How To Retire At 62 With Little Money

How to Retire at 62 with Little Money

Retirement can seem like a dream that is out of reach for many people, especially those who don’t have much savings. However, retiring at 62 with little money is possible with careful planning and some lifestyle changes.

Start Saving Early

One of the most important things you can do to retire at 62 with little money is to start saving early. Even if you can only afford to put a small amount of money aside each month, it will add up over time. Consider opening a retirement savings account, such as a 401(k) or IRA, to maximize your savings.

Reduce Your Expenses

If you want to retire at 62 with little money, you’ll need to find ways to reduce your expenses. Look for ways to cut back on your housing, transportation, and food costs. Consider downsizing your home, using public transportation, or eating out less often.

Explore Part-Time Work

If you don’t have enough savings to retire completely, consider exploring part-time work options. This can help supplement your income and provide you with a sense of purpose. Look for jobs that offer flexible schedules and allow you to work from home if possible.

Delay Social Security Benefits

Delaying your Social Security benefits can help increase your monthly payments when you do decide to retire. If you can wait until age 70 to start receiving benefits, you’ll receive a higher monthly payment than if you started at age 62.

Consider a Retirement Community

A retirement community can provide you with affordable housing options and access to healthcare and other services. Look for communities that offer amenities such as fitness centers, social activities, and transportation services.

Invest in Health and Wellness

Investing in your health and wellness can help you save money on healthcare costs and improve your overall quality of life. Make sure to get regular check-ups, eat a healthy diet, and stay physically active. Consider joining a gym or taking up a low-cost hobby such as walking or yoga.

Pay off Debt

Paying off debt can help reduce your monthly expenses and free up more money for retirement savings. Focus on paying off high-interest debt first, such as credit card debt, and consider consolidating your debt with a low-interest loan if possible.

FAQs About Retiring at 62 with Little Money

Q: How much money do I need to retire at 62?

A: The amount of money you need to retire at 62 will depend on your individual circumstances, such as your lifestyle, healthcare needs, and other expenses. However, experts recommend having at least 10-12 times your annual income saved by age 62.

Q: Can I retire at 62 if I have debt?

A: Yes, you can retire at 62 even if you have debt. However, it’s important to pay off as much debt as possible before retiring to reduce your monthly expenses.

Q: Is it too late to start saving for retirement at 62?

A: It’s never too late to start saving for retirement, even if you’re 62 or older. However, you may need to adjust your retirement plans and consider working part-time or delaying retirement to build up your savings.


Retiring at 62 with little money may seem like a daunting task, but it’s possible with careful planning and some lifestyle changes. Start saving early, reduce your expenses, and explore part-time work options to supplement your income. Consider delaying Social Security benefits, investing in health and wellness, and paying off debt to improve your overall financial situation. With these tips, you can enjoy a comfortable retirement without breaking the bank.