How Much Should I Have Saved by 60?

Sixty is the home stretch. Traditional retirement is 5-7 years away, Medicare kicks in at 65, and Social Security is on the horizon. If you were tracking our savings by 50 benchmarks, you should already be there — or very close.

The Benchmarks at 60

Metric Behind On Track FIRE Level
Total saved < 8× salary 8-10× salary 12×+ salary
At $80K salary < $640K $640-$800K $960K+
At $120K salary < $960K $960K-$1.2M $1.44M+
Years to Medicare 5 5 5
Social Security eligible 2 years (age 62) 2 years 2 years

The Final Decade Math

At 60, you have ~5-7 working years left. Every decision matters:

Scenario Current Save/Month At 67
Catch-up max $500K $4,000/mo ~$950K
Aggressive save $500K $6,000/mo ~$1.1M
Max everything $500K $8,000/mo ~$1.3M
Coast to 67 $800K $0/mo ~$1.3M
Already FI $1.2M $0/mo ~$2.0M

Assumes 7% return, 7 years until 67.

Social Security: Your Biggest Variable

At 60, Social Security strategy matters enormously:

  • Claim at 62: Reduced benefits (~70% of FRA), but 5 extra years of checks
  • Claim at 67 (FRA): Full benefits for those born 1960+
  • Claim at 70: Maximum benefits (~124% of FRA), 8% annual delayed credits — see our Social Security optimization guide for more

A $2,000/month FRA benefit becomes:

  • $1,400/month at 62
  • $2,000/month at 67
  • $2,480/month at 70

Over a 25-year retirement, claiming at 70 vs 62 can be worth $200,000+ in total benefits.

Healthcare: The 60-65 Gap

From 60 to Medicare at 65, healthcare is your biggest risk:

  • COBRA: 18 months of employer coverage, but expensive
  • ACA Marketplace: Subsidies available if income is controlled
  • Part-time work: Many "Barista FIRE" jobs offer health benefits
  • Health Savings Account (HSA): Triple tax-advantaged for medical expenses

FIRE at 60: Is It Still "Early"?

Yes — retiring at 60 is still 5-7 years ahead of traditional retirement. But the label matters less than the freedom. At 60:

  • Lean FIRE: $750K ($30K/year at 4%)
  • Traditional FIRE: $1.25M ($50K/year)
  • Fat FIRE: $2.5M ($100K/year)

Catch-Up Strategy at 60

  1. Max out catch-up contributions — $31K 401(k) + $8K IRA = $39K/year
  2. Delay Social Security to 70 if possible — the best annuity you can buy
  3. Downsize aggressively — unlock home equity for your portfolio
  4. Work 2-3 extra years — every year adds ~$50K savings + 1 year less spending
  5. Consider part-time work post-60 — covers healthcare gap, reduces portfolio draw

Bottom Line

At 60, 8-10× your salary is the target for traditional retirement comfort. For FIRE, you want to be ahead — but even at 60, aggressive saving and Social Security optimization can transform your retirement. The biggest lever: working 2-3 more years while maxing catch-up contributions can add $200K+ to your nest egg. For context on earlier retirement ages, see how to retire at 55.

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