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Photo by: Ron Dickinson

Retiring too early
Attractive as it may seem, early retirement may mean leaving too much money on the table. First, you give up income you would have earned during what might be the best-paid years of your career. Retiring early can also result in sharply reduced pensions, including CPP, as well as lost benefits. Since OHIP and other provincial plans don't cover many health costs, you'll have to search out individual health insurance at an age when costs are much higher.

* If you're in good health and have a choice about when to retire, consider waiting until you're a bit closer to full retirement age.