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.

FIRE Bridge Calculator FIRE Number Calculator

Sources