Can I retire at age 62 with 557,000?

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 $557,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.7%
1 years$45,997$45,587$45,187$44,797$44,416$43,734
2 years$22,771$22,346$21,935$21,537$21,150$20,465
3 years$15,030$14,604$14,194$13,799$13,419$12,751
4 years$11,160$10,735$10,329$9,941$9,570$8,926
5 years$8,839$8,417$8,016$7,636$7,275$6,656
6 years$7,292$6,873$6,478$6,107$5,757$5,163
7 years$6,187$5,772$5,383$5,021$4,682$4,114
8 years$5,359$4,947$4,566$4,212$3,884$3,341
9 years$4,715$4,308$3,932$3,587$3,271$2,754
10 years$4,201$3,797$3,428$3,092$2,787$2,295
11 years$3,780$3,380$3,018$2,691$2,397$1,929
12 years$3,429$3,034$2,679$2,361$2,077$1,633
13 years$3,133$2,742$2,393$2,084$1,811$1,391
14 years$2,879$2,492$2,150$1,850$1,588$1,190
15 years$2,660$2,277$1,941$1,650$1,398$1,022
16 years$2,468$2,089$1,760$1,477$1,236$881
17 years$2,298$1,924$1,602$1,327$1,095$761
18 years$2,148$1,778$1,462$1,196$974$659
19 years$2,014$1,647$1,338$1,081$868$572
20 years$1,893$1,531$1,228$979$775$498
21 years$1,784$1,426$1,130$888$694$433
22 years$1,685$1,331$1,041$808$622$378
23 years$1,595$1,245$962$736$558$330
24 years$1,512$1,166$889$671$502$288
25 years$1,436$1,095$824$613$452$252
26 years$1,366$1,029$764$560$407$221
27 years$1,301$968$709$513$367$193
28 years$1,241$912$659$470$331$169
29 years$1,186$861$614$431$299$148
30 years$1,134$813$572$395$270$130
31 years$1,085$768$533$363$244$114
32 years$1,040$727$497$334$221$100
33 years$998$689$464$307$200$88
34 years$958$653$434$282$181$77
35 years$920$619$406$260$164$68
36 years$885$587$379$239$148$59
37 years$851$558$355$221$135$52
38 years$820$530$332$203$122$46
39 years$790$504$312$187$111$40
40 years$762$480$292$173$100$35
41 years$735$457$274$160$91$31
42 years$709$435$257$147$83$27
43 years$685$414$241$136$75$24
44 years$662$395$226$125$68$21
45 years$640$377$212$116$62$19
46 years$619$359$199$107$56$16
47 years$599$343$187$99$51$14
48 years$580$327$176$91$46$13
49 years$561$313$166$84$42$11
50 years$544$299$156$78$38$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $557,000, adding $5,950 every year, while hoping to spend $40,093 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: 70/12/18 Blend
61$557,000$557,000$557,000$557,000
62$619,951$590,430$581,797$660,274
63$640,528$576,703$558,628$674,174
64$661,859$560,959$533,340$684,055
65$683,980$543,057$505,819$693,861
66$706,928$522,849$475,945$703,581
67$730,742$500,176$443,596$713,202
68$755,463$474,870$408,643$722,711
69$781,137$446,755$370,949$732,095
70$807,811$415,644$330,374$741,342
71$835,537$381,340$286,770$750,439
72$864,368$343,632$239,983$759,372
73$894,363$302,299$189,852$768,130
74$925,586$257,110$136,210$776,700
75$958,103$207,816$78,881$785,071
76$991,988$154,157$17,681$793,232
77$1,027,317$95,857$0$801,174
78$1,064,176$32,627$0$818,035
79$1,102,655$0$0$838,879
80$1,142,852$0$0$865,074
81$1,184,872$0$0$896,968
82$1,228,829$0$0$930,340
83$1,274,848$0$0$965,285
84$1,323,062$0$0$1,001,906
85$1,373,617$0$0$1,040,315
86$1,426,670$0$0$1,080,632
87$1,482,392$0$0$1,122,989
88$1,540,969$0$0$1,167,529
89$1,602,603$0$0$1,214,406
90$1,667,514$0$0$1,263,791
91$1,735,941$0$0$1,315,866
92$1,808,146$0$0$1,370,833
93$1,884,413$0$0$1,428,909
94$1,965,051$0$0$1,490,335
95$2,050,400$0$0$1,555,370
96$2,140,830$0$0$1,624,299
97$2,236,744$0$0$1,697,432
98$2,338,584$0$0$1,775,110
99$2,446,833$0$0$1,857,704
100$2,562,020$0$0$1,945,620