Can you retire at 62 with $1 million?
Yes — on these assumptions, $1 million is enough to retire at 62. Drawing about $5,000 a month, your savings are projected to last through your whole retirement, and you'd sit at roughly 123% of the income you're targeting — a real margin rather than a knife-edge.
At the classic 4% withdrawal rate, $1 million throws off about $3,333 a month ($40,000 in the first year), rising with inflation after that. Add an estimated $1,900 a month from Social Security and you're at roughly $5,233 a month in today's money — set against your $5,000 target.
At 62 you can claim Social Security, but waiting toward your full retirement age of 67 raises the benefit by roughly 8% for each year you delay. Many people with $1 million bridge a few years from savings first, then claim a larger, inflation-protected check for life.
Planned to age 90, the money doesn't run dry in this scenario — so the bigger questions shift from "will it last?" to taxes, health-care costs, and how much you'd like to leave behind. You could reasonably spend a little more or retire a touch earlier.
Frequently asked questions
Is $1 million enough to retire at 62?
On these assumptions, yes. $1 million at 62 funds about 123% of a $5,000-a-month lifestyle once Social Security is included, and the money is projected to last through age 90. Adjust the spending and assumptions above to match your own plan.
Can you live off the interest of $1 million?
At a safe 4% withdrawal rate, $1 million provides about $40,000 a year ($3,333 a month) without depleting it in real terms. That's below your $60,000-a-year target, so you'd top it up with Social Security or draw down some principal over time.
How long will $1 million last in retirement?
In this scenario — spending about $5,000 a month from age 62, with Social Security helping — $1 million is projected to last through age 90 and beyond. Spend more or retire earlier and that horizon shortens; the chart above shows the trajectory.
How much does Social Security change the answer?
A lot. An estimated $1,900 a month from Social Security covers part of your spending directly, so your savings only have to fund the rest. That's why the nest egg you "need" is far smaller than $5,000 a month × the length of your retirement — guaranteed income does real work.
What is the 4% rule?
The 4% rule is a planning guideline: withdraw about 4% of your starting balance in year one — $40,000 on $1 million — then adjust that amount for inflation each year. It's a starting point, not a guarantee; you can set a more cautious or more aggressive withdrawal rate in the assumptions above.