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Retirement Planning in Denver, CO
Retirement planning in Denver means matching savings, Social Security and pensions to a Front Range cost of living, where owners with a mortgage spend $2,466 a month. This page works through sample income math and the Medicare gap, and shows how to reach advisors who serve the area, by phone or video.
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- Advisors who serve the Denver, Colorado area
Updated October 2026. Local figures from the U.S. Census Bureau.
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Tell us your target retirement age and savings in the Denver area and we will arrange a call with an income planner.
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Retirement planning in Denver means estimating what you will spend, then lining up Social Security, savings and any pension to cover it. Housing is the large variable, since owners with a mortgage report a median $2,466 a month (U.S. Census Bureau ACS). A plan also covers the three-year Medicare gap for anyone who retires at 62 and the order in which accounts are drawn down.
Retirement facts for Denver households
- Denver’s median age is 35.3 and 12.5 percent of residents are 65 or older (ACS).
- Owners with a mortgage report $29,592 a year in housing cost, based on a $2,466 monthly median.
- A hypothetical $1,000,000 balance at a 4 percent withdrawal gives $40,000 a year before tax.
- Retiring at 62 leaves three years of health coverage before Medicare, or $28,800 at a hypothetical $800 a month.
- PERA pensions cover many public workers, and plan rules should be confirmed directly.
Retirement planning in Denver starts with a younger crowd
Only 12.5 percent of Denver residents are 65 or older and the median age is 35.3 (2020 to 2024 American Community Survey, ACS), so most people searching for retirement planning in Denver are still 20 to 30 years from the finish line. They are asking how much to save now, and whether a Colorado cost of living leaves room to save it. Older households have a different list: when to claim Social Security, how to bridge health coverage before Medicare, and which account to draw from first.
How much income will Denver retirees need?
Housing is the line that moves most. Owners with a mortgage report a median monthly cost of $2,466, which is $29,592 a year. Owners who have paid off the loan still pay property tax, insurance and upkeep, while renters face a median $1,831 a month, or $21,972 a year. Retirement planning in Denver therefore asks one early question: will you own the house outright when paychecks stop? If the answer is no, the plan carries a mortgage into retirement, and the monthly payment goes on the expense side of every projection. If the answer is yes, property tax, insurance and upkeep still remain, and the hail damage that visits Front Range roofs is a cost worth setting cash aside for.
Send your balances and target retirement age for a first income estimate.
Income math with a hypothetical nest egg
These steps use round, hypothetical numbers for a household that retires with $1,000,000 in pre-tax accounts.
| Step | Calculation | Result |
|---|---|---|
| Starting balance | Hypothetical | $1,000,000 |
| Withdrawal at 4 percent, a common starting rule of thumb | $1,000,000 times 0.04 | $40,000 a year |
| Hypothetical Social Security for two people | $36,000 a year | $36,000 a year |
| Total before tax | $40,000 plus $36,000 | $76,000 a year |
| Median Denver owner cost with mortgage, for scale | $2,466 times 12 | $29,592 a year |
On these assumptions housing alone would take about 39 percent of the pre-tax total. A planner reruns this with your own balances, taxes and the date your mortgage ends.
Saving now if retirement is far off
For a 35-year-old on the median income of $94,718, putting 10 percent toward retirement is $9,472 a year, or about $789 a month. Capture any employer match first, because a match is pay you forgo if you skip it. Then raise the rate by one point each year, ideally when a raise arrives. Cash matters here too: six months of expenses sit outside retirement accounts so a layoff does not force an early withdrawal and a tax penalty. The budgeting and saving guide shows how to find the first extra percent, and a life insurance review makes sure the plan survives if a paycheck stops.
Social Security timing
Claiming at 62 gives the smallest monthly check, claiming at your full retirement age gives more, and waiting until 70 gives the most. The right age depends on health, your spouse’s record and whether you still work. Married couples often have one spouse claim early and the other later. The Social Security Administration publishes a benefit estimator, and a planner can compare claiming ages against the rest of your income. Our retirement planning guide lays out the basics.
The Medicare gap
Medicare begins at 65. Retire at 62 and you need three years of health coverage, usually through a marketplace plan or a spouse. Use a hypothetical $800 a month and the bridge costs $9,600 a year, or $28,800 over three years. Add that to your savings target if early retirement is the goal. Premiums vary by age and plan, so check current quotes.
Pick a retirement age and ask what must be true about savings and spending to reach it.
PERA and other public pensions
Some Denver workers earn a pension through public service, and the Colorado Public Employees’ Retirement Association, known as PERA, covers a large group of them. A pension changes the math: a steady monthly check lets you take more risk with savings, or spend a little more early. Ask the plan what your benefit would be at several retirement dates, how survivor options reduce the payment and whether any part of your service also earns Social Security. Confirm current plan rules directly with PERA.
How does Colorado tax retirement income?
Colorado taxes income at a flat state rate, and it has offered subtractions for pension and annuity income and for Social Security, with amounts that depend on your age. Rules change, so confirm current rules with the Colorado Department of Revenue or a tax professional. Account order matters too. Money in a traditional IRA or 401(k) is taxed when withdrawn, a Roth account usually is not, and a taxable account is taxed on gains. Our tax planning guide explains how to sequence them, and the estate planning guide covers beneficiary forms.
What a retirement planner costs: three worked examples
- A one-time retirement plan at a flat $2,500, which covers a projection and a withdrawal order.
- Hourly help at a hypothetical $250 an hour for a four-hour Social Security and Medicare review, or $1,000.
- Ongoing management at 1 percent of a $1,000,000 portfolio, or $10,000 a year.
These are examples. Ask each firm for the yearly dollar cost and whether it includes tax projections.
Ask two firms to quote the same plan and line the numbers up.
Who should start retirement planning in Denver now?
Anyone within ten years of retiring should have a written income plan. Anyone with a workplace match should be collecting it. Anyone self-employed, from a restaurant owner to a tradesperson, needs an account they open themselves, such as a SEP IRA or solo 401(k), since no employer will do it for them. Start with the investing basics guide if the account choices are new.
How to choose a retirement planner in Denver
| Question | A good answer sounds like |
|---|---|
| How are you paid? | A clear dollar figure, in writing |
| Do you project taxes? | Yes, by year and by account |
| What will you review each year? | Spending, withdrawals, Social Security and beneficiaries |
| Where do I check your record? | The SEC adviser search (IAPD) and FINRA BrokerCheck |
| Who do I call between meetings? | A named person with a direct line |
Frequently asked questions
When should a Denver resident claim Social Security?
It depends on health, marital status and other income. Claiming at 62 pays the smallest check and waiting until 70 the largest. A retirement planner can compare ages using your own record, which you can view with the Social Security Administration.
How much does retirement planning in Denver cost?
A flat plan may run a few thousand dollars, hourly help is billed by the hour, and ongoing management is often about 1 percent of assets. Ask for the yearly total in dollars, including fund expenses, before you agree to anything.
What does the Medicare gap mean for a Colorado retiree?
Medicare starts at 65. Someone who retires at 62 needs three years of other coverage. At a hypothetical $800 a month that is $28,800, which belongs in the savings target. Check current marketplace prices for your age.
Does PERA change retirement planning in Denver?
Yes. A PERA pension supplies steady income, so savings can be invested differently. Ask PERA for benefit estimates at several retirement dates and for survivor options. Confirm whether any of your service also counts toward Social Security.
Is the ACS median age relevant to my retirement plan?
The Denver median age is 35.3, and only 12.5 percent of residents are 65 or older (ACS). It tells you that most neighbors are still saving, so advisors here spend much of their time on savings rates and employer plans.
Can I meet a retirement planner without leaving Denver?
Yes. Advisors who serve the city work by phone or video, so you can meet from Congress Park, Lakewood or anywhere nearby. Bring statements for every account, your last tax return and a Social Security earnings record.
Learn before you talk to an advisor
Plan your Denver retirement income
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