Can I retire at age 62 with 557,000?

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 $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%11.4%
1 years$45,997$45,587$45,187$44,797$44,416$44,155
2 years$22,771$22,346$21,935$21,537$21,150$20,887
3 years$15,030$14,604$14,194$13,799$13,419$13,161
4 years$11,160$10,735$10,329$9,941$9,570$9,320
5 years$8,839$8,417$8,016$7,636$7,275$7,034
6 years$7,292$6,873$6,478$6,107$5,757$5,524
7 years$6,187$5,772$5,383$5,021$4,682$4,458
8 years$5,359$4,947$4,566$4,212$3,884$3,669
9 years$4,715$4,308$3,932$3,587$3,271$3,065
10 years$4,201$3,797$3,428$3,092$2,787$2,590
11 years$3,780$3,380$3,018$2,691$2,397$2,209
12 years$3,429$3,034$2,679$2,361$2,077$1,897
13 years$3,133$2,742$2,393$2,084$1,811$1,640
14 years$2,879$2,492$2,150$1,850$1,588$1,425
15 years$2,660$2,277$1,941$1,650$1,398$1,243
16 years$2,468$2,089$1,760$1,477$1,236$1,088
17 years$2,298$1,924$1,602$1,327$1,095$956
18 years$2,148$1,778$1,462$1,196$974$842
19 years$2,014$1,647$1,338$1,081$868$743
20 years$1,893$1,531$1,228$979$775$657
21 years$1,784$1,426$1,130$888$694$582
22 years$1,685$1,331$1,041$808$622$516
23 years$1,595$1,245$962$736$558$459
24 years$1,512$1,166$889$671$502$408
25 years$1,436$1,095$824$613$452$363
26 years$1,366$1,029$764$560$407$324
27 years$1,301$968$709$513$367$289
28 years$1,241$912$659$470$331$257
29 years$1,186$861$614$431$299$230
30 years$1,134$813$572$395$270$205
31 years$1,085$768$533$363$244$184
32 years$1,040$727$497$334$221$164
33 years$998$689$464$307$200$147
34 years$958$653$434$282$181$132
35 years$920$619$406$260$164$118
36 years$885$587$379$239$148$105
37 years$851$558$355$221$135$94
38 years$820$530$332$203$122$85
39 years$790$504$312$187$111$76
40 years$762$480$292$173$100$68
41 years$735$457$274$160$91$61
42 years$709$435$257$147$83$55
43 years$685$414$241$136$75$49
44 years$662$395$226$125$68$44
45 years$640$377$212$116$62$39
46 years$619$359$199$107$56$35
47 years$599$343$187$99$51$32
48 years$580$327$176$91$46$28
49 years$561$313$166$84$42$26
50 years$544$299$156$78$38$23

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $557,000, adding $4,998 every year, while hoping to spend $40,886 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: 51/23/26 Blend
61$557,000$557,000$557,000$557,000
62$618,969$589,448$580,815$645,789
63$638,602$574,829$556,770$650,338
64$658,867$558,123$530,549$650,749
65$679,785$539,185$502,036$650,376
66$701,379$517,861$471,110$649,163
67$723,671$493,988$437,644$647,047
68$746,686$467,394$401,506$643,967
69$770,448$437,896$362,557$639,854
70$794,984$405,303$320,652$634,638
71$820,319$369,410$275,641$628,245
72$846,483$330,002$227,366$620,596
73$873,504$286,851$175,662$611,608
74$901,412$239,718$120,358$601,195
75$930,239$188,347$61,273$589,265
76$960,019$132,472$0$575,721
77$990,785$71,807$0$560,956
78$1,022,574$6,055$0$562,542
79$1,055,424$0$0$563,407
80$1,089,373$0$0$579,969
81$1,124,464$0$0$598,673
82$1,160,738$0$0$618,012
83$1,198,243$0$0$638,008
84$1,237,025$0$0$658,689
85$1,277,135$0$0$680,080
86$1,318,625$0$0$702,211
87$1,361,550$0$0$725,111
88$1,405,969$0$0$748,812
89$1,451,943$0$0$773,347
90$1,499,538$0$0$798,752
91$1,548,821$0$0$825,063
92$1,599,866$0$0$852,321
93$1,652,748$0$0$880,567
94$1,707,550$0$0$909,845
95$1,764,358$0$0$940,202
96$1,823,264$0$0$971,689
97$1,884,364$0$0$1,004,359
98$1,947,763$0$0$1,038,267
99$2,013,571$0$0$1,073,476
100$2,081,907$0$0$1,110,049