Why retiring at 65 changes the number
At 65 you can claim Social Security, but claiming before your full retirement age of 67 cuts the check permanently (to 86.7% at 65). 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 65?
A common shortcut is 25 times the yearly spending your savings must cover (the 4% rule). Retiring at 65 means funding about 30 years to age 95, so many planners use a 4% withdrawal rate instead. Spending $60,000 a year with Social Security needs roughly $827k under the assumptions on this page.
Can I retire at 65 with $1 million?
At a 4% withdrawal rate, $1 million supports about $40,000 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?
At 65 you are eligible for Medicare. Budget for Part B and Part D premiums plus a Medigap or Medicare Advantage plan.
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.