Can I retire at age 60 with 712,000?

Use the below retirement simulation to view the chances of a successful retirement.
About Your Retirement ?
Current Age
Retirement Age
Current Savings $
Annual Deposits $
Annual Withdrawals $
Stock market crash:
Portfolio ?
% in Stocks:
% in Bonds:
% in Cash:
Modify Stock Returns:
0%
Modify Bond Returns:
0%
Modify Cash Returns:
0%
Modify Inflation:
0%
How much money do I need to retire?

This retirement calculator runs simulations based on past data from the S&P 500, 10 Year Treasury Bond, 3 month T-Bill, and US inflation. For each year of each simulation, a random return and inflation amount is chosen.

How to use: Enter your current age and the age when you retire. Then enter your current savings, the amount that you can save annually before you retire, and the amount that you plan to withdraw after retirement. Your annual deposits and withdrawals take inflation into account. For example, if you need $50,000 to live on in retirement using today's dollars, we will automatically take into account the cost of living for your retirement years. The same is true for your annual deposits. Next, decide if you'd like to simulate a stock market crash.

In the portfolio section, choose the makeup of your portfolio with stocks, bonds, and cash. Cash assumes that your money is stored in a savings account. You can then alter the future returns and inflation. For example, if the market has historically returned about 10%, but you think the future will be worse, modify the stock returns by -3%, and the future returns will average out to 7%. Investment fees can also lower stock market returns. Many index funds and ETFs offer extremely low fees and expenses.

Many people receive income in retirement, such as social security, pension plans, part time jobs, annuities, and other benefits. This would allow you to take out smaller distributions every year. Please note that taxes must also be considered, but are not used in this simulation. A 401k, Roth IRA, and Traditional IRA are taxed differently than a standard investment account, as are dividends.

Note: This assumes that the future is at least somewhat like the past. In reality, anything could happen. The Soviet Union collapsed, Japan's Nikkei Index is still well below its 1989 peak. Numerous other markets have changed drastically and never recovered. However, this online tool is helpful in retirement planning and estimating how much you might need for retirement, especially those hoping to retire early. We recommend receiving advice from a financial planner.

Want to retire with $712,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.3%
1 years$58,796$58,273$57,762$57,263$56,776$55,314
2 years$29,107$28,565$28,040$27,530$27,036$25,573
3 years$19,212$18,668$18,143$17,639$17,153$15,734
4 years$14,265$13,723$13,204$12,708$12,234$10,870
5 years$11,298$10,759$10,247$9,761$9,300$7,996
6 years$9,321$8,785$8,281$7,806$7,359$6,115
7 years$7,909$7,378$6,881$6,418$5,984$4,801
8 years$6,850$6,324$5,836$5,384$4,965$3,842
9 years$6,028$5,506$5,027$4,586$4,181$3,117
10 years$5,370$4,854$4,382$3,953$3,562$2,556
11 years$4,832$4,321$3,858$3,440$3,064$2,114
12 years$4,384$3,878$3,424$3,017$2,655$1,760
13 years$4,005$3,505$3,059$2,664$2,315$1,473
14 years$3,681$3,186$2,749$2,365$2,030$1,238
15 years$3,400$2,910$2,482$2,109$1,787$1,045
16 years$3,154$2,670$2,250$1,888$1,579$884
17 years$2,938$2,459$2,047$1,697$1,400$750
18 years$2,746$2,272$1,869$1,529$1,245$637
19 years$2,574$2,106$1,711$1,382$1,110$542
20 years$2,420$1,957$1,570$1,251$991$463
21 years$2,280$1,823$1,444$1,136$887$395
22 years$2,154$1,701$1,331$1,033$795$337
23 years$2,038$1,591$1,229$940$714$289
24 years$1,933$1,491$1,137$858$642$247
25 years$1,836$1,399$1,053$783$577$212
26 years$1,746$1,315$976$716$520$181
27 years$1,664$1,238$907$656$469$156
28 years$1,587$1,166$843$601$423$133
29 years$1,516$1,100$784$551$382$114
30 years$1,449$1,039$731$505$345$98
31 years$1,387$982$681$464$312$84
32 years$1,329$929$636$427$282$72
33 years$1,275$880$593$392$255$62
34 years$1,224$834$554$361$231$53
35 years$1,176$791$518$332$209$46
36 years$1,131$751$485$306$190$39
37 years$1,088$713$454$282$172$34
38 years$1,048$678$425$260$156$29
39 years$1,010$645$398$240$141$25
40 years$973$613$373$221$128$22
41 years$939$584$350$204$116$18
42 years$906$556$328$188$106$16
43 years$875$530$308$174$96$14
44 years$846$505$289$160$87$12
45 years$818$481$272$148$79$10
46 years$791$459$255$137$72$9
47 years$765$438$240$126$65$7
48 years$741$418$225$117$59$6
49 years$718$400$212$108$54$6
50 years$695$382$199$100$49$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $712,000, adding $4,062 every year, while hoping to spend $51,837 every year in retirement. These numbers increase with inflation.
Reality usually performs much different than the expected returns. This uses historical averages, but anything can happen. In general, riskier investments have greater returns on average, but more volatility in the short term.
Age Total: 100% Stocks Total: 100% Bonds Total: 100% Cash Total: 80/6/14 Blend
59$712,000$712,000$712,000$712,000
60$788,814$751,078$740,042$849,394
61$814,119$732,727$709,679$871,450
62$840,267$711,739$676,562$888,545
63$867,291$687,930$640,543$905,819
64$895,223$661,107$601,469$923,266
65$924,096$631,062$559,180$940,882
66$953,949$597,578$513,506$958,659
67$984,817$560,425$464,274$976,591
68$1,016,741$519,359$411,300$994,673
69$1,049,763$474,122$354,393$1,012,896
70$1,083,926$424,441$293,353$1,031,255
71$1,119,277$370,030$227,971$1,049,741
72$1,155,865$310,583$158,030$1,068,347
73$1,193,742$245,779$83,302$1,087,065
74$1,232,961$175,280$3,550$1,105,889
75$1,273,580$98,726$0$1,124,811
76$1,315,661$15,739$0$1,156,006
77$1,359,267$0$0$1,188,643
78$1,404,467$0$0$1,227,114
79$1,451,334$0$0$1,268,084
80$1,499,946$0$0$1,310,580
81$1,550,384$0$0$1,354,676
82$1,602,736$0$0$1,400,447
83$1,657,096$0$0$1,447,976
84$1,713,563$0$0$1,497,351
85$1,772,245$0$0$1,548,664
86$1,833,254$0$0$1,602,017
87$1,896,714$0$0$1,657,517
88$1,962,756$0$0$1,715,279
89$2,031,521$0$0$1,775,427
90$2,103,159$0$0$1,838,093
91$2,177,833$0$0$1,903,420
92$2,255,720$0$0$1,971,563
93$2,337,006$0$0$2,042,687
94$2,421,897$0$0$2,116,972
95$2,510,611$0$0$2,194,610
96$2,603,388$0$0$2,275,812
97$2,700,484$0$0$2,360,802
98$2,802,177$0$0$2,449,827
99$2,908,770$0$0$2,543,151
100$3,020,589$0$0$2,641,062