Can I Retire at 62 With $1 Million? (Real Case Study)
“Can I retire at 62?”
It’s one of the most common questions we get—and a very personal one. The answer depends entirely on your goals, your savings, your lifestyle, and how well your plan accounts for the unexpected.
Today, I want to walk you through a real-life case from someone who found us through our videos and decided to take that first step toward clarity. Her name is Rachel, and her story may sound a lot like yours.
Rachel’s Situation
Rachel is 61 and works in a high-stress corporate role. She’s ready for a change and wants to retire in the summer of next year—just after turning 62.
Here’s a quick summary of her financial picture:
- $1,000,000 in her 401(k)
- $200,000 in a brokerage account
- $50,000 in an emergency fund
- Monthly income need in retirement: $6,000
Rachel’s goal is simple: she wants to know if what she’s saved is enough. Can she walk away from her job, maintain her lifestyle, and feel confident about the years ahead?
Running the Numbers
If Rachel works half the year in 2026, her salary will be about $83,000. She plans to start Social Security mid-year, which would provide approximately $13,000 in 2026, increasing to $27,000 annually starting in 2027.
But here’s where planning matters: $6,000 a month today won’t stretch as far in 10 years. By the time Rachel is 71, her annual income needs could be closer to $96,000 due to inflation.
By the time she retires, Rachel’s total assets will be around $1.25 million. It’s a strong foundation—but the real question is, will it last?
We ran the plan and found that in the early years, she’ll need to withdraw about $51,000 annually from her accounts to supplement Social Security. We accounted for taxes, market fluctuations, and required minimum distributions later in life.
The result? At age 90, Rachel still has over $900,000 remaining. That’s a great sign—and gives her confidence to move forward.
Exploring Other Options
Rachel also asked, “What if I don’t fully retire right away? What if I work part-time for a few years instead?”
In this scenario, she leaves her full-time role in 2026 but works part-time until age 65, earning $50,000 a year. This allows her to delay Social Security until 65—raising her annual benefit to $33,500.
The result? Her projected portfolio at age 90 now grows to about $1.5 million. Just a few adjustments can have a major impact.
Everyone’s Plan Is Different
What worked for Rachel may not work for you—and vice versa. That’s why walking through a personalized retirement plan is so important. Rachel gained the confidence she needed by seeing how everything would work together, not in isolation.
If you’re not working with someone who gives you that same clarity, it might be time for a second look.
How We Built Rachel’s Confident Retirement Plan
Rachel’s plan covered all five core areas we focus on:
- Income Plan
We started by mapping out exactly where every dollar would come from—Social Security, withdrawals, and any part-time income. Without this, there’s no way to feel truly confident. - Investment Plan
We aligned her portfolio with her risk tolerance and allocated assets appropriately—some for growth, others for income stability. - Tax Plan
With most of her savings in tax-deferred accounts, we built a strategy to minimize how much of her retirement goes to Uncle Sam—especially during low-income years before RMDs kick in. - Healthcare Plan
Since Rachel was retiring before Medicare eligibility, we addressed how she’d cover the gap and built in considerations for future long-term care costs. - Estate and Legacy Plan
Even with a great income and investment plan, it’s not complete unless we know what happens when you’re gone. We helped Rachel update her beneficiaries, review her will, and think through her broader legacy.
Final Thoughts
Rachel walked away with clarity and confidence. And if you’re ready to find out whether you can retire at 62—or if you just want to know what’s possible—we’d love to help you run your own numbers.