Can I retire at age 62 with 550,000?

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 $550,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.3%
1 years$45,418$45,014$44,619$44,234$43,858$42,556
2 years$22,484$22,066$21,660$21,266$20,885$19,584
3 years$14,841$14,420$14,015$13,626$13,250$11,991
4 years$11,020$10,600$10,200$9,816$9,450$8,243
5 years$8,728$8,311$7,915$7,540$7,184$6,031
6 years$7,200$6,786$6,397$6,030$5,684$4,587
7 years$6,109$5,699$5,316$4,957$4,623$3,582
8 years$5,292$4,885$4,508$4,159$3,835$2,849
9 years$4,656$4,254$3,883$3,542$3,230$2,298
10 years$4,148$3,749$3,385$3,053$2,752$1,873
11 years$3,732$3,338$2,980$2,657$2,367$1,539
12 years$3,386$2,996$2,645$2,331$2,051$1,273
13 years$3,094$2,707$2,363$2,058$1,788$1,058
14 years$2,843$2,461$2,123$1,827$1,568$883
15 years$2,626$2,248$1,917$1,629$1,380$740
16 years$2,437$2,063$1,738$1,459$1,220$621
17 years$2,270$1,900$1,582$1,311$1,082$523
18 years$2,121$1,755$1,444$1,181$962$442
19 years$1,989$1,627$1,322$1,067$857$373
20 years$1,869$1,512$1,213$967$766$316
21 years$1,762$1,408$1,116$877$685$267
22 years$1,664$1,314$1,028$798$614$227
23 years$1,575$1,229$949$726$551$192
24 years$1,493$1,152$878$663$496$163
25 years$1,418$1,081$813$605$446$139
26 years$1,349$1,016$754$553$402$118
27 years$1,285$956$700$506$362$100
28 years$1,226$901$651$464$327$85
29 years$1,171$850$606$425$295$73
30 years$1,120$803$564$390$267$62
31 years$1,072$759$526$359$241$53
32 years$1,027$718$491$330$218$45
33 years$985$680$458$303$197$38
34 years$946$644$428$279$179$33
35 years$908$611$400$257$162$28
36 years$874$580$375$236$147$24
37 years$841$551$351$218$133$20
38 years$809$524$328$201$120$17
39 years$780$498$308$185$109$15
40 years$752$474$288$171$99$12
41 years$725$451$270$158$90$11
42 years$700$429$254$145$82$9
43 years$676$409$238$134$74$8
44 years$653$390$223$124$67$7
45 years$632$372$210$114$61$6
46 years$611$355$197$106$55$5
47 years$591$339$185$98$50$4
48 years$572$323$174$90$46$3
49 years$554$309$163$83$41$3
50 years$537$295$154$77$38$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $550,000, adding $3,933 every year, while hoping to spend $23,462 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: 48/27/25 Blend
61$550,000$550,000$550,000$550,000
62$610,157$581,007$572,482$634,936
63$647,430$584,513$566,697$656,198
64$687,718$587,404$559,931$676,635
65$731,304$589,626$552,128$698,361
66$778,499$591,120$543,227$721,508
67$829,646$591,825$533,164$746,223
68$885,119$591,673$521,875$772,669
69$945,332$590,596$509,289$801,027
70$1,010,740$588,519$495,334$831,498
71$1,081,842$585,364$479,934$864,304
72$1,159,189$581,046$463,011$899,693
73$1,243,386$575,476$444,481$937,938
74$1,335,098$568,562$424,259$979,343
75$1,435,060$560,203$402,252$1,024,243
76$1,544,076$550,293$378,368$1,073,011
77$1,663,035$538,721$352,507$1,126,059
78$1,792,914$525,368$324,565$1,183,844
79$1,934,789$510,108$294,436$1,246,872
80$2,089,843$492,809$262,005$1,315,702
81$2,259,381$473,330$227,156$1,390,953
82$2,444,837$451,523$189,765$1,473,312
83$2,647,792$427,229$149,704$1,563,536
84$2,869,987$400,283$106,839$1,662,463
85$3,113,337$370,508$61,029$1,771,023
86$3,379,953$337,719$12,129$1,890,241
87$3,672,159$301,718$0$2,021,250
88$3,992,515$262,298$0$2,175,991
89$4,343,839$219,239$0$2,349,311
90$4,729,238$172,308$0$2,539,549
91$5,152,131$121,262$0$2,748,443
92$5,616,284$65,840$0$2,977,913
93$6,125,849$5,770$0$3,230,075
94$6,685,395$0$0$3,507,266
95$7,299,958$0$0$3,829,663
96$7,975,085$0$0$4,185,779
97$8,716,887$0$0$4,577,131
98$9,532,095$0$0$5,007,281
99$10,428,127$0$0$5,480,149
100$11,413,152$0$0$6,000,056