Can I retire at age 62 with 494,000?

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 $494,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.9%
1 years$40,794$40,431$40,076$39,730$39,392$38,916
2 years$20,195$19,819$19,454$19,101$18,758$18,279
3 years$13,330$12,952$12,588$12,238$11,901$11,434
4 years$9,898$9,521$9,161$8,817$8,488$8,036
5 years$7,839$7,465$7,109$6,772$6,452$6,017
6 years$6,467$6,095$5,745$5,416$5,106$4,688
7 years$5,487$5,119$4,774$4,453$4,152$3,752
8 years$4,753$4,388$4,049$3,735$3,445$3,062
9 years$4,182$3,820$3,488$3,182$2,901$2,535
10 years$3,726$3,368$3,040$2,743$2,472$2,123
11 years$3,352$2,998$2,677$2,387$2,126$1,794
12 years$3,042$2,691$2,376$2,094$1,842$1,526
13 years$2,779$2,432$2,122$1,848$1,606$1,307
14 years$2,554$2,210$1,907$1,641$1,408$1,124
15 years$2,359$2,019$1,722$1,463$1,240$971
16 years$2,189$1,853$1,561$1,310$1,096$841
17 years$2,038$1,706$1,420$1,177$972$731
18 years$1,905$1,577$1,297$1,061$864$637
19 years$1,786$1,461$1,187$959$770$556
20 years$1,679$1,358$1,089$868$688$486
21 years$1,582$1,265$1,002$788$615$426
22 years$1,494$1,181$924$716$552$374
23 years$1,414$1,104$853$652$495$328
24 years$1,341$1,034$789$595$445$289
25 years$1,274$971$730$543$401$254
26 years$1,212$912$677$497$361$224
27 years$1,154$859$629$455$325$197
28 years$1,101$809$585$417$294$174
29 years$1,052$763$544$382$265$153
30 years$1,006$721$507$351$239$135
31 years$963$681$473$322$217$120
32 years$922$645$441$296$196$106
33 years$885$611$412$272$177$93
34 years$849$579$385$250$160$82
35 years$816$549$360$231$145$73
36 years$785$521$336$212$132$64
37 years$755$495$315$196$119$57
38 years$727$470$295$180$108$50
39 years$700$447$276$166$98$45
40 years$675$425$259$153$89$39
41 years$652$405$243$141$81$35
42 years$629$386$228$131$73$31
43 years$607$368$214$121$66$27
44 years$587$350$201$111$60$24
45 years$567$334$188$103$55$21
46 years$549$319$177$95$50$19
47 years$531$304$166$88$45$17
48 years$514$290$156$81$41$15
49 years$498$277$147$75$37$13
50 years$482$265$138$69$34$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $494,000, adding $5,885 every year, while hoping to spend $31,088 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: 68/15/17 Blend
61$494,000$494,000$494,000$494,000
62$550,458$524,276$516,619$585,254
63$573,528$516,889$500,849$601,834
64$597,908$508,097$483,508$615,759
65$623,701$497,799$464,511$630,218
66$651,016$485,889$443,770$645,259
67$679,973$472,251$421,190$660,940
68$710,704$456,766$396,674$677,322
69$743,354$439,305$370,120$694,476
70$778,078$419,733$341,421$712,478
71$815,050$397,908$310,467$731,418
72$854,458$373,678$277,140$751,390
73$896,508$346,883$241,319$772,504
74$941,426$317,355$202,878$794,881
75$989,460$284,914$161,683$818,654
76$1,040,882$249,372$117,596$843,974
77$1,095,989$210,529$70,474$871,007
78$1,155,109$168,174$20,164$899,938
79$1,218,601$122,084$0$930,974
80$1,286,857$72,025$0$970,424
81$1,360,310$17,748$0$1,016,761
82$1,439,434$0$0$1,066,638
83$1,524,750$0$0$1,127,171
84$1,616,831$0$0$1,195,687
85$1,716,306$0$0$1,269,729
86$1,823,867$0$0$1,349,814
87$1,940,272$0$0$1,436,510
88$2,066,357$0$0$1,530,443
89$2,203,040$0$0$1,632,301
90$2,351,331$0$0$1,742,840
91$2,512,341$0$0$1,862,891
92$2,687,290$0$0$1,993,369
93$2,877,524$0$0$2,135,280
94$3,084,519$0$0$2,289,732
95$3,309,902$0$0$2,457,942
96$3,555,464$0$0$2,641,252
97$3,823,174$0$0$2,841,136
98$4,115,199$0$0$3,059,218
99$4,433,925$0$0$3,297,286
100$4,781,979$0$0$3,557,306