn’t actually the best choice for you?

For some, a life without work isn’t what they expected and starts to fall flat quickly. There are many people who actually retire, only to return to work at a later date. While the reason to come out of retirement is often related to finances, there are other reasons cited as well, including finding meaningful work and structure.

So what are the reasons for you to carry on working while you can? Here are four reasons:

1. The impact on your savings

Your retirement savings should be carefully calculated to provide you with adequate funds for the years you’ll be retired. If you retire early, there is the potential for your savings to run out. The moment you start withdrawing from your retirement savings, you lower your income potential and reduce the amount of invested funds that are generating income for you. Consider if you retire at 55 instead of 65, your savings will have to support you for an extra 10 years. This isn’t something that you may ave calculated for, which may mean you’ll end up being forced back to work for financial survival – definitely not something you’ll want to have happen.

2. The tax implications

No one likes to think about it, but the tax implications involved in early withdrawals can be quite punitive. A bit of research will show you that the IRS imposes up to a 10% penalty on any early withdrawals made from your 401(K) or IRA. If you start taking funds out of these accounts before your 60th birthday, you’ll lose a lot of extra money to the IRS – not to mention the regular income tax.

There are certain situations where you can avoid the penalty. These include things like medical expenses, tuitions, or for the purchase of a primary home. However, if you’re using the account for normal living expenses before you’re 60, you will have to pay the fee. Learning more about this from places like mywealthandinvestment is vital before you make the decision to retire early.

3. A reduction in your social security benefits

If you start claiming Social Security benefits before you reach your full retirement age, it will lower the amount you collect on each check. You can start to claim those benefits as early as 62-years-old, however, they will be reduced by up to 30% for the remainder of your life. Not a great thing to have to happen for something you’ve been paying into for so long!

If you wait to collect Social Security until you’re your full retirement age, your benefit will increase by as much as 8% each year until you reach 69.

4. The cost of healthcare

Healthcare premiums can be prohibitive. Without an employer to foot those bills, you could be facing some steep fees when you require healthcare. If you retire before you’re eligible for Medicare (which happens at 65), you will forfeit access to those employer-sponsored health plans that can save you up to 70% of healthcare costs.