A complete retirement at the age of 60 with a plan not to make more money and $ 500,000 in a bank could be risky, but it is not impossible. Most people live to their mid-80s, and many people live to their 90s. If you spend about $ 17,000 a year, your money would last about 30 years – – more if you invest it, and it grows as you age.
Assuming you make money an average monthly social security amount of $ 1,504.25 at age 62 or $ 18,051 per year, that amount plus $ 17,000 in the previous example would bring you about $ 35,000 per year for living.