For many individuals reaching the milestone age of 60, the question of whether it's feasible to retire looms large. A scenario where one has fully paid off their million-dollar home and amassed $750,000 in retirement savings presents an intriguing case. Financial experts weigh in on this query, emphasizing that while retiring at this juncture is possible, several factors must be carefully considered. The primary concerns revolve around the duration of retirement funding, anticipated expenses, and bridging gaps in income and health coverage until more stable benefits kick in.

Retiring at 60 with substantial assets can indeed be viable, but it hinges significantly on how long you expect your retirement to last and what your spending habits will be. Financial planners suggest planning for a retirement spanning three decades or longer. According to statistics from the Social Security Administration, a 60-year-old woman has a life expectancy of over 86 years, while a man of the same age can expect to live until about 83. Moreover, a significant portion of 65-year-olds may reach 90 or even 95 years old. Therefore, preparing for a lengthy retirement period is crucial.

Housing costs remain one of the largest expenses for retirees, despite having paid off the mortgage. Property taxes, insurance, and maintenance continue to be necessary expenditures. Other financial obligations, such as existing loans, should also be factored into the equation. On the positive side, certain current expenses like commuting will cease, potentially offset by increased travel budgets. Health insurance poses another challenge, especially before qualifying for Medicare at age 65. Exploring options like joining a partner’s workplace plan or purchasing policies through state exchanges can mitigate these costs.

Income sources play a pivotal role in determining the feasibility of early retirement. Social Security and pensions typically become available later, creating an interim period where savings must cover living expenses. Delaying Social Security claims until full retirement age can yield higher payouts, providing a government-guaranteed, inflation-adjusted benefit. Tapping into retirement savings using strategies like the 4% rule can help manage withdrawals sustainably. This guideline suggests withdrawing 4% of the portfolio annually, adjusting for inflation, to ensure funds last throughout a 30-year retirement.

Your home equity represents a valuable resource that can support retirement plans. Selling the property and downsizing or relocating to a less expensive area can free up capital. Alternatively, setting up a home equity line of credit (HELOC) provides access to funds for emergencies. Reverse mortgages offer another avenue to leverage home equity without immediate repayment obligations. However, it's essential to evaluate the risks associated with property location, particularly concerning climate hazards.

Ultimately, achieving a comfortable retirement at 60 requires meticulous planning. If the numbers don't align initially, delaying retirement slightly or exploring phased retirement options with employers can provide additional financial cushion. Part-time work or side hustles not only supplement income but may also offer health care benefits. With thoughtful preparation and flexible strategies, transitioning into retirement at 60 can be both feasible and fulfilling.