Can I retire at age 62 with 338,000?

Use the below retirement simulation to view the chances of a successful retirement.
Confused? Try the simple retirement calculator
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 $338,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.1%
1 years$27,912$27,663$27,421$27,184$26,953$26,280
2 years$13,818$13,560$13,311$13,069$12,835$12,161
3 years$9,120$8,862$8,613$8,374$8,143$7,489
4 years$6,772$6,514$6,268$6,033$5,807$5,179
5 years$5,363$5,107$4,864$4,634$4,415$3,814
6 years$4,425$4,171$3,931$3,706$3,493$2,920
7 years$3,754$3,502$3,267$3,047$2,841$2,295
8 years$3,252$3,002$2,770$2,556$2,357$1,839
9 years$2,861$2,614$2,386$2,177$1,985$1,494
10 years$2,549$2,304$2,080$1,876$1,691$1,227
11 years$2,294$2,051$1,831$1,633$1,454$1,016
12 years$2,081$1,841$1,625$1,432$1,260$847
13 years$1,901$1,664$1,452$1,265$1,099$710
14 years$1,747$1,512$1,305$1,123$963$597
15 years$1,614$1,382$1,178$1,001$848$505
16 years$1,497$1,268$1,068$896$750$427
17 years$1,395$1,167$972$805$665$363
18 years$1,304$1,079$887$726$591$309
19 years$1,222$1,000$812$656$527$264
20 years$1,149$929$745$594$471$225
21 years$1,083$865$686$539$421$192
22 years$1,022$808$632$490$377$165
23 years$968$755$583$446$339$141
24 years$917$708$540$407$305$121
25 years$871$664$500$372$274$104
26 years$829$624$464$340$247$89
27 years$790$588$430$311$223$77
28 years$753$554$400$285$201$66
29 years$720$522$372$261$181$57
30 years$688$493$347$240$164$49
31 years$659$466$323$220$148$42
32 years$631$441$302$203$134$36
33 years$605$418$282$186$121$31
34 years$581$396$263$171$110$27
35 years$558$376$246$158$99$23
36 years$537$356$230$145$90$20
37 years$517$339$215$134$82$17
38 years$497$322$202$123$74$15
39 years$479$306$189$114$67$13
40 years$462$291$177$105$61$11
41 years$446$277$166$97$55$9
42 years$430$264$156$89$50$8
43 years$416$251$146$82$45$7
44 years$402$240$137$76$41$6
45 years$388$229$129$70$37$5
46 years$376$218$121$65$34$4
47 years$363$208$114$60$31$4
48 years$352$199$107$55$28$3
49 years$341$190$100$51$25$3
50 years$330$181$94$47$23$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $338,000, adding $4,694 every year, while hoping to spend $25,012 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: 68/9/23 Blend
61$338,000$338,000$338,000$338,000
62$377,318$359,404$354,165$400,470
63$389,192$350,402$339,417$407,575
64$401,438$340,121$323,336$412,028
65$414,070$328,471$305,853$416,308
66$427,097$315,359$286,891$420,398
67$440,533$300,684$266,374$424,279
68$454,391$284,341$244,221$427,932
69$468,684$266,218$220,347$431,336
70$483,424$246,197$194,664$434,469
71$498,627$224,154$167,078$437,308
72$514,306$199,957$137,494$439,827
73$530,475$173,465$105,811$442,002
74$547,151$144,533$71,923$443,805
75$564,349$113,003$35,721$445,206
76$582,085$78,712$0$446,176
77$600,375$41,487$0$447,396
78$619,237$1,143$0$457,519
79$638,688$0$0$467,764
80$658,746$0$0$482,337
81$679,429$0$0$497,480
82$700,757$0$0$513,095
83$722,750$0$0$529,197
84$745,427$0$0$545,799
85$768,809$0$0$562,918
86$792,917$0$0$580,568
87$817,774$0$0$598,766
88$843,402$0$0$617,528
89$869,823$0$0$636,871
90$897,062$0$0$656,812
91$925,143$0$0$677,369
92$954,090$0$0$698,560
93$983,928$0$0$720,404
94$1,014,685$0$0$742,919
95$1,046,387$0$0$766,125
96$1,079,060$0$0$790,043
97$1,112,734$0$0$814,692
98$1,147,436$0$0$840,093
99$1,183,195$0$0$866,267
100$1,220,041$0$0$893,237