Can I Retire At 62 With $4 Million?

Shawn Plummer

CEO, The Annuity Expert

Retire at 62 with $4 Million

Yes, you can retire at 62 with 4 million dollars. The annuity option you mentioned will pay $281,500 annually for life if bought at 62. If you wait until age 65, the annuity payment increases to $368,520 annually. Remember to factor in Social Security, which you can start collecting at 62. However, consider that collecting Social Security at 62 results in reduced benefits compared to waiting until full retirement age. Additionally, you will need to buy private health insurance until you’re eligible for Medicare at age 65.

Key Considerations for Early Retirement

  • Annuity Payments: Starting at 62, you get $281,500/year; waiting until 65 increases this to $368,520/year.
  • Social Security Benefits: Eligible from age 62 but with reduced benefits compared to full retirement age.
  • Health Insurance: Purchase private health insurance until Medicare eligibility at 65.
  • Investment and Inflation: Manage your investments wisely and consider the impact of inflation on your retirement savings.
  • Lifestyle and Expenses: Assess your expected lifestyle and routine expenses to ensure your retirement savings are sufficient.

Discover how much you can expect to receive with our easy-to-use annuity payout calculator.

Annuity And Social Security

AgeAnnuity Payment (Annual)Social Security (Reduced Benefits)
62$281,500Reduced Benefits
65+$368,520Full/Increased Benefits


Retiring at 62 with 4 million dollars is feasible with careful financial planning, considering annuity options, Social Security benefits, and health insurance needs. Your lifestyle and expenses will dictate the adequacy of these funds.

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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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