Retirement Age Calculator
Find out the earliest age you can retire based on your savings and goals.
Current Situation
Retirement Income
You Can Retire At
57
22 years from now
Portfolio at Retirement
$1,031,140
Portfolio Needed
$990,080
Retirement Age Scenarios
| Retire At | Monthly Income | Portfolio Needed | Shortfall |
|---|---|---|---|
| 55 | $4,608 | $990,080 | -$77,609 |
| 60 | $6,209 | $990,080 | Ready |
| 62 | $6,952 | $990,080 | Ready |
| 65 | $8,193 | $990,080 | Ready |
| 67 | $11,114 | $594,048 | Ready |
| 70 | $12,652 | $594,048 | Ready |
Inflation-adjusted projections. Actual results depend on market returns, tax rates, and healthcare costs.
How to Determine Your Retirement Age
Your retirement age depends on three factors: how much you've saved, how much you save each month, and how much you'll spend in retirement. Social Security and any pension income reduce the amount your portfolio needs to generate. The key calculation: your investment portfolio must be large enough to sustain withdrawals (typically 4% per year) for 25–35 years, adjusted for inflation.
Key Retirement Ages and Milestones
| Age | Milestone | Impact |
|---|---|---|
| 50 | Catch-up contributions begin | Extra $7,500/yr to 401(k), $1,000 to IRA |
| 55 | Rule of 55 (401k access) | Penalty-free 401(k) withdrawal if you leave employer |
| 59½ | Penalty-free IRA/401(k) | No 10% early withdrawal penalty |
| 62 | Early Social Security | Reduced benefit (up to 30% less than FRA) |
| 65 | Medicare begins | Healthcare costs drop significantly |
| 67 | Full Retirement Age (SS) | 100% of Social Security benefit |
| 70 | Maximum SS benefit | 124% of FRA benefit (delayed credits) |
| 73 | RMDs begin | Must start withdrawing from traditional 401(k)/IRA |
Retirement Savings Benchmarks by Age
| Age | Target Savings | As Multiple of Salary |
|---|---|---|
| 30 | $75,000–$100,000 | 1x salary |
| 35 | $150,000–$200,000 | 2x salary |
| 40 | $250,000–$350,000 | 3x salary |
| 45 | $400,000–$550,000 | 4x salary |
| 50 | $550,000–$750,000 | 6x salary |
| 55 | $750,000–$1,000,000 | 7x salary |
| 60 | $1,000,000–$1,400,000 | 8x salary |
| 65 | $1,200,000–$1,750,000 | 10x salary |
Frequently Asked Questions
Can I retire at 55?
Yes, but you need enough savings to cover 10 years before Medicare and 12 years before full Social Security. Access your 401(k) penalty-free through the Rule of 55 (if you leave your employer at 55+). Healthcare is the biggest challenge — budget $1,000–$2,000/month for ACA marketplace premiums until Medicare at 65.
How much income do I need in retirement?
Most financial planners suggest 70–80% of your pre-retirement income. However, expenses shift: no more payroll tax or retirement contributions, but healthcare and travel costs may increase. Track your actual spending for a more accurate estimate. Don't forget: the first 5–10 years of retirement (the "go-go years") typically cost more than later years.
See also: 401(k) Calculator and Social Security Break-Even Calculator.