You can retire at 60 with roughly $1M–$1.75M saved. At 60, you’re just 2 years from Social Security eligibility, 5 years from Medicare, and well past the Rule of 55 threshold — making this a very achievable early retirement target.
How Much You Need to Retire at 60
| Annual Spending | Nest Egg Needed (25x) | With Social Security at 62 |
|---|---|---|
| $40,000 | $1,000,000 | $750,000 |
| $50,000 | $1,250,000 | $950,000 |
| $60,000 | $1,500,000 | $1,150,000 |
| $80,000 | $2,000,000 | $1,550,000 |
The “With Social Security at 62” column assumes $1,500/month in benefits reducing your portfolio withdrawal needs.
Your Timeline at 60
| Age | Milestone |
|---|---|
| 60 | Retire — use Rule of 55 (if applicable) or taxable accounts |
| 59½ | All retirement accounts penalty-free (likely already passed) |
| 62 | Earliest Social Security (reduced ~30%) |
| 65 | Medicare eligibility |
| 67 | Full Social Security benefit |
| 70 | Maximum Social Security (132% of full benefit) |
Social Security Decision at 60
You’re 2 years from claiming. The timing decision is critical:
| Claiming Age | Monthly Benefit (est.) | Annual | Lifetime by 85 |
|---|---|---|---|
| 62 | $1,500 | $18,000 | $414,000 |
| 65 | $1,800 | $21,600 | $432,000 |
| 67 (full) | $2,150 | $25,800 | $464,700 |
| 70 (max) | $2,665 | $31,980 | $479,700 |
Strategy: If your portfolio can support 2–7 years of full withdrawals, delaying Social Security to 67 or 70 significantly boosts lifetime income.
Healthcare: Age 60 to 65
| Option | Monthly Cost (est.) | 5-Year Total |
|---|---|---|
| ACA Marketplace | $500–$1,200 | $30,000–$72,000 |
| Spouse’s plan | Varies | Best if available |
| COBRA (18 months) | $600–$2,000 | Bridge option |
Budget $40,000–$75,000 for healthcare from 60 to 65.
Bottom Line
Retiring at 60 is one of the most practical early retirement targets — you’re close to Social Security, Medicare is just 5 years away, and all retirement accounts are penalty-free. With $1M–$1.75M saved, a 5-year healthcare plan, and a Social Security delay strategy, it’s well within reach for many Americans.
See can I retire at 55 or can I retire at 62 for comparison.