I think I would like to retire, or at least cut back on working, when I am 62 and can (hopefully) get social security. That would be in about 5 years, and if I keep saving at the same rate ($20k or $30k per year, depending on interest rates, expenses, etc.), then I would have about $500k by then. I realize that is not a lot these days, but I don’t care about traveling or luxuries. I don’t mind living simply, as long as I have what I need. And there are several things I could do to earn $10k or $20 a year after I retire, in case I felt I needed more money.

So I think if I retired at 62 my income would be about $30k, which is more than I live on now. My income from work is about $70k, and my take home pay is $3600 per month, and I save about $1500 of that. I am used to not spending very much.

If I continued working until 66 or (god forbid!) 70 I would have more money, but I think I would rather have the extra time. I like to work and I like my job, but I hate not having enough time for things I want to do (including sleep!)

So — do you think it’s a bad idea for someone like me, who doesn’t have a ton of money, to retire at 62? I mean, even if I waited to 66 I still wouldn’t be rich, and still wouldn’t have enough to deal with every possible set back. For that you need millions, which I do not have time to save.