In 2022, the median retirement savings for Americans aged 55 to 64 was $185,000. If you’re 63 with $390,000 saved, you have over twice the median for your age group. However, $390,000 may not be enough for retirement, as Americans estimate needing $1.26 million on average to retire comfortably.

Depending on lifestyle and expenses, it may be possible to retire on $390,000 if you’re frugal. The 4% rule suggests withdrawing 4% of savings in the first year of retirement, adjusting for inflation annually. With $390,000 saved, that equals $15,600 per year or $1,300 per month.

Access to a fully-funded emergency savings account is crucial, especially for medical expenses. Wealthfront’s cash account offers a 4% APY, with fast and free transfers to internal and external accounts. A $30 bonus is available when you fund your account with $500 or more.

If you’re 63, claiming Social Security early means reduced benefits for life. It may be worth considering part-time work to delay Social Security, preserve benefits, and reduce strain on your nest egg. Working with a financial advisor can help create a plan for retirement or continued work in your 60s.

Delay tapping into your $390,000 savings to let it grow untouched for a few more years. Consider a job change or part-time work to make a few more years of work more manageable. Part-time work can help cover expenses, allow for continued savings, and keep you insured until you’re eligible for Medicare at 65. Monarch Money offers a budgeting tool to help track expenses and savings goals. The platform also provides personalized financial advice and secure data integration. A seven-day free trial is available, with 50% off the first year using code WISE50. Gig work can offer flexibility and supplemental income to reduce reliance on benefits. Staying active through work can be financially and mentally rewarding. Trusted sources like the Federal Reserve and AARP provide data on retirement savings and income. This article is for informational purposes only and does not constitute financial advice.

Read more at Yahoo Finance: I’m 63 and tired of working, but only have $390K in savings. How much can I spend per month if I retire now?