Retiring at 62 might sound exciting, but it needs careful planning! It means you'll need money for a long time after you stop working. This article helps us understand how much money you might need.
- Many people use a rule of thumb: save 10 times your yearly salary by age 67.
- But retiring at 62 means you need even more – about 14 times your yearly salary!
- Social Security helps, but starting early means smaller monthly checks.
- Other income like rent or part-time jobs can help too.
| Example | Amount |
|---|---|
| Yearly Salary | $115,000 |
| Savings needed by 62 | $1.61 million |
| Social Security reduction (early claim) | Up to 30% |
