How Much Does a Married Couple Need to Retire at 62?

Shawn Plummer

CEO, The Annuity Expert

Understanding Retirement Needs

  • Annual Income Requirement: Typically, retirees need 70-80% of their pre-retirement income annually.
  • Inflation: Factor in inflation, as it will affect future purchasing power.
  • Longevity: Plan for a longer lifespan; savings might need to last 20-30 years or more.

Estimating Retirement Savings Needed

  1. Calculate Annual Expenses: Estimate yearly living expenses in retirement.
  2. Include Healthcare Costs: Consider higher healthcare expenses in older age.
  3. Social Security Benefits: Estimate your combined Social Security benefits at 62.
  4. Income Gap: Subtract Social Security benefits from annual expenses to find the income gap.
  5. Total Savings Required: Use the 4% rule (withdraw 4% of your retirement savings yearly) to estimate total savings needed.Example:
    • Annual expenses: $60,000
    • Annual Social Security: $30,000
    • Income gap: $30,000
    • Savings needed: $30,000 / 4% = $750,000
How Much To Retire At 62

Other Considerations

  • Debt: Aim to retire debt-free, especially high-interest debts.
  • Emergency Fund: Maintain an emergency fund for unexpected expenses.
  • Lifestyle Changes: Consider downsizing or relocating to reduce costs.
  • Healthcare Strategy: Plan for Medicare at 65 and bridge insurance if retiring at 62.


The amount a married couple needs to retire at 62 varies based on lifestyle, expenses, and income sources like Social Security. A common approach is to aim for enough savings to cover 70-80% of pre-retirement income annually, adjusted for inflation, and consider healthcare costs. A financial advisor can provide personalized advice based on individual circumstances. 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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