Can I Retire at 62 With $400,000 in a 401(k)?

You can retire a little early on $400,000, but it won’t be easy.If you have the option of working and saving for a few more years, it will give you a significantly more comfortable retirement. By waiting until at least age 67, you can collect more in lifetime Social Security benefits and your retirement account will have gathered quite a bit more steam.But if there’s a good reason to retire early and if you can live very modestly, you might make these numbers work. Here’s what you need to know. You can also work with a financial advisor if you’re wanting a more personal look at what you need to retire.Social Security and Medicare At 62At 62 you can take withdrawals from your retirement accounts, such as a 401(k), without incurring a special tax penalty. At the time of writing, the IRS allows you to withdraw money from tax-advantaged accounts starting at age 59.5, so you can take full drawdowns. However, age 62 is still considered early retirement. Your savings will have to last longer...