Can I Retire At 60 With $2.5 Million?

Shawn Plummer

CEO, The Annuity Expert

Can I Retire At 60 With $2.5 Million?

Yes, you can retire at 60 with $2.5 million. If you opt for an annuity immediately, it will pay $160,875 annually for life. If you purchase the annuity now but start collecting at 65, the annual payout increases to $263,625. Social Security benefits are available starting at age 62. Until Medicare kicks in at 65, private health insurance is necessary.

Our annuity monthly calculator aids in forecasting your monthly annuity income.

Key Considerations for Retiring at 60 with $2.5 Million

  1. Annuity Options: Immediate annuities provide a guaranteed income, with the amount depending on when you start the payout. Delaying the start increases the annual amount.
  2. Social Security Benefits: Eligible from age 62, but delaying the claim can increase the monthly benefit.
  3. Healthcare Costs: Private health insurance will be needed until Medicare eligibility at age 65.
  4. Investment Management: How the remaining funds are managed can significantly impact long-term financial security.
  5. Lifestyle and Expenses: Personal living expenses and lifestyle choices will affect how long your retirement savings last.

Related Reading: Can I retire at 60 with $2 million

Retirement Plan Timeline

AgeAction
60Begin annuity for $160,875/year or wait for higher payout
62Eligible to start Social Security benefits
65Switch to Medicare for healthcare
65+Increased annuity payout if delayed

Conclusion

Retiring at 60 with $2.5 million is feasible, especially with a carefully chosen annuity and a solid plan for healthcare and Social Security. Consider your lifestyle needs and financial goals when making these decisions. Contact us today for a free quote.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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