I’m 57 with a $1.3M portfolio and ready to walk away from work — I’ll also take Social Security at 62. Can I retire now with a comfortable income?

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If you've saved $1.3 million by the time you're 57 years old, you've probably done a great job budgeting and putting the extra away in a safe place.

For comparison, as of 2022, the average 57-year-old had roughly half of that in retirement savings, which came out to approximately $538,000 in retirement accounts, as reported by the Federal Reserve.

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Considering your goal of retiring early, there are potential financial risks involved.

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There is a common issue with retiring early.

You're retiring five years before you're eligible for Social Security benefits and 10 years before you can collect the maximum, which means you'll get 30% less in monthly benefits for the rest of your life. Additionally, Medicare won't become available until you're 65, so for eight years you'll have to pay for your own healthcare insurance.

before you turn 59.

advise against it.

For one thing, if you're retiring in good health at 57 with a family history of longevity, you may live for more than 30 years.

5 ways to catch up quickly

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There are some steps you can take to transition into retirement, but you will need to plan thoughtfully.

Ensure you're covering all angles and possibilities.

Making sure the financials add up for health coverage is a good idea. You might be able to save money on expenses if you've paid off your house, downsize, or move to a more affordable area. Set aside a minimum of two years' worth of savings in case the stock market experience a downturn, affecting your investments, and also use this fund to cover unexpected medical bills and car or home repairs.

until you’re 65.

You might want to schedule a meeting with a financial advisor to discuss your retirement objectives and explore investment options that can help grow your savings while minimizing risk.

What to read next

• Here's how saving just two minutes a day can save you over $620 in 2025.
• Here's how
• Without undergoing a medical examination or blood test.

This article is for informational purposes only and should not be taken as a suggestion or recommendation. It is provided "as is" without any guarantee or warranty.