Why retiring at 62 changes the number
At 62 you can claim Social Security, but claiming before your full retirement age of 67 cuts the check permanently (to 70% at 62). Bridging with savings and claiming later raises lifetime income; compare in the break-even calculator.
Each extra year of work adds a year of saving and growth and removes a year of spending, so moving the date by two or three years often shifts the target by six figures. See it on the retirement calculator's "+2/+3/+5 years" buttons.
Other retirement ages
Questions people ask
How much do I need to retire at 62?
A common shortcut is 25 times the yearly spending your savings must cover (the 4% rule). Retiring at 62 means funding about 33 years to age 95, so many planners use a 3.5–4% withdrawal rate instead. Spending $60,000 a year with Social Security needs roughly $972k under the assumptions on this page.
Can I retire at 62 with $1 million?
At a 3.5 withdrawal rate, $1 million supports about $35,000 a year from savings. Add Social Security (reduced if claimed before 67) and many people can cover $55,000–$70,000 a year of spending. Run your own numbers in the retirement calculator.
What about health insurance before 65?
Medicare starts at 65, so retiring at 62 means 3 years of private cover. ACA marketplace plans with income-based subsidies are the usual route; include premiums and out-of-pocket costs in your spending figure.
When can I withdraw from retirement accounts without penalty?
From 59½ withdrawals from 401(k)s and IRAs carry no 10% penalty. Required minimum distributions start at 73 or 75.