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According to the Social Security Administration, a 55-year-old man can expect to live another 27.6 years, while a woman can expect 30.8 more years. Understanding what happens if you retire at age 55 is crucial for ensuring financial security across what could be a 30+ year retirement.
According to a 2025 study by Northwestern Mutual, Americans believe they will need an average of $1.26 million to retire comfortably. For those with $2 million, the question is not simply about having enough, but whether it's enough to sustain a retirement starting a decade earlier, at age 55, requiring a long-term strategy.
According to a recent study, nearly one-third of Americans dream of retiring before the traditional age of 65. For those targeting an early exit, specifically asking, "What is a good amount of money to retire at 55?" is a crucial first step in turning that dream into a tangible plan. This article explores the various factors influencing this significant financial goal.
According to the Social Security Administration, your retirement benefit is calculated based on your 35 highest-earning years, with zeros averaged in for any years with no earnings. When you stop working at age 55, these zeros can have a significant impact on your future Social Security payments.
While the average retirement age has risen to 62, a significant portion of the population still considers an even earlier exit from the workforce. This begs the question: is 55 the new retirement age, or is this ambitious goal simply out of reach for most? For some, strategic planning makes it possible, but the path is not without significant financial and personal hurdles.
According to a 2022 EBRI survey, only 13% of workers planned to retire before age 60, making early retirement a rare aspiration. While challenging, careful financial planning and understanding the rules make it possible to ask, "Can I retire at age 55 in the US?" and take the necessary steps to achieve it.
According to retirement data from 2016 to 2022, only around 11% of Americans in the 55-to-59 age group were actually retired, a figure that has significantly decreased over time. This starkly contrasts the popular perception of early retirement and directly addresses the question of **what percent of the population retires at 55?**
According to a 2024 Bankrate survey, one in three working Americans believe they need more than $1 million to retire comfortably. The question, "Is $1 million enough to retire at 55?" is highly personal, and the answer depends less on the total number and more on your specific financial situation, projected expenses, and lifestyle expectations.
According to the Social Security Administration, the earliest age to receive retirement benefits is 62. Facing the question, "Can I retire at 55 with no money?" requires acknowledging the challenge but also focusing on a strategic, decisive path forward to secure your later years.
According to a Fidelity benchmark, individuals planning to retire before age 62 should aim to save at least 33 times their anticipated annual expenses to cover the extended retirement period. For many, achieving this requires a proactive approach to financial planning, where the answer to "how much does it cost to retire at 55?" is a personalized, comprehensive calculation.
