1. Market Downturns Are Inevitable

A report from the University of Michigan showed just how much the 2008 recession and the market downturn it brought affected older Americans, who are extremely vulnerable to financial instability.

Experts say that downturns are inevitable and cyclical, and even if the next one won’t be as catastrophic as the Great Recession, a crisis that coincides with your decision to retire early could erase a huge chunk of your savings with almost no warning signs, as it did for millions of people starting in 2008.

While the younger workers have time to cope with the crash and wait for it to rebound, the older ones don’t. Seniors can find themselves struggling to live their golden years on a tight budget.