Working just a few extra years beyond 62 can significantly boost your retirement income. The examples below include annual withdrawals from a $500,000 nest egg plus Social Security benefits, and assume your preretirement income is $100,000 a year.
Total Retirement Income at 62: $37,700
If you work three more years and save an additional $25,000 a year, your retirement income will be: $48,444.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
If you work four more years, receive full Social Security benefits and save $0, your retirement income will be: $48,168.
| Row 0 - Cell 0 | Catch Up on Your Retirement Savings |
| Row 1 - Cell 0 | Six Ways to Build Your Retirement Savings |
| Row 2 - Cell 0 | The Cost to Crack Your Nest Egg |
T. Rowe Price