Can I retire at age 62 with 556,000?

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 $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%18.8%
1 years$45,914$45,505$45,106$44,717$44,336$42,763
2 years$22,730$22,306$21,896$21,498$21,112$19,544
3 years$15,003$14,577$14,168$13,774$13,395$11,881
4 years$11,140$10,716$10,311$9,924$9,553$8,105
5 years$8,823$8,401$8,002$7,622$7,262$5,884
6 years$7,279$6,860$6,467$6,096$5,746$4,439
7 years$6,176$5,761$5,374$5,011$4,673$3,436
8 years$5,349$4,939$4,557$4,204$3,877$2,709
9 years$4,707$4,300$3,925$3,581$3,265$2,165
10 years$4,193$3,790$3,422$3,087$2,782$1,748
11 years$3,773$3,374$3,013$2,686$2,393$1,422
12 years$3,423$3,028$2,674$2,356$2,073$1,165
13 years$3,128$2,737$2,389$2,080$1,808$958
14 years$2,874$2,488$2,146$1,847$1,585$792
15 years$2,655$2,273$1,938$1,647$1,395$656
16 years$2,463$2,085$1,757$1,475$1,233$545
17 years$2,294$1,920$1,599$1,325$1,094$454
18 years$2,144$1,774$1,459$1,194$972$379
19 years$2,010$1,644$1,336$1,079$867$317
20 years$1,890$1,528$1,226$977$774$265
21 years$1,781$1,423$1,128$887$693$222
22 years$1,682$1,329$1,039$806$621$186
23 years$1,592$1,243$960$734$557$156
24 years$1,509$1,164$888$670$501$131
25 years$1,433$1,093$822$612$451$110
26 years$1,364$1,027$762$559$406$92
27 years$1,299$966$708$512$366$78
28 years$1,239$911$658$469$330$65
29 years$1,184$859$613$430$298$55
30 years$1,132$811$571$395$270$46
31 years$1,083$767$532$363$244$39
32 years$1,038$726$496$333$220$33
33 years$996$687$463$306$199$27
34 years$956$651$433$282$181$23
35 years$918$618$405$260$164$19
36 years$883$586$379$239$148$16
37 years$850$557$354$220$134$14
38 years$818$529$332$203$122$12
39 years$788$503$311$187$110$10
40 years$760$479$291$173$100$8
41 years$733$456$273$159$91$7
42 years$708$434$256$147$82$6
43 years$684$414$241$136$75$5
44 years$661$394$226$125$68$4
45 years$639$376$212$116$62$3
46 years$618$359$199$107$56$3
47 years$598$342$187$99$51$2
48 years$579$327$176$91$46$2
49 years$560$312$165$84$42$2
50 years$543$298$155$78$38$1

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $556,000, adding $4,125 every year, while hoping to spend $34,929 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: 68/5/27 Blend
61$556,000$556,000$556,000$556,000
62$616,967$587,499$578,881$654,334
63$642,733$579,122$561,109$671,593
64$669,957$569,164$541,572$686,114
65$698,751$557,511$520,172$701,206
66$729,235$544,041$496,810$716,925
67$761,544$528,626$471,380$733,335
68$795,824$511,131$443,773$750,509
69$832,233$491,411$413,874$768,525
70$870,945$469,315$381,564$787,474
71$912,152$444,682$346,716$807,454
72$956,061$417,341$309,201$828,577
73$1,002,902$387,113$268,882$850,966
74$1,052,923$353,807$225,615$874,759
75$1,106,401$317,223$179,253$900,110
76$1,163,635$277,148$129,639$927,190
77$1,224,954$233,357$76,610$956,188
78$1,290,721$185,613$19,998$987,316
79$1,361,332$133,666$0$1,020,808
80$1,437,223$77,250$0$1,068,570
81$1,518,871$16,087$0$1,126,153
82$1,606,801$0$0$1,188,166
83$1,701,590$0$0$1,257,783
84$1,803,870$0$0$1,333,882
85$1,914,338$0$0$1,416,099
86$2,033,757$0$0$1,505,007
87$2,162,968$0$0$1,601,233
88$2,302,894$0$0$1,705,471
89$2,454,550$0$0$1,818,479
90$2,619,054$0$0$1,941,094
91$2,797,632$0$0$2,074,236
92$2,991,636$0$0$2,218,915
93$3,202,550$0$0$2,376,244
94$3,432,009$0$0$2,547,448
95$3,681,811$0$0$2,733,872
96$3,953,935$0$0$2,936,999
97$4,250,557$0$0$3,158,460
98$4,574,075$0$0$3,400,048
99$4,927,125$0$0$3,663,741
100$5,312,611$0$0$3,951,713