Can I Retire At 62 With $750,000

Shawn Plummer

CEO, The Annuity Expert

Retire at 62 with $750,000

Retiring at 62 with $750,000 is feasible, but it depends on several factors, such as your lifestyle, expenses, and health costs.

Here’s a breakdown:

Annuity Payments:

  • At 62: If you buy an annuity with $750,000 at age 62, it will pay approximately $56,625 per year.
  • At 65: If you wait until 65 to buy the annuity, the annual payment increases to $59,475.

Calculate your monthly annuity payments effortlessly with our annuity payment calculator.

Social Security Benefits:

  • Collecting at 62: You can start receiving Social Security benefits, but they will be reduced compared to waiting until full retirement age.

Health Insurance:

  • Before 65: You’ll need to buy private health insurance until you qualify for Medicare at age 65.

Other Considerations:

  • Inflation: Consider the impact of inflation on your living costs.
  • Unexpected Expenses: Be prepared for unexpected health or emergency expenses.
  • Lifestyle: Adjust your lifestyle to fit your budget.

Plan your dream retirement with our retirement calculator

Budgeting for Retirement

AgeActionFinancial Implication
62Buy AnnuityReceive $56,625/year
62-64Health InsurancePrivate coverage costs
65Buy Annuity (if waited)Receive $59,475/year
65Health InsuranceSwitch to Medicare
62+Social SecurityReduced benefits if started at 62

Conclusion

Retiring at 62 with $750,000 is possible, especially with annuity payments and Social Security. However, budget wisely for healthcare until Medicare kicks in and adjusts your lifestyle to align with your retirement income. Waiting until 65 for the annuity increases your yearly income significantly. Contact us today for a free quote.

Need Help With Retirement?

Get help from a licensed financial professional. This service is free of charge.

Contact Us
First
Last

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

Scroll to Top