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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by The youngest baby boomers will turn 62 in 2026. The oldest are turning 80.\u00a0It\u2019s the crest of what Vanguard refers to as the \u201csilver tsunami\u201d in its How America Retires<\/a> report, which noted that 4.2 million individuals turned 65 in 2025.<\/p>\n \u00a0<\/p>\n For most, this age range includes a monumental shift from saving for retirement<\/a> to managing savings in retirement. Here are the ages, dollar amounts, years, percentages and other benchmarks they must not ignore at this crucial stage of their financial lives.<\/p>\n Also see key signs that you\u2019re ready to retire<\/a>.<\/p>\n 1. 10x Your Annual Salary\u00a0<\/p>\n According to Fidelity<\/a>, boomers who have 10 times their final annual salary saved by age 67 probably have enough to retire comfortably. Those who don\u2019t risk outliving their money<\/a>.\u00a0<\/p>\n \u00a0<\/p>\n 2. 12% to 15% of Annual Income\u00a0<\/p>\n The Vanguard report found that those who consistently saved 12% to 15% of their income over the decades were generally prepared to retire. If you under-saved, you might consider working longer or pursuing other income sources.<\/p>\n 3. 25x Your Annual Spending<\/p>\n Alternatively, Citizens Bank<\/a> advises that boomers are ready to retire when they have 25 times their annual expenses saved. For example, someone who expects to spend $65,000 in their first year would need a $1.6 million nest egg.<\/p>\n 4. 75% of Income From Savings<\/p>\n The Vanguard study also concluded that comfortable retirees rely on their savings for no more than 75% of their income. Spreading Social Security<\/a> too thin to compensate for insufficient savings can lead to lifestyle sacrifices and financial strain.\u00a0<\/p>\n 5. 59 1\/2 to 73: The Gap Years<\/p>\n The years between ages 59 1\/2, when early withdrawal penalties end, and 73, when required minimum distributions begin, offer a crucial window for account conversions. Whether, when and how to conduct Roth or traditional 401(k) or IRA conversions varies, but the gap years provide a limited-time opportunity for managing future taxes while adjusting for current cash flow needs.<\/p>\n 6. 65: The Medicare Pivot<\/p>\n Medicare eligibility starts at 65, signaling a major shift in saving and spending strategies for most retirees. According to Mariner Wealth Advisors<\/a>, successfully pivoting from employer-based plans to Medicare requires:\u00a0<\/p>\n Reducing taxable income to lower premiums According to the Social Security Administration<\/a>, few decisions are more consequential than when to take Social Security. Eligibility begins at 62, when early retirement deductions can reduce your benefits by up to 30%. At 70, check-enhancing delayed retirement credits end.\u00a0<\/p>\n 8. Full Retirement Age<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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\nAdjusting withdrawals to manage income-related monthly adjustment amount (IRMAA) surcharges
\nBudgeting for out-of-pocket costs that Original Medicare doesn\u2019t cover.
\n7. 62 to 70: Social Security Planning<\/p>\n