Can I retire at age 62 with 556,000?

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 $556,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.2%
1 years$45,914$45,505$45,106$44,717$44,336$43,928
2 years$22,730$22,306$21,896$21,498$21,112$20,701
3 years$15,003$14,577$14,168$13,774$13,395$12,993
4 years$11,140$10,716$10,311$9,924$9,553$9,164
5 years$8,823$8,401$8,002$7,622$7,262$6,887
6 years$7,279$6,860$6,467$6,096$5,746$5,386
7 years$6,176$5,761$5,374$5,011$4,673$4,327
8 years$5,349$4,939$4,557$4,204$3,877$3,546
9 years$4,707$4,300$3,925$3,581$3,265$2,948
10 years$4,193$3,790$3,422$3,087$2,782$2,479
11 years$3,773$3,374$3,013$2,686$2,393$2,104
12 years$3,423$3,028$2,674$2,356$2,073$1,798
13 years$3,128$2,737$2,389$2,080$1,808$1,546
14 years$2,874$2,488$2,146$1,847$1,585$1,336
15 years$2,655$2,273$1,938$1,647$1,395$1,159
16 years$2,463$2,085$1,757$1,475$1,233$1,010
17 years$2,294$1,920$1,599$1,325$1,094$882
18 years$2,144$1,774$1,459$1,194$972$772
19 years$2,010$1,644$1,336$1,079$867$678
20 years$1,890$1,528$1,226$977$774$596
21 years$1,781$1,423$1,128$887$693$525
22 years$1,682$1,329$1,039$806$621$463
23 years$1,592$1,243$960$734$557$408
24 years$1,509$1,164$888$670$501$361
25 years$1,433$1,093$822$612$451$319
26 years$1,364$1,027$762$559$406$283
27 years$1,299$966$708$512$366$251
28 years$1,239$911$658$469$330$222
29 years$1,184$859$613$430$298$197
30 years$1,132$811$571$395$270$175
31 years$1,083$767$532$363$244$156
32 years$1,038$726$496$333$220$138
33 years$996$687$463$306$199$123
34 years$956$651$433$282$181$109
35 years$918$618$405$260$164$97
36 years$883$586$379$239$148$86
37 years$850$557$354$220$134$77
38 years$818$529$332$203$122$68
39 years$788$503$311$187$110$61
40 years$760$479$291$173$100$54
41 years$733$456$273$159$91$48
42 years$708$434$256$147$82$43
43 years$684$414$241$136$75$38
44 years$661$394$226$125$68$34
45 years$639$376$212$116$62$30
46 years$618$359$199$107$56$27
47 years$598$342$187$99$51$24
48 years$579$327$176$91$46$21
49 years$560$312$165$84$42$19
50 years$543$298$155$78$38$17

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $556,000, adding $5,743 every year, while hoping to spend $31,754 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: 51/35/14 Blend
61$556,000$556,000$556,000$556,000
62$618,636$589,168$580,550$647,561
63$647,951$584,251$566,212$663,090
64$679,191$578,029$550,330$676,144
65$712,521$570,405$532,818$689,624
66$748,118$561,274$513,587$703,579
67$786,177$550,528$492,544$718,065
68$826,914$538,051$469,591$733,147
69$870,563$523,719$444,626$748,896
70$917,383$507,403$417,543$765,395
71$967,655$488,966$388,230$782,737
72$1,021,692$468,261$356,572$801,025
73$1,079,833$445,134$322,446$820,377
74$1,142,454$419,423$285,725$840,925
75$1,209,965$390,956$246,278$862,818
76$1,282,818$359,549$203,965$886,224
77$1,361,509$325,011$158,641$911,329
78$1,446,584$287,137$110,157$938,344
79$1,538,642$245,713$58,353$967,503
80$1,638,341$200,511$3,066$999,070
81$1,746,407$151,291$0$1,033,339
82$1,863,636$97,800$0$1,078,994
83$1,990,903$39,768$0$1,129,079
84$2,129,173$0$0$1,183,572
85$2,279,505$0$0$1,251,851
86$2,443,065$0$0$1,342,853
87$2,621,137$0$0$1,441,982
88$2,815,131$0$0$1,550,029
89$3,026,602$0$0$1,667,868
90$3,257,260$0$0$1,796,458
91$3,508,985$0$0$1,936,856
92$3,783,851$0$0$2,090,225
93$4,084,137$0$0$2,257,846
94$4,412,353$0$0$2,441,128
95$4,771,264$0$0$2,641,624
96$5,163,913$0$0$2,861,043
97$5,593,650$0$0$3,101,267
98$6,064,165$0$0$3,364,368
99$6,579,522$0$0$3,652,629
100$7,144,195$0$0$3,968,562