How much do I need to retire at 60?

For a 30-year retirement, target 25× annual expenses. At $48,000/year spending ($4,000/month), you need ~$1.2 million. However, Social Security starting at 62 reduces the burden - if SS covers $24k/year, you only need to generate $24k from savings, requiring ~$600k using the 4% rule.

Can I retire at 60 with $500,000?

Possible with Social Security. $500k at 4% = $20,000/year. Add Social Security at 62 (~$18-24k/year) = $38-44k/year total. This works in low-to-moderate cost areas. For higher expenses, consider: 1) delaying retirement 1-2 years, 2) part-time work until 62, 3) relocating to lower-cost area.

Should I take Social Security at 62 if I retire at 60?

It depends. Taking SS at 62 means ~30% less than full retirement age (67). If your savings are limited and you need income, take it at 62. If savings are ample, delay to 67-70 for 24-32% higher monthly payments. Each year you delay adds ~8% to your benefit.

What about health insurance from 60-65?

Options: 1) ACA Marketplace (premiums may be subsidized if income is low), 2) COBRA for 18 months if recently employed, 3) Spouse's employer plan if younger spouse still works, 4) Part-time job with health benefits. Budget $600-1,200/month for decent coverage. This is your biggest expense before Medicare.

Retirement Age

Can You Retire at 60? Pre-Retirement Calculator

Retiring at 60 puts you just 5 years from Medicare and 2-7 years from Social Security - making it much more achievable than earlier retirement ages. Use this calculator to determine if your savings can comfortably support 30+ years of retirement starting at 60.

Key Facts

5 years until Medicare (65)

2-7 years until Social Security (62-67)

Need to fund 30+ years of retirement

Healthcare: budget $8-10k/year until 65

4% rule typically works well for 30-year horizon

Most achievable early retirement age

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