Can I retire at 62 with £750k? (UK)

For many households it can support a comfortable plan, but the answer still starts with spending. At 62 you are closer to State Pension age and can normally access private pensions, which removes much of the early bridge problem. The key questions are how much you want each year, what secure income arrives later and whether the £750,000 includes your home or only investable assets.

A 4% starting withdrawal is £30,000 a year before tax, while 3.5% is £26,250. Those are starting points, not safe labels. Add the State Pension and any defined benefit income at their proper start dates, then see how much the portfolio must provide before and after. The required withdrawal rate may drop sharply once secure income begins.

It shortens it, but does not always remove it. You may have several years until State Pension and some defined benefit pensions, even though defined contribution pensions are accessible. Work out the income gap from 62 to each later payment. A short bridge can still be expensive if spending is high or a large one-off cost lands early.

Only after working out what the extra years buy you. Another year can add contributions, avoid withdrawals and shorten the retirement period. That can make a noticeable financial difference, but it also uses a year of healthy time. Run the same plan from 62, 63 and State Pension age, then decide whether the extra money is worth the extra work.

Pension income, State Pension and defined benefit pensions are generally taxable, while ISA withdrawals are normally tax-free. Before State Pension begins, you may have unused Personal Allowance that makes measured pension withdrawals attractive. After it begins, the same withdrawal can create more tax. Model the household by person and by tax year rather than using one blended percentage.

Yes, if the later plan still works. Many people want travel and experiences while health and energy are stronger. Create an active-years budget, a steadier middle phase and a later-life baseline, then include care or support separately. A planned spending slope is more useful than pretending the same inflation-adjusted figure will fit every year from 62 to 95.

Separate investable money from home equity. Your home may provide security and later options, but it does not create retirement income until you sell, downsize, rent part of it or borrow against it. If a property move is part of the plan, include the timing, selling costs, purchase costs and the home you still need afterwards.

Use a central real return, a lower-return case and a bad first five years. The average return over 30 years can look reasonable while the order of returns still causes problems. Include investment fees and do not use the best historic period as a planning baseline. A strong plan should not depend on one smooth growth line.

Keep each person’s State Pension, pensions and tax allowances separate even if spending is shared. Check survivor benefits on defined benefit pensions and rerun the plan with one State Pension and a reduced household budget. The surviving person may lose income faster than costs fall, which can be missed by a simple joint projection.

I would start to feel more comfortable when it covers essential spending with cautious assumptions, gets through poor early returns, includes the large costs you know are coming and still leaves you with a few ways to adjust. A larger balance at 95 is not always better if it costs years of unwanted work or depends on unrealistic underspending. The plan needs to fit a life you recognise.