Can I retire at age 62 with 493,000?

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 $493,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11%
1 years$40,711$40,349$39,995$39,650$39,313$39,147
2 years$20,154$19,779$19,415$19,062$18,720$18,553
3 years$13,303$12,926$12,563$12,213$11,877$11,713
4 years$9,878$9,502$9,143$8,799$8,471$8,312
5 years$7,823$7,449$7,095$6,759$6,439$6,286
6 years$6,454$6,083$5,734$5,405$5,095$4,947
7 years$5,476$5,109$4,765$4,444$4,144$4,001
8 years$4,743$4,379$4,041$3,728$3,438$3,301
9 years$4,174$3,813$3,480$3,175$2,895$2,764
10 years$3,718$3,361$3,034$2,737$2,467$2,341
11 years$3,346$2,992$2,671$2,382$2,121$2,001
12 years$3,035$2,685$2,371$2,089$1,838$1,724
13 years$2,773$2,427$2,118$1,845$1,603$1,493
14 years$2,549$2,206$1,903$1,637$1,405$1,301
15 years$2,354$2,015$1,718$1,460$1,237$1,138
16 years$2,184$1,849$1,558$1,308$1,094$999
17 years$2,034$1,703$1,418$1,175$970$880
18 years$1,901$1,573$1,294$1,059$862$777
19 years$1,782$1,458$1,185$957$768$688
20 years$1,676$1,355$1,087$866$686$610
21 years$1,579$1,262$1,000$786$614$542
22 years$1,491$1,178$922$715$551$482
23 years$1,411$1,102$851$651$494$429
24 years$1,338$1,032$787$594$444$383
25 years$1,271$969$729$542$400$342
26 years$1,209$911$676$496$360$306
27 years$1,152$857$628$454$325$274
28 years$1,099$808$584$416$293$245
29 years$1,049$762$543$381$264$219
30 years$1,004$719$506$350$239$197
31 years$961$680$472$321$216$176
32 years$921$644$440$295$195$158
33 years$883$609$411$272$177$142
34 years$848$578$384$250$160$128
35 years$814$548$359$230$145$115
36 years$783$520$336$212$131$103
37 years$753$494$314$195$119$93
38 years$726$469$294$180$108$83
39 years$699$446$276$166$98$75
40 years$674$425$258$153$89$67
41 years$650$404$242$141$81$61
42 years$628$385$227$130$73$54
43 years$606$367$213$120$66$49
44 years$586$350$200$111$60$44
45 years$566$333$188$103$55$40
46 years$548$318$177$95$50$36
47 years$530$303$166$88$45$32
48 years$513$290$156$81$41$29
49 years$497$277$147$75$37$26
50 years$481$264$138$69$34$23

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $493,000, adding $2,749 every year, while hoping to spend $28,537 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: 50/28/22 Blend
61$493,000$493,000$493,000$493,000
62$546,122$519,993$512,351$569,934
63$571,463$515,109$499,152$581,855
64$598,432$509,030$484,554$591,679
65$627,166$501,666$468,480$601,765
66$657,814$492,924$450,850$612,149
67$690,537$482,704$431,580$622,872
68$725,516$470,900$410,582$633,982
69$762,945$457,401$387,763$645,533
70$803,040$442,088$363,028$657,587
71$846,037$424,837$336,276$670,214
72$892,193$405,515$307,402$683,494
73$941,793$383,981$276,296$697,517
74$995,148$360,089$242,844$712,386
75$1,052,600$333,680$206,927$728,216
76$1,114,525$304,589$168,418$745,136
77$1,181,334$272,642$127,187$763,293
78$1,253,481$237,653$83,099$782,851
79$1,331,465$199,426$36,012$803,995
80$1,415,831$157,755$0$826,933
81$1,507,183$112,422$0$855,239
82$1,606,181$63,196$0$895,068
83$1,713,553$9,834$0$938,289
84$1,830,098$0$0$985,265
85$1,956,696$0$0$1,051,167
86$2,094,315$0$0$1,126,146
87$2,244,019$0$0$1,207,756
88$2,406,980$0$0$1,296,644
89$2,584,486$0$0$1,393,517
90$2,777,956$0$0$1,499,157
91$2,988,949$0$0$1,614,422
92$3,219,185$0$0$1,740,259
93$3,470,554$0$0$1,877,707
94$3,745,137$0$0$2,027,914
95$4,045,226$0$0$2,192,140
96$4,373,344$0$0$2,371,774
97$4,732,269$0$0$2,568,347
98$5,125,058$0$0$2,783,541
99$5,555,080$0$0$3,019,211
100$6,026,043$0$0$3,277,400