Here’s the retirement savings you need to spend $10,000/month at age 55, 62, and 65. Why there's a vast difference

Group 1 - Early retirement is increasingly popular, with nearly one in five U.S. adults wanting to retire before age 55, and the majority believing they need a $1.28 million nest egg to do so [1][2] - Retiring at 55 instead of 62 or 65 significantly increases the financial requirements for retirement due to the lack of access to Social Security and Medicare [2][4] - To cover basic household expenses of $10,000 a month, a retirement portfolio of $3.4 million is necessary, following the 4% withdrawal rule, which allows for a sustainable income over 30 years [6] Group 2 - The average American is projected to pay $625 a month for health insurance in 2026, amounting to $15,000 annually for a couple, which adds to the financial burden of early retirement [5] - Without Medicare or Social Security benefits, individuals retiring in their mid-50s must purchase health insurance on the open market, increasing their overall retirement costs [4]