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FIRE by ageHow much do I need to retire at 60?
Retiring at 60 means planning for about 35 years. At Morningstar's 35-year starting rate of 3.5%, $50,000 a year takes $1,428,571. Social Security cuts that once it starts: with $24,000 from 67, savings only pay $26,000 a year from then on.
Table by spending
| Spending a year | Savings needed | Years they last with $24,000 of Social Security from 67 |
|---|---|---|
| $40,000 | $1,142,857 | Indefinitely |
| $50,000 | $1,428,571 | Indefinitely |
| $60,000 | $1,714,286 | Indefinitely |
| $80,000 | $2,285,714 | Indefinitely |
| $100,000 | $2,857,143 | Indefinitely |
The middle column assumes the savings pay everything for 35 years at 3.5%; the right column adds an example benefit of $24,000 a year from 67, with a steady 3% return after inflation.
Claim at 62 or wait?
Claiming at 62 pays 70% of the full benefit for life; waiting to 67 pays 100%, and to 70, 124%. Waiting from 62 to 67 pays more in total from about age 79. The break-even calculator compares the ages.
Health insurance until 65
Five years before Medicare: COBRA for up to 18 months in most cases, then the Marketplace. Include the premiums in your spending.
These figures are illustrations worked out from stated assumptions, not forecasts. Real returns vary from year to year, and taxes, fees and the order of good and bad years change the outcome. See the disclaimer.
Questions people ask
What is enough money to retire at 60?
Enough to cover your spending for about 35 years after Social Security. If savings pay $40,000 a year, $1,142,857 at 3.5%.
Can I retire at 60 with 500k?
$500,000 at 3.5% supports $17,500 in the first year; with Social Security that can cover a modest budget. Retiring with $500K has the details.
What is the average amount needed to retire at 60?
There is no official average of what is needed. What families actually have: those headed by someone 55 to 64 with a retirement account had a median of $239,000 in 2025.
Check your numbers
The how long will my money last calculator tests your withdrawal with a bad start.
Sources
- Amy C. Arnott, "How Much Can You Safely Withdraw If You Retire Early?", Morningstar, September 15, 2026 (data as of September 30, 2025).
- Social Security Administration, Office of the Chief Actuary, Early or Late Retirement?
- U.S. Department of Labor, Continuation of Health Coverage (COBRA).
- Our calculation from the Federal Reserve's Survey of Consumer Finances 2025, released October 9, 2026 (public data; figures in 2025 dollars). Retirement accounts are the survey's IRAs, Keoghs and account-type workplace plans such as 401(k)s.
Keep reading
- Coast FIRE: how much you need by age
What coast FIRE means and the amount you need at 25, 30, 35, 40 and 45.
- Net worth by age in 2025: what the Fed's new survey shows
Median and average net worth by age from the Federal Reserve's 2025 survey, and what changed since 2022.
- How much do you need to retire at 40?
The portfolio you need by spending level for a 50-year retirement, what it takes to save it and how to bridge to 59½.
- Safe withdrawal rate by retirement length
Starting withdrawal rates for 30 to 50-year retirements, what they assume and what they mean for your portfolio.
Last reviewed by Asier Fernández, editor, on . Educational information only, not financial advice. How we calculate