Should I Retire Now at 62 With $1M in Cash, $750k in an IRA and Social Security?

Financial Preparation for Retirement - Establishing sufficient emergency funds is crucial before retirement [2] - Paying off high-interest liabilities should be prioritized [2] - Creating an estate plan is essential for financial organization [2] - Appropriate insurance coverage must be ensured [2] Retirement Savings and Budgeting - With $1.75 million in savings, an annual withdrawal of $50,000 can sustain basic living expenses for 35 years [3] - Budgeting for lifestyle changes in retirement is important, with a recommendation to plan for about 80% of pre-retirement spending [4] Social Security Benefits - Collecting Social Security at age 62 reduces lifetime benefits to 70% of their potential value, with a maximum monthly benefit of $2,572 as of 2023 [5] - Delaying benefits until age 70 can increase the maximum monthly benefit to $4,555 [5] - The amount received from Social Security is based on the credits earned during the working years [6]