Retirement planning is one of the most consequential financial decisions you’ll ever make — and a common question many people face as they approach their 50s and early 60s is:
“Can I retire at 60 or 65 with what I have saved?”
The honest answer depends on your financial situation, lifestyle expectations, health considerations, and how well your current assets are positioned to support your retirement years. Working with a certified retirement planner can turn uncertainty into clarity — helping you assess your readiness and make informed decisions.
Why This Question Matters
Retiring isn’t just about a target age — it’s about financial sustainability. The difference between retiring comfortably at 60 versus 65 can be significant because:
- You may need more savings the earlier you retire
- You’ll likely collect Social Security later if you delay past early retirement age
- Healthcare costs (especially before Medicare eligibility) can be substantial
- Investment growth and inflation can materially impact your portfolio
A certified retirement planner helps you assess all of these factors, create realistic projections, and develop a plan tailored to your goals.
Step 1: Define What Retirement Looks Like to You
Before evaluating whether your current savings will support retirement at 60 or 65, start with a clear picture of your desired lifestyle:
Ask yourself:
- Will you travel frequently?
- Do you plan to downsize your home?
- Do you expect to have high healthcare costs?
- Will you continue part-time work?
Your answers will affect how much income you’ll need each year and, ultimately, whether your current savings can support retirement at your target age.
Step 2: Assess Your Current Financial Snapshot
Here are the core components a certified retirement planner will evaluate:
1. Your Retirement Savings
Include all accounts like 401(k)s, IRAs, pensions, and taxable investments.
2. Expected Income Streams
This includes Social Security benefits, pensions, annuities, rental income, etc.
3. Current Spending vs. Projected Retirement Expenses
Understanding how your expenses may change in retirement is critical.
4. Healthcare and Insurance Costs
These often increase with age and need to be factored into long-term plans.
5. Life Expectancy and Longevity
A longer life increases the amount of money you’ll need.
A certified retirement planner combines all of these elements into a comprehensive analysis.
Step 3: Understand Key Retirement Age Trade-Offs
Here’s how retiring at 60 compares to 65 from a financial perspective:
Retiring at 60
- You need more savings because you may have up to five extra years of retirement to fund.
- Social Security benefits are lower if you claim early.
- You may face higher healthcare costs if you’re not yet eligible for Medicare.
Retiring at 65
- You can delay Social Security and potentially increase monthly benefits.
- Medicare eligibility typically begins at 65, reducing healthcare costs.
- You have more time to grow your savings through continued contributions and investment gains.
A certified retirement planner can model these scenarios for you to understand the financial impact of each choice.
Step 4: Use Real Projections — Not Guesswork
One of the biggest mistakes people make is relying on rough rules of thumb, like “you need 80% of your working income in retirement.” While these can offer a broad guideline, they’re not precise.
Instead, a certified retirement planner uses personalized projections that incorporate:
- Your actual savings balance
- Future contribution plans
- Expected rates of return
- Inflation assumptions
- Tax implications
- Spending forecasts through retirement
This creates a tailored strategy that shows whether your current plan supports retiring at 60, 65, or another age.
Step 5: Adjust Your Plan If Needed
In many cases, retirees find they need to tweak one or more levers:
- Increase savings rate
- Delay retirement
- Adjust your investment mix
- Consider phased retirement
- Evaluate healthcare and long-term care strategies
A certified retirement planner helps identify the most effective and realistic adjustments based on your goals and risk tolerance.
Bottom Line: Your Retirement Readiness Is Personal — and Achievable With a Plan
There’s no universal dollar amount or age that works for everyone. Whether you can retire at 60 or 65 depends on your:
- Current savings
- Expected expenses
- Income sources
- Health and longevity
- Lifestyle goals
Working with a certified retirement planner gives you clarity. They turn your retirement goals into actionable numbers and strategies, allowing you to make confident decisions about your future — not guesses.
Next Steps: Get a Personalized Retirement Assessment
If you want a clearer picture of whether your current financial situation supports retiring at 60 or 65:
- Track your current savings and expected income
- Estimate your annual retirement expenses
- Schedule a consultation with a certified retirement planner
This process will give you the roadmap you need — and the confidence to pursue the retirement you envision.
