Can I retire at age 62 with 345,000?

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 $345,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.3%
1 years$28,490$28,236$27,988$27,747$27,511$27,360
2 years$14,104$13,841$13,587$13,340$13,100$12,949
3 years$9,309$9,045$8,791$8,547$8,311$8,163
4 years$6,912$6,649$6,398$6,158$5,928$5,784
5 years$5,475$5,213$4,965$4,730$4,506$4,367
6 years$4,516$4,257$4,012$3,782$3,566$3,432
7 years$3,832$3,575$3,334$3,110$2,900$2,771
8 years$3,319$3,064$2,828$2,609$2,406$2,282
9 years$2,921$2,668$2,436$2,222$2,026$1,907
10 years$2,602$2,352$2,123$1,915$1,726$1,613
11 years$2,341$2,094$1,869$1,667$1,485$1,376
12 years$2,124$1,879$1,659$1,462$1,286$1,183
13 years$1,941$1,698$1,482$1,291$1,122$1,023
14 years$1,784$1,544$1,332$1,146$983$889
15 years$1,647$1,410$1,202$1,022$866$776
16 years$1,528$1,294$1,090$915$765$680
17 years$1,424$1,192$992$822$679$598
18 years$1,331$1,101$906$741$603$527
19 years$1,247$1,020$829$669$538$465
20 years$1,173$948$761$606$480$412
21 years$1,105$883$700$550$430$365
22 years$1,044$824$645$500$385$324
23 years$988$771$596$456$346$288
24 years$936$722$551$416$311$256
25 years$889$678$510$380$280$228
26 years$846$637$473$347$252$204
27 years$806$600$439$318$227$182
28 years$769$565$408$291$205$162
29 years$734$533$380$267$185$145
30 years$702$503$354$245$167$130
31 years$672$476$330$225$151$116
32 years$644$450$308$207$137$104
33 years$618$426$288$190$124$93
34 years$593$404$269$175$112$83
35 years$570$383$251$161$102$75
36 years$548$364$235$148$92$67
37 years$527$346$220$137$83$60
38 years$508$328$206$126$76$54
39 years$489$312$193$116$69$48
40 years$472$297$181$107$62$43
41 years$455$283$170$99$56$39
42 years$439$269$159$91$51$35
43 years$424$257$149$84$46$31
44 years$410$245$140$78$42$28
45 years$396$233$132$72$38$25
46 years$383$223$124$66$35$23
47 years$371$212$116$61$32$20
48 years$359$203$109$57$29$18
49 years$348$194$103$52$26$16
50 years$337$185$96$48$24$15

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $345,000, adding $6,775 every year, while hoping to spend $26,659 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: 50/20/30 Blend
61$345,000$345,000$345,000$345,000
62$387,178$368,893$363,546$402,951
63$398,306$358,604$347,360$404,410
64$409,674$346,917$329,738$402,822
65$421,281$333,736$310,604$400,585
66$433,121$318,958$289,878$397,650
67$445,188$302,476$267,478$393,965
68$457,474$284,174$243,316$389,475
69$469,970$263,933$217,300$384,121
70$482,665$241,623$189,337$377,842
71$495,544$217,110$159,327$370,569
72$508,591$190,250$127,167$362,233
73$521,789$160,894$92,748$352,758
74$535,114$128,880$55,958$342,063
75$548,541$94,041$16,679$330,063
76$562,042$56,199$0$316,666
77$575,583$15,165$0$309,854
78$589,125$0$0$307,666
79$602,626$0$0$311,128
80$616,037$0$0$317,859
81$629,302$0$0$324,488
82$642,358$0$0$330,981
83$655,135$0$0$337,298
84$667,554$0$0$343,395
85$679,526$0$0$349,222
86$690,952$0$0$354,724
87$701,720$0$0$359,838
88$711,705$0$0$364,495
89$720,768$0$0$368,618
90$728,755$0$0$372,120
91$735,491$0$0$374,905
92$740,786$0$0$376,867
93$744,425$0$0$377,885
94$746,169$0$0$377,829
95$745,754$0$0$376,551
96$742,887$0$0$373,889
97$737,240$0$0$369,661
98$728,453$0$0$363,668
99$716,124$0$0$355,687
100$699,809$0$0$345,472