I want to quit work at 62 — but I only have $375K in my accounts. How do I stretch my savings so I can retire right now?

The reality, though, is that everyone’s retirement needs vary widely. Depending on your lifestyle, spending habits and other income sources, it may be possible to retire on $375,000, particularly if you’re frugal and have minimal expenses.

Here’s an estimate of the monthly income you might expect if you retire at 62 with that amount — and a few ways to stretch your savings and make your retirement goals more realistic.

What a $375,000 nest egg might get you

If you’re retiring at 62, it’s wise to plan for your savings to last around 30 years. Many financial experts suggest using the 4% rule to help your nest egg stretch that long. This rule involves withdrawing 4% of your savings in the first year of retirement, then adjusting for inflation annually.

With $375,000 saved, the 4% rule gives you $15,000 per year, or $1,250 per month — not accounting for inflation. That likely isn’t enough to cover all living expenses on its own.

However, if you’ve worked since your 20s, you’re probably eligible for Social Security. The average monthly benefit for retired workers is currently about $2,071 (3). Combined with the above savings withdrawals, that provides roughly $3,300 per month.

That said, if you’re 62 years old, you’re claiming Social Security early. Your full retirement age is 67, and claiming early means reduced benefits for life (4).

While it may be possible to live on this small monthly amount if you’re in one of the less expensive areas in the U.S., you may want to take a hard look at your budget and see what’s really possible.

Find an advisor

Working with a financial advisor can help you make a plan for your 60s, whether it’s immediate retirement or committing to another few years of work.

You can find a fiduciary advisor through Advisor.com, a platform that connects you with vetted professionals.

It’s simple: Just answer a few quick questions about yourself and your finances, and the platform will match you with experienced financial advisors to help you develop a plan to achieve your retirement goals.

View advisor profiles, read past client reviews and schedule an initial consultation today for free with no obligation to hire.

Beef up your emergency fund

Medical expenses become more likely as you get older, and retirees can’t rely on the next paycheck to help pay the bills. That’s why an emergency fund is crucial — and why it’s wise to maximize the returns on your stash of cash with a high-yield account.

A high-yield account like a Wealthfront Cash Account can be a great place to grow your uninvested cash, offering both competitive interest rates and easy access to your money when you need it.

A Wealthfront Cash Account currently offers a base APY of 3.30% through program banks, and new clients can get an extra 0.75% boost during their first three months on up to $150,000 for a total variable APY of 4.05%.

That’s 10 times the national deposit savings rate, according to the FDIC’s March report (5).

Additionally, Wealthfront is offering new clients who enable direct deposit ($1,000/mo minimum) to their Cash Account and open and fund a new investment account an additional 0.25% APY increase with no expiration date or balance limit, meaning your APY could be as high as 4.30%.

With no minimum balances or account fees, as well as 24/7 withdrawals and free domestic wire transfers, your funds remain accessible at all times. Plus, you get access to up to $8M FDIC Insurance eligibility through program banks.

Find ways to cut costs

It’s natural to feel burned out by 62, especially if you’ve been working steadily since your 20s. But with $375,000 in savings, it may be wise to delay tapping into your nest egg — or at least find ways to keep costs as low as possible.

Fortunately, there are some simple ways to keep more money in your pocket.

Save on recurring expenses

For starters, every dollar spent on an overpriced insurance premium is a dollar not compounding in your investment accounts.

If you own your home, for example, you’ve probably noticed that homeowners’ insurance is getting more expensive.

According to the March 2026 ICE Mortgage Monitor Report, average property insurance payments rose 6.6% in 2025 to an all-time high of more than $2,400 per year (6).

It’s no surprise, then, that policy switching also hit an all-time high last year, with 11.4% of mortgage holders changing providers. That’s because, in many markets, policy switchers paid meaningfully less.

Want to simplify the process of shopping around? By using a comparison platform like Insurify, you can instantly view quotes from top-rated providers to ensure you aren’t paying a hidden “loyalty tax” to your current insurer.

Just answer a few basic questions, and Insurify will show you the most affordable deals in as little as 3 minutes.

Not only is the process 100% free, but you could also save up to 15% by bundling your car and home insurance.

Snag discounts

At 62, every dollar starts to matter more. Rising health care costs, uncertain markets and fixed incomes can make it harder to stretch your savings — especially if you’re trying to plan for another couple of decades.

You might want to consider joining senior-focused organizations like AARP for discounts on almost everything, from prescriptions and dental plans to travel, entertainment and insurance.