Can you retire at 60? For many people, yes, especially with steady saving from your 40s. At 60 you can already reach your 401(k) and IRA without an early withdrawal penalty, but you're still a few years from Social Security and Medicare. Enter your numbers to check.
Retiring at 60: the key milestones
| Age |
What changes |
| 59½ |
401(k) and IRA withdrawals no longer face the 10% early withdrawal penalty |
| 62 |
Earliest age to claim Social Security (reduced benefit) |
| 65 |
Medicare eligibility |
| 67 |
Full Social Security benefit for anyone born in 1960 or later |
Retiring at 60 means your savings carry you alone for at least two years, and longer if you wait to claim a bigger Social Security benefit. The calculator includes that bridge in your target automatically.
If you’re not quite there
Small changes add up over 15 years. Try raising your monthly savings in the calculator, or lowering your retirement income by 10%. The “Ways to retire sooner” box shows how much each change helps.
Frequently asked questions
How much do I need to retire at 60?
A common starting point is 25 times the yearly income your savings must provide (the 4% rule), plus enough to cover the years before you claim Social Security. For $50,000 a year with $2,000/month from Social Security starting at 67, that's roughly $820,000 in today's dollars. Enter your own numbers above for a personal estimate.
Can I withdraw from my 401(k) and IRA at 60?
Yes. The 10% additional tax on early withdrawals generally applies only before age 59½, so at 60 you can take money from 401(k)s and IRAs without it. Regular income tax still applies to traditional (pre-tax) accounts.
Should I take Social Security at 62 if I retire at 60?
It depends on your health, other income, and savings. Claiming at 62 cuts your monthly benefit by up to 30% for life if your full retirement age is 67. Waiting until 70 increases it. Set the Social Security start age under Advanced options to compare the effect on your retire year.
How do I get health insurance between 60 and 65?
Medicare starts at 65. Until then, options include COBRA from your last employer (usually up to 18 months), a spouse's plan, retiree coverage, or an ACA marketplace plan. Include premiums in the retirement income you enter.