How Much Do You Need to Retire at 70?
Retiring at 70 can reduce pressure on your savings, but the amount you need still depends on your spending, healthcare costs, and other income sources.
Why retiring at 70 changes the math
Waiting until 70 gives your savings more time to grow and shortens the number of years your portfolio may need to support you. It can also increase your Social Security benefit compared with claiming earlier.
How much do many retirees need?
The amount varies widely, but many retirees still aim for enough savings to cover 70 to 80 percent of their pre-retirement income. Because retirement begins later, some people can retire comfortably with less than they would have needed at 60 or 65.
Social Security and Medicare at 70
By age 70, Social Security benefits are typically at their maximum if you delayed claiming. Medicare is already available by this point as well, which can make healthcare costs more predictable than they are for earlier retirees.
Using the 4 percent rule
The 4 percent rule is still a useful starting point. A $1 million portfolio may support about $40,000 per year before taxes, while $2 million may support about $80,000 per year. The right number for you depends on how much of your income is already covered by Social Security or other sources.
Factors that affect your retirement number
Housing costs, debt, travel plans, taxes, and long-term care needs can all change how much you need. Some retirees spend less by 70, while others want more flexibility for healthcare or family support.
Use the calculators
Use the tools on this site to test different spending levels, withdrawal rates, and timeframes. A few small changes can make a big difference in how much you need.