“When can I retire?” is one of the most common questions in financial planning — and one of the most personal. There is no universal answer. But there is a framework for finding your answer.

The Four Variables

Retirement readiness comes down to four interconnected factors:

  1. How much you have saved — your investable assets, retirement accounts, and any pension or annuity income
  2. How much you need to spend — your expected annual expenses in retirement, adjusted for inflation
  3. How long you need the money to last — your life expectancy, which requires honest planning for longevity risk
  4. How much guaranteed income you will have — Social Security, pension, rental income, or other fixed sources

The 4% Rule (and Its Limits)

A common starting point is the 4% guideline: you can withdraw 4% of your portfolio in year one of retirement and adjust for inflation each year, with a historically high probability that the portfolio lasts 30 years. At a 4% withdrawal rate, a $1 million portfolio supports roughly $40,000/year of spending from assets. But the rule has limits — it was derived from historical US market returns and may be less reliable in lower-return environments or for retirements lasting longer than 30 years.

Social Security Timing

You can claim Social Security as early as 62 or as late as 70. Every year you delay past your Full Retirement Age (currently 67 for those born after 1960), your benefit increases by 8%. For a married couple, the higher earner delaying to 70 provides the largest joint lifetime benefit and the best survivor protection.

The Special Needs Planning Dimension

For parents of children with disabilities, retirement planning is more complex. You are not just planning for your own income needs — you are also building the financial foundation that will support your child after you are gone. These two goals compete for the same dollars and require an integrated plan that addresses both.

The right retirement date is the one where your income sources, your assets, and your spending align sustainably — with enough flexibility to adapt. A financial plan built around your specific numbers will always be more accurate than a rule of thumb.