Can I retire at age 62 with 489,000?

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 $489,000?

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$40,381$40,021$39,671$39,328$38,994$38,780
2 years$19,991$19,618$19,258$18,908$18,568$18,353
3 years$13,195$12,821$12,461$12,114$11,781$11,570
4 years$9,797$9,425$9,068$8,728$8,402$8,198
5 years$7,760$7,389$7,037$6,704$6,387$6,190
6 years$6,401$6,034$5,687$5,361$5,054$4,864
7 years$5,432$5,067$4,726$4,408$4,110$3,928
8 years$4,705$4,343$4,008$3,697$3,410$3,234
9 years$4,140$3,782$3,452$3,149$2,872$2,703
10 years$3,688$3,333$3,010$2,715$2,447$2,286
11 years$3,318$2,968$2,650$2,363$2,104$1,950
12 years$3,011$2,664$2,352$2,072$1,823$1,677
13 years$2,751$2,407$2,101$1,830$1,590$1,450
14 years$2,528$2,188$1,888$1,624$1,394$1,261
15 years$2,335$1,999$1,704$1,448$1,227$1,100
16 years$2,166$1,834$1,545$1,297$1,085$964
17 years$2,018$1,689$1,406$1,165$962$847
18 years$1,886$1,561$1,284$1,050$855$747
19 years$1,768$1,446$1,175$949$762$659
20 years$1,662$1,344$1,078$859$681$584
21 years$1,566$1,252$992$780$609$517
22 years$1,479$1,169$914$709$546$459
23 years$1,400$1,093$844$646$490$408
24 years$1,327$1,024$781$589$441$363
25 years$1,261$961$723$538$396$324
26 years$1,199$903$671$492$357$289
27 years$1,143$850$623$450$322$258
28 years$1,090$801$579$413$291$230
29 years$1,041$756$539$378$262$206
30 years$995$714$502$347$237$184
31 years$953$675$468$319$214$165
32 years$913$638$436$293$194$147
33 years$876$604$408$269$175$132
34 years$841$573$381$248$159$118
35 years$808$543$356$228$144$106
36 years$777$516$333$210$130$95
37 years$747$490$312$194$118$85
38 years$720$466$292$179$107$76
39 years$693$443$273$165$97$68
40 years$669$421$256$152$88$61
41 years$645$401$240$140$80$55
42 years$623$382$225$129$73$49
43 years$601$364$212$119$66$44
44 years$581$347$199$110$60$40
45 years$562$331$186$102$54$36
46 years$543$315$175$94$49$32
47 years$526$301$165$87$45$29
48 years$509$287$155$80$41$26
49 years$493$274$145$74$37$23
50 years$477$262$137$69$34$21

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $489,000, adding $2,402 every year, while hoping to spend $33,829 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: 70/23/7 Blend
61$489,000$489,000$489,000$489,000
62$541,356$515,439$507,859$578,492
63$560,580$504,701$488,879$592,629
64$580,632$492,304$468,128$603,701
65$601,559$478,130$445,514$614,888
66$623,415$462,055$420,935$626,193
67$646,255$443,948$394,288$637,621
68$670,142$423,670$365,466$649,179
69$695,141$401,074$334,353$660,873
70$721,324$376,006$300,833$672,714
71$748,769$348,300$264,781$684,712
72$777,561$317,784$226,069$696,882
73$807,790$284,274$184,560$709,241
74$839,557$247,575$140,115$721,808
75$872,969$207,484$92,586$734,606
76$908,145$163,783$41,820$747,664
77$945,211$116,244$0$761,013
78$984,308$64,625$0$775,613
79$1,025,587$8,672$0$793,979
80$1,069,214$0$0$813,046
81$1,115,371$0$0$846,017
82$1,164,254$0$0$883,273
83$1,216,079$0$0$922,784
84$1,271,082$0$0$964,731
85$1,329,521$0$0$1,009,314
86$1,391,678$0$0$1,056,748
87$1,457,860$0$0$1,107,273
88$1,528,407$0$0$1,161,147
89$1,603,687$0$0$1,218,655
90$1,684,106$0$0$1,280,110
91$1,770,109$0$0$1,345,854
92$1,862,182$0$0$1,416,261
93$1,960,860$0$0$1,491,744
94$2,066,727$0$0$1,572,753
95$2,180,428$0$0$1,659,784
96$2,302,668$0$0$1,753,380
97$2,434,221$0$0$1,854,139
98$2,575,937$0$0$1,962,715
99$2,728,752$0$0$2,079,829
100$2,893,691$0$0$2,206,271