Can I Retire at 62?
Age 62 is the earliest you can collect Social Security — though at a permanent 30% reduction from your full benefit. Whether that trade-off makes sense depends on your health, other income, and portfolio. Here's the complete picture.
Check your numbers
Enter your savings, monthly contributions, and expenses to see if you can retire at 62.
Use the FIRE Calculator →How much do you need to retire at 62?
Using a 4% withdrawal rate for a 28-year retirement. At 62 with a 28-year horizon, the 4% rule is solid. With Social Security income supplementing withdrawals, your actual portfolio withdrawal rate will often be lower.
| Monthly expenses | Annual expenses | Portfolio needed |
|---|---|---|
| $3,000/mo | $36,000/yr | $0.90M |
| $5,000/mo | $60,000/yr | $1.50M |
| $7,000/mo | $84,000/yr | $2.10M |
| $10,000/mo | $120,000/yr | $3.00M |
| $15,000/mo | $180,000/yr | $4.50M |
Key factors for retiring at 62
- ✓Social Security at 62 pays ~70% of your full benefit (vs. 100% at 67 or 124% at 70).
- ✓Medicare doesn't start until 65 — budget 3 years of private insurance.
- ✓All retirement accounts (401k, IRA) are accessible without penalty at 59½.
- ✓Claiming SS at 62 vs. 67 break-even is typically around age 78-80.
Social Security at age 62
Claiming Social Security at 62 gives you 70% of your full retirement benefit. If your full benefit is $2,000/month, you'd receive $1,400. Every year you delay past 62 increases benefits by ~5–8%. Many financial planners suggest delaying SS if you're healthy and have sufficient savings.
Frequently asked questions
How much do I need to retire at 62 with Social Security?
With SS income, your portfolio only needs to cover the gap between your expenses and SS benefit. If you spend $6,000/month and receive $1,500/month from SS, your portfolio needs to cover $4,500/month ($54,000/year). At 4%, that requires $1.35 million — significantly less than without SS.
Should I take Social Security at 62 or wait?
The break-even age is typically 78-80. If you expect to live past 80, waiting usually results in more lifetime income. If you retire at 62 with limited savings, the immediate income helps. If your portfolio is strong, delay SS and let it grow — it's an 8% guaranteed return per year from 62 to 70.
Can I retire at 62 with $500,000?
$500,000 at 4% generates $20,000/year. Combined with $1,200/month in SS ($14,400/year), total income would be $34,400/year ($2,867/month). This may work in low cost-of-living areas or with a paid-off home, but is tight for most people. Our calculator will show your exact success probability.
What is the Social Security break-even age at 62?
If you claim at 62 vs. waiting until 67, you receive smaller checks sooner. The break-even point — where total lifetime benefits equal out — is typically around age 78-80. After that, the delayed claimant has received more total lifetime benefits.
Will working part-time affect my Social Security if I retire at 62?
Yes. If you claim SS before your full retirement age and earn over $22,320 (2024 limit), $1 in benefits is withheld for every $2 earned above the limit. After full retirement age (67), there's no earnings limit. Many 62-year-olds with part-time income wait until 67 to claim.
Ready to run your numbers?
Our calculator uses compound growth, the 4% withdrawal rule, and Monte Carlo simulation to show exactly when you can retire.
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