Step 4 Adjusting for Early Retirement

If you plan to retire before you re eligible for immediate Social Security benefits, you need to provide additional savings to help meet your income needs until you qualify for Social Security. Typically, those retiring before age 62 find it to their advantage to begin drawing benefits at age 62, or the earliest age at which they qualify. For workers born before 1938, age-62 benefits are 80 percent of the age-65 full benefits. Workers born in 1938 and later qualify for full benefits at a later age. 

Step 4 Early Retirement Supplement for Social Security 

You can now summarize the savings required to fund your retirement income needs. 

Savings needed to supplement pensions and Social Security  

Savings needed to maintain purchasing power of pension  

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