Are Your Retirement Savings on Track at Ages 60 to 65? Take Our Quiz
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From $107.88 $24.99Subscribe to KiplingerFind out if your retirement savings are on track with our quick quiz. When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works. Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.You are now subscribedYour newsletter sign-up was successfulWant to add more newsletters?Delivered dailyKiplinger TodayProfit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. Smart money moves start here.Sent five days a weekKiplinger A Step AheadGet practical help to make better financial decisions in your everyday life, from spending to savings on top deals.Delivered dailyKiplinger Closing BellGet today's biggest financial and investing headlines delivered to your inbox every day the U.S. stock market is open.Sent twice a weekKiplinger Adviser IntelFinancial pros across the country share best practices and fresh tactics to preserve and grow your wealth.Delivered weeklyKiplinger Tax TipsTrim your federal and state tax bills with practical tax-planning and tax-cutting strategies.Sent twice a weekKiplinger Retirement TipsYour twice-a-week guide to planning and enjoying a financially secure and richly rewarding retirementSent bimonthly.Kiplinger Adviser AngleInsights for advisers, wealth managers and other financial professionals.Sent twice a weekKiplinger Investing WeeklyYour twice-a-week roundup of promising stocks, funds, companies and industries you should consider, ones you should avoid, and why.Sent weekly for six weeksKiplinger Invest for RetirementYour step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.Retiring in your early to mid-60s is the sweet spot for countless Americans. After all, at 62, you can begin collecting Social Security benefits, albeit at a lower amount than if you wait until your full retirement age (FRA). By age 65, Medicare kicks in, which covers about 80% of your health care expenses.As it stands, the average age of retirement in America hovers around 62, according to MassMutual. For many people, retiring early is not so much a choice as a necessity due to a job loss, illness, or the need to care for a loved one. Moreover, they are burnt out or are simply ready to start their next chapter.But whether or not you join the ranks of people retiring between the ages of 60 and 65 depends on several factors, from the size of your retirement nest egg to the planning around how you'll spend your time. Your lifestyle will also play a role in whether you can retire at 60, have to wait until 65, or delay even longer.Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special IssuesProfit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.Profit and prosper with the best of expert advice - straight to your e-mail.To give you an idea of how much you may need, JPMorgan crunched the numbers to create retirement savings benchmarks based on age and income. This model assumes a retirement age of 65, an annual gross savings rate of 5%, a portfolio of target-date funds and a retirement lasting 35 years.Household IncomeTarget Savings by Age 60Target Savings by Age 65$80,000$550,000$650,000$100,000$745,000$925,000$150,000$1.065 million$1.34 million $200,000$1.36 million $1.71 million$250,000$1.72 million$2.15 million$300,000$2.25 million $2.78 million In addition to ensuring you have the income to sustain a lifestyle you envision, you have to consider health care costs if you are retiring before 65. Plus, you need a plan for how you'll spend your time. For many of us, our self-worth is connected to our jobs; without a job, we may feel lost.Ultimately, money is always the driving force behind our decisions, and that's true when you retire. To make sure you are on track, take our short quiz.Subscribe to the Retirement Tips newsletter, your guide to planning and enjoying a financially secure and richly rewarding retirement.Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.Donna Fuscaldo is the retirement writer at Kiplinger.com. A writer and editor focused on retirement savings, planning, travel and lifestyle, Donna brings over two decades of experience working with publications including AARP, The Wall Street Journal, Forbes, Investopedia and HerMoney. Kiplinger is part of Future US Inc, an international media group and leading digital publisher. Visit our corporate site. © Future US, Inc. Full 7th Floor, 130 West 42nd Street, New York, NY 10036.