Can I retire at age 66 with $800K in my IRA and $2,900 a month from Social Security?

Retirement is a long-awaited time for many hard-working folks. However, timing is vastly different for everyone, and there is no one-size-fits-all approach. Just because you hit your early 60s does not mean it’s time to quit your job; likewise, if your finances allow for retirement in your 50s, you shouldn’t feel pressure to continue working […] The post Can I retire at age 66 with $800K in my IRA and $2,900 a month from Social Security? appeared first on 24/7 Wall St..

Jun 10, 2025 - 17:48

Can I retire at age 66 with $800K in my IRA and $2,900 a month from Social Security?

Retirement is a long-awaited time for many hard-working folks. However, timing is vastly different for everyone, and there is no one-size-fits-all approach. Just because you hit your early 60s does not mean it’s time to quit your job; likewise, if your finances allow for retirement in your 50s, you shouldn’t feel pressure to continue working until 54. When hearing of a 66-year-old with $800,000 thousand invested and a close-to a $3,000 monthly income, you might assume this person is prepared for retirement. But there are a host of factors to consider, such as protection against future inflation.

Many financially savvy individuals focus on the 4% withdrawal rule when deciding if their funds will last them throughout retirement. A successful and stress-free retirement requires thorough planning to make sure you have the necessary income to sustain your desired lifestyle. Many don’t realize that delaying retirement by a year or two can significantly change your financial forecast.

This slideshow focuses on financial strategies helpful for retirement, especially those considering retiring at 66. Explore how to enhance your portfolio, calculate optimum withdrawal rates, and find lower-risk investments. Take a look at these slides before deciding if you’re ready to take the big leap into retirement.

Is $800k Enough to Retire at 66?

A 66-year-old is considering retirement with an $800k IRA and $2,900 per month in Social Security
Evaluating if these resources are sufficient depends on monthly expenses and withdrawal strategy.

Using the 4% Rule

note in a sketchbook with the text 4%. 4 percent rule concept or total amount retiree should withdraw from retirement savings to establish steady safe income.

The 4% rule allows $32,000 annual withdrawal from an $800k IRA
That equates to about $2,667 per month in additional income during retirement.

Combining IRA and Social Security

The cost of healthcare

$2,667 from the IRA and $2,900 in Social Security adds up to $5,567 monthly
Determine if this covers all living and healthcare costs before deciding to retire.

Consider Delaying Retirement

Working 1–2 more years boosts your portfolio and retirement security
Additional income and compounding growth improve long-term financial health.

Dealing with Inflation

Crisis and anti-crisis management concept with businessman back view holding huge stone with inflation sign above his head, feeling tired on light background

Inflation can erode purchasing power during retirement
Delaying retirement or adjusting withdrawals helps protect against future cost increases.

High-Yield Investment Options

Focused cropped shot of a little girl daughter and her young father putting money to the moneybox piggy bank. Personal Savings. For future, mortgage loan savings home in crisis coronavirus concept.

Consider CDs or Treasury Notes with 4–5% annual yields
These offer stable income with lower risk than stocks, ideal for conservative retirees.

All About Balance

Concepts of interest rates and dividends. Profits from returns from investments. Interest from regular savings. Compensation funds. Investments. Stock market. Returns from deposit insurance.money

These assets may not beat inflation, and interest is taxed as ordinary income
Balance with other investments to maintain growth and tax efficiency.

The Role of Financial Advisors

Financial advisor explaining invest stock market data consulting investor. Two busy business men analysts doing finance trading analysis pointing at exchange chart on laptop screen working in office.

Advisors help assess whether your savings can support you for life
Personalized advice can uncover opportunities and risks you may not see alone.

Healthcare in Retirement

Piggy bank with stethoscope isolated on light blue background with copy space. Health care financial checkup or saving for medical insurance costs concept.

Rising healthcare costs can strain retirement budgets
A financial advisor can help you plan for expected and unexpected medical expenses.

Final Takeaway

Retiring at 66 with $800k and Social Security is possible with careful planning
Monitor expenses, consider growth opportunities, and consult a pro for peace of mind.

The post Can I retire at age 66 with $800K in my IRA and $2,900 a month from Social Security? appeared first on 24/7 Wall St..