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Wondering When You Can Retire?
The right time to retire might surprise you.
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March 2026
If you’re like most people approaching retirement, you’ve probably asked yourself the big question: “Can I afford to stop working?”
The answer isn’t just about hitting age 62 or qualifying for Social Security. Retirement readiness may depend on your savings, your lifestyle, and whether you’ve planned for life’s unexpected turns.
Here are some tips to consider when you’re thinking about what it really takes to retire—and how you may avoid running out of money, regretting big decisions, or retiring too soon.
If you’re unsure when you can retire, there’s a simple way to get clarity: NerdWallet Advisors Match's tool can connect you with a professional financial advisor who can work with you to create a personalized financial plan.
Yes, You Can Claim Social Security at 62—But Should You?
Claiming early may feel tempting, but it comes at a steep cost: your monthly benefits could be permanently reduced by up to 30%. The longer you wait, the more you get—waiting until age 70 could increase your monthly check by more than 75%. But the “right” time to claim depends on your overall financial picture.
At first glance, those numbers may seem high. But consider this: a financial advisor’s job isn’t just to “pick stocks” or recommend a 401(k) contribution. Their real value can lie in strategy, discipline, and guidance — especially when your retirement security is on the line1
A professional financial advisor can help you figure out when to file based on inputs like:
Retirement Isn’t Just About One Number
You might have heard of the 4% rule or seen calculators that estimate how long your money will last. But comprehensive retirement planning goes deeper. Advisors may recommend building your budget into three buckets:
1. Essentials:
Housing, healthcare, groceries, transportation.
2. Lifestyle:
Travel, dining out, hobbies, gifts.
3. Emergencies:
Medical costs, home repairs, long-term care.
One thing for pre-retirees to consider? Inflation. Even modest inflation can double your expenses over 20–25 years. A well-structured retirement plan may help account for this.
An advisor may boost your retirement by 4x.
Disclaimer:
Disclaimer:
People with financial advisors have better financial outcomes. Working on a financial plan now can potentially increase your retirement savings by 4x in the future based on this 2024 T. Rowe Price Study
[2]
Your Home Might Be Your Biggest Asset
Many retirees consider downsizing, relocating, or tapping into home equity to fund part of their retirement. Others look into reverse mortgages or renting. But these decisions are hard to undo—and may carry financial implications. A financial advisor can help you evaluate your options.
What You Can’t Afford to Miss
Even people who’ve been saving for decades could find themselves wishing they had talked to someone sooner. A professional advisor may help you maximize Social Security, minimize taxes, and create a withdrawal plan to help your savings last. They can also help you prepare for rising healthcare costs, inflation, and living expenses—while guiding you through emotional decisions like buying a retirement.
Want to Know When You Can Retire?
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Disclaimer: This information is for general informational purposes only and does not constitute personalized investment advice. The benchmarks discussed are general guidelines and may not reflect your individual circumstances. Your actual retirement needs can vary significantly based on factors such as lifestyle, health, inflation, and market conditions. All investments involve risk, including possible loss of principal, and there is no guarantee that any particular investment strategy will be suitable or profitable. Converting a traditional retirement account to a Roth IRA may help reduce your tax burden in retirement, but the converted amount is subject to income tax in the year of conversion, which could place you in a higher tax bracket. Withdrawals from a Roth IRA also have specific rules: converted funds generally must remain in the account for at least five years to be withdrawn tax-free, and early withdrawals may incur taxes and penalties. Consult a qualified tax professional to understand how a Roth conversion could affect your individual situation. While tax-advantaged accounts such as Health Savings Accounts (HSAs) can offer valuable benefits, they have eligibility requirements and annual contribution limits. HSAs require enrollment in a high-deductible health plan and may result in higher out-of-pocket costs. Withdrawals for non-qualified expenses are subject to taxes and penalties. HSA investments involve risk, and account fees or legislative changes may affect their benefits. Consult a financial or tax professional to determine whether an HSA is appropriate for you. NerdWallet Advisory is not a law firm or accounting firm, and this information should not be construed as legal or tax advice. For advice specific to your needs, consult a qualified financial, tax, or legal professional.
Sources:
2 Francis M. Kinniry Jr., CFA, Colleen M. Jaconetti, CPA, CFP®,
Michael A. DiJoseph, CFA, David J. Walker, CFA, Maria C. Quinn. Vanguard, "Putting a value on your value:
Quantifying Vanguard Advisor’s Alpha®"
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