Can I Retire at 62?
Sixty-two is the earliest Social Security age, which makes it the most common early retirement date in America — and the one where the claiming decision does the most damage if it is made by default. Plan to 95 and that is a 33-year horizon — which is the number that decides everything else on this page.
What each balance supports to age 95
The middle column is the largest monthly withdrawal that survives 33 years at 5% returns and 2.5% inflation, rising with inflation each year. The right-hand column adds an average Social Security benefit once it starts.
| Balance | Sustainable for 33 years (to 95) | Plus average Social Security from 67 |
|---|---|---|
| $300,000 | $1,103/mo | $3,079/mo |
| $500,000 | $1,839/mo | $3,815/mo |
| $750,000 | $2,759/mo | $4,735/mo |
| $1,000,000 | $3,678/mo | $5,654/mo |
| $1,500,000 | $5,517/mo | $7,493/mo |
| $2,000,000 | $7,357/mo | $9,333/mo |
Getting at your money at 62
Every retirement account is available penalty-free. The decision that matters at 62 is not access but sequencing: whether to claim Social Security now at 70% of your full benefit, or to bridge from savings and let it grow 8% a year.
Health insurance
Three years of private cover before Medicare. Marketplace subsidies are income-tested, so a retiree who claims Social Security at 62 may push their income above a subsidy cliff and pay more for insurance than the benefit is worth in those three years.
Social Security at 62
Claiming now pays 70% of your full benefit — a permanent 30% reduction if your full retirement age is 67. If you are the higher earner in a couple, that reduced amount also becomes the survivor benefit. Run the break-even calculator before deciding.
The withdrawal rate that fits a 33-year retirement
A 33-year horizon suggests roughly 3.5%. Claiming Social Security at 62 lowers the portfolio’s burden immediately, which is exactly why so many people do it — and why the long-term cost is easy to miss.
Sequence-of-returns risk is the reason the rate has to come down rather than the arithmetic average of returns. Two retirees with identical average returns end up in very different places depending on whether the bad years land early or late, because early losses are crystallised by the withdrawals taken during them. The standard defences are holding one to two years of spending in cash, trimming discretionary spending roughly 10% after a bad year, and keeping some part-time income available in the first five years.
Frequently asked questions
How much money do I need to retire at 62?
Enough to cover your spending gap for 33 years. At a 3.5% withdrawal rate — appropriate for that horizon — every $100,000 supports about $292 a month. To produce $3,000 a month from savings alone you would need roughly $816,000; add an average Social Security benefit from 67 and the requirement drops sharply.
What is a safe withdrawal rate at 62?
Around 3.5% for a 33-year horizon. The familiar 4% rule was calibrated on 30 years, so a longer retirement needs a lower rate. On $750,000 the calculator puts the sustainable figure at about $2,759 a month.
Can I access my 401(k) at 62?
Every retirement account is available penalty-free. The decision that matters at 62 is not access but sequencing: whether to claim Social Security now at 70% of your full benefit, or to bridge from savings and let it grow 8% a year.
What about health insurance at 62?
Three years of private cover before Medicare. Marketplace subsidies are income-tested, so a retiree who claims Social Security at 62 may push their income above a subsidy cliff and pay more for insurance than the benefit is worth in those three years.
Other retirement ages
Related
SavingsLast calculators are educational estimates. They assume a constant average return and steady inflation; real markets are volatile and sequence-of-returns risk can shorten how long money lasts. Nothing here is financial, investment, tax, or legal advice. Consult a qualified professional before making decisions.