Retirement Calculator for a 62 Year Old
At 62, you can claim Social Security today, but only at a 30% permanent reduction. You're 3 years from Medicare and 5 years from full retirement age. Here's where your savings should be, and which decisions matter most this year.
Run the numbers for your situation
Open the retirement calculator pre-filled for age 62 with retirement at 67. Adjust your savings, contributions, and target spending to see your readiness score.
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Where you should be at 62
Fidelity's salary multiplier guidance puts you at 8 times your salary by 60 and 10 times by 67. At 62, that translates to roughly 8.7 times your annual salary. On a $75,000 income, that's about $652,000. On a $100,000 income, the target is closer to $870,000.
Reality looks different. The average 401(k) balance for the 55-64 age group is $271,230. The median is approximately $85,000 (Vanguard, How America Saves 2025). The median is the more honest read on where most 62 year olds actually stand because a small number of high-balance accounts pull the average up.
If you're behind the target, you have one unusually powerful tool available right now: the SECURE 2.0 super catch-up. It expires at 64.
Fidelity Target
~8.7x salary
$652K on a $75K salary
Average 401(k), 55-64
$271,230
Vanguard 2025
Median 401(k), 55-64
~$85,000
More honest than average
Retirement strategies at 62
Make the Social Security claiming decision deliberately
You're now eligible to claim, but at 70% of your full benefit. Each year you delay between 62 and 70 adds roughly 8% to your monthly benefit, with credits topping out at 124% at age 70 (SSA). The right choice depends on your other income, your health, and your spouse's benefit picture. Run a break-even analysis before you decide. For most healthy people with savings to bridge the gap, delaying past 67 produces more lifetime income.
Maximize the SECURE 2.0 super catch-up while you can
From 60 through 63, your 401(k) catch-up rises from $8,000 to $11,250, which puts your total contribution ceiling at $35,750 in 2026. At 64, the limit reverts to the standard catch-up. If your cash flow allows, this is the largest tax-advantaged contribution window you'll ever have. Two years of full super catch-up before it ends.
Plan the 3 year bridge to Medicare
If you stop working at 62, you need health coverage for 3 years until Medicare begins at 65. Realistic options: COBRA (up to 18 months at full premium), the ACA marketplace (subsidies can be substantial when retirement income is modest), or a spouse's employer plan. ACA premiums for a couple in their early 60s typically run $12,000 to $20,000 a year before subsidies. The healthcare bridge is one of the largest variables in any "can I retire at 62" decision.
Use the gap years for Roth conversions
If you retire before claiming Social Security and before RMDs at 73, you may have several low-income years. Those years are an opportunity to convert traditional 401(k) or IRA balances to Roth at a lower marginal tax rate. Doing so reduces future RMDs and the share of Social Security that gets taxed once you claim. The math depends on your current versus future tax bracket, so model your specific situation before acting.
Develop a withdrawal sequence
Which account you draw from first changes how long your savings last and how much tax you pay over retirement. A common framework: spend taxable brokerage assets first to keep tax-advantaged accounts compounding, then tap traditional 401(k) and IRA balances, and save Roth for last. The right sequence for you depends on your tax bracket each year, your Social Security timing, and your charitable plans. Our retirement income calculator models this with tax-aware withdrawals.
Key dates and milestones from age 62
| Age | Milestone | Years away |
|---|---|---|
| 62 (now) | Earliest Social Security. 70% of your full benefit. 30% permanent reduction. | Now |
| 62-63 | SECURE 2.0 super catch-up active. Up to $35,750 per year in your 401(k). | Now |
| 64 | Standard catch-up resumes. 401(k) limit drops back to $32,500. | 2 years |
| 65 | Medicare eligibility. 7 month enrollment window starts 3 months before your 65th birthday. | 3 years |
| 67 | Full Retirement Age. 100% of your Social Security benefit. | 5 years |
| 70 | Maximum Social Security. 124% of your full benefit. Delayed retirement credits stop. | 8 years |
| 73 | RMDs begin for traditional 401(k) and traditional IRA balances. | 11 years |
Calculators most relevant at 62
The Social Security claiming decision and the income drawdown plan are the two most important models to run at 62.
Social Security Calculator
Estimate your benefit at 62, 67, and 70 and find your break-even age across claiming strategies.
Retirement Income Calculator
How long your savings will last with Social Security, pension, and tax-aware withdrawals.
Early Retirement Calculator
Healthcare bridge math and a Yes, Maybe, or No verdict on stopping work before Medicare.
401(k) Calculator
Project your balance with the super catch-up and employer match through retirement.
If you have a pension, our pension calculator compares lump sum versus monthly and single versus joint survivor.
See also