I'm 59 years old, have $600K in retirement savings, and getting fed up with work — but I'm still supporting my 2 adult children. Can I retire early without cutting my kids off?

How much do you need to save, and what's your retirement timeline?

To determine if early retirement is possible — or if you’ll need to cut off your kids — estimate your retirement income needs, set a target retirement date and see if you can make your goal even while still helping your children.

If you want to retire at 62, which is the earliest age you become eligible for Social Security, you have three years to save. To reach that $1.3 million nest egg, you’d need to invest $14,644.68 monthly over the next three years, assuming a 7% annual return. That's a whole lot of money — and maybe impossible even if you stop supporting your children.

Also, consider that a $1.3 million nest egg may not stretch as far as you think. Following the 4% rule, which suggests withdrawing 4% of your savings in the first year and adjusting for inflation each year, you would generate about $52,000 annually. Combined with Social Security, this can provide a solid income, but it may not cover both you and your two adult kids — especially if you take a 30% cut by claiming Social Security at 62. You’d also need to pay for health insurance until you’re eligible for Medicare at 65.

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Don't compromise your retirement dreams for your adult children

The bottom line is: sacrificing your retirement plans for your kids’ support may not benefit either of you in the long run.

If you’re behind on savings, continued support for your children will make it costly to catch up now — and maintaining that support in retirement could drain your nest egg. You only get one chance at retirement security, while your kids have their whole lives to build their financial futures. If your finances sugar, you’ll eventually have to stop supporting them anyway, so it’s wise to encourage independence sooner rather than later.

Set a firm deadline for ending financial support and offer to support them in other ways, like assisting them to make a financial plan. Then, shift your focus to aggressively saving for retirement so you can leave work when you're ready.