Can I Retire At 60 With $2 Million?

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Planning Retirement at 60 with $2 Million

Yes, retiring at 60 with $2 million is feasible. If you purchase an annuity, it would pay $136,250 annually for life starting immediately. However, if you wait until age 65 to start the annuity, the annual payment increases to $210,900. Remember, you can start collecting Social Security benefits at 62, but it’s important to plan for health insurance coverage until Medicare kicks in at 65.

Immediate Annuity vs. Deferred Annuity

  • Immediate Annuity: Starts paying $136,250 per year immediately.
  • Deferred Annuity: If bought now but starts at 65, pays $210,900 per year.

Related Reading: How much can I get per month with $2.5 million?

Social Security Benefits

  • Minimum Collection Age: 62 years.
  • Consideration: Benefits increase if delayed beyond 62.

Health Insurance

Maximizing Retirement Savings

  • Budgeting: Plan annual expenses to ensure $2 million lasts.
  • Investment Strategy: Consider conservative investments to preserve capital.


Retiring at 60 with $2 million is possible with careful planning, including choosing between immediate and deferred annuities and managing health insurance costs until Medicare. By considering Social Security benefits and adopting a wise investment strategy, you can enjoy a comfortable retirement. Contact us today for a free quote.

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Questions From Our Readers

How long will $2 million last in retirement if you and your husband retire at 63?

Assuming an average annual withdrawal rate of 4%, which is a common benchmark in retirement planning, $2 million could potentially last for about 25 years. If you choose lifetime annuities, the $2 million can potentially provide income for both of your lifetimes,

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, 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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