We are older parents in our late 50s with a 15-year-old son. We’ve saved enough for his college costs and even our retirement — is it weird to retire in America with kids still in school?

What to consider before retiring early

One of the first things to think about is whether the peers in your social group are going to be retiring along with you — or whether you'll be one of the first.

The median age of retirement is 62 in the United States, according to the Employee Benefit Research Institute (EBRI) — with seven in 10 Americans stating they left the workforce before reaching age 65.

Therefore, if you're in your late-50s, some of your friends may be getting close to retirement, but many probably plan to work into their 60s. If your social circle is on the younger side because you've become friends with other parents, most of your friends may be years away from leaving.

Now, there's nothing wrong with being the first to retire. However, you could find yourself bored and lacking opportunities to foster social connections.

According to a study from the National Library of Medicine, retirees are more likely to experience depression compared to older Americans still in the workforce.

Social isolation can both decrease quality of life and impact one’s overall health. Many people build their social lives around work or family activities, but once they enter the retirement years, they're left without the social circles they've come to depend on.

This may lead to dissatisfaction unless you're prepared to branch out and make new retiree friends — and you may not have much in common with them, as only around 6% of Americans age 65 or older live in a household with school-age children, according to KFF.

Another consideration is what you’ll do in your retirement years, aside from raising your kids.

Perhaps you'll relish the freedom to attend your kids’ sporting events and other extracurriculars — but many teens don't necessarily want a high level of parent involvement outside of their school lives, so that may not be an option in your situation.

In addition, if you still have school-age kids, traditional retiree activities — like travel or long-delayed home renovations — may not be in the cards for the first few years.

So, you'll need to really think about how you're going to fill the days and years — especially when you're extending retirement by leaving work early.

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Will your finances be stable for the long haul?

When you're evaluating whether your money will last if you opt for an early retirement, it's important to realize there are many additional costs that need to be factored into the decision, in addition to those college fees for your kid.

First and foremost, you aren't going to qualify for Social Security retirement benefits for a few more years — and if you want to max out your benefits, you'd have to wait even longer until you hit age 70. So, you'd be completely reliant on your investments and other personal savings to support you until that time.

You're also still going to have a few years until you become eligible for Medicare at age 65, so you’d have to shop around for private health insurance — which doesn’t come cheap.

If you don’t have an emergency fund already, consider setting aside some money in your annual budget to account for an unexpected expenses, such as a medical emergency or a leaky roof. This will help you avoid having to dip into any savings or investments in your golden years.

Finally, you may want to sit down with a financial adviser to help you map out whether or not an early retirement could work for you and your lifestyle — while also taking into account your kids’ college tuition.