Home / FIRE by age / How much do I need to retire at 65?
FIRE by ageHow much do I need to retire at 65?
Retiring at 65 means planning for about 30 years, with Medicare from the start. At Morningstar's 30-year rate of 3.9%, savings that pay $30,000 a year on top of Social Security take $769,231.
Table by spending
| Spending a year | Savings needed | Years they last with $24,000 of Social Security from 67 |
|---|---|---|
| $40,000 | $1,025,641 | Indefinitely |
| $50,000 | $1,282,051 | Indefinitely |
| $60,000 | $1,538,462 | Indefinitely |
| $80,000 | $2,051,282 | Indefinitely |
| $100,000 | $2,564,103 | 100+ years |
The right column assumes an example benefit of $24,000 a year from 67 and the savings paying everything for the two years before, at a steady 3% after inflation.
Social Security at 65
Full retirement age is 67 for anyone born in 1960 or later. Claiming at 65 pays about 86.67% of the full benefit; waiting to 70 pays 124%. Delaying while savings pay the gap can make sense if you expect a long life: waiting from 67 to 70 breaks even at about 82.5.
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
How much money do I need to retire at 65?
Your spending minus Social Security and any pension, divided by about 3.9%. If savings must pay $40,000 a year: $1,025,641.
Is 65 a good retirement age?
It is the age Medicare starts, which removes the largest cost of retiring earlier. Social Security is still slightly reduced at 65 for anyone born in 1960 or later.
What if I retire at 65 instead of 67?
Two more years of withdrawals and, if you claim at 65, a benefit of about 86.67% of the full amount for life. You can also retire at 65 and delay claiming to 67 or later.
Check your numbers
The how much do I need to retire guide and the Social Security break-even calculator.
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?
- Social Security Administration, Delayed Retirement Credits.
- Social Security Administration, Retirement benefits if you were born in 1960 or later.
- Medicare.gov, When does Medicare coverage start?
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.
- How much Social Security will I get if I make $X a year?
Monthly benefits at 62, 67 and 70 for salaries from $25,000 to $200,000, with the SSA's own formula.
Last reviewed by Asier Fernández, editor, on . Educational information only, not financial advice. How we calculate