Couples Need $1.3 Million-$1.8 Million to Retire at 62, About $500,000 More Than at 65
Updated
Updated · AOL · Oct 5
Couples Need $1.3 Million-$1.8 Million to Retire at 62, About $500,000 More Than at 65
2 articles · Updated · AOL · Oct 5
Summary
$1.3 million to $1.8 million is the nest egg a typical couple needs to retire together at 62, with North Dakota near the low end and New Jersey around the high end.
About $500,000 more is needed than for retiring at 65 because savings must last longer and couples face pre-Medicare health insurance costs that add roughly $24,000 a year.
Social Security history shifts the target: two full-career earners may need about $1.1 million to $1.7 million, while one-earner couples can need $1.3 million to $1.9 million.
Just 11% of retired couples actually stopped working at the same time, and keeping one spouse employed can cut the savings goal by preserving employer health coverage, delaying Social Security and extending compounding.