Can I retire at age 62 with 558,000?

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 $558,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18%
1 years$46,079$45,669$45,268$44,877$44,496$43,054
2 years$22,811$22,387$21,975$21,576$21,188$19,750
3 years$15,057$14,630$14,219$13,824$13,443$12,052
4 years$11,180$10,755$10,348$9,959$9,588$8,255
5 years$8,854$8,432$8,030$7,650$7,288$6,018
6 years$7,305$6,885$6,490$6,117$5,767$4,560
7 years$6,198$5,782$5,393$5,030$4,690$3,546
8 years$5,369$4,956$4,574$4,219$3,891$2,809
9 years$4,724$4,315$3,939$3,594$3,277$2,256
10 years$4,208$3,804$3,434$3,098$2,792$1,830
11 years$3,787$3,386$3,024$2,696$2,401$1,497
12 years$3,436$3,039$2,683$2,365$2,081$1,233
13 years$3,139$2,747$2,397$2,088$1,814$1,020
14 years$2,885$2,497$2,154$1,853$1,591$847
15 years$2,665$2,281$1,945$1,653$1,400$706
16 years$2,472$2,093$1,763$1,480$1,238$590
17 years$2,303$1,927$1,605$1,330$1,097$494
18 years$2,152$1,781$1,465$1,198$976$415
19 years$2,017$1,650$1,341$1,083$870$349
20 years$1,896$1,534$1,231$981$777$294
21 years$1,787$1,429$1,132$890$695$247
22 years$1,688$1,333$1,043$809$623$209
23 years$1,597$1,247$963$737$559$176
24 years$1,515$1,169$891$672$503$149
25 years$1,439$1,097$825$614$452$126
26 years$1,369$1,031$765$561$408$106
27 years$1,304$970$711$514$367$90
28 years$1,244$914$661$471$332$76
29 years$1,188$862$615$432$299$64
30 years$1,136$814$573$396$271$54
31 years$1,087$770$534$364$245$46
32 years$1,042$728$498$334$221$39
33 years$999$690$465$307$200$33
34 years$959$654$435$283$181$28
35 years$922$620$406$260$164$24
36 years$886$589$380$240$149$20
37 years$853$559$356$221$135$17
38 years$821$531$333$204$122$14
39 years$791$505$312$188$111$12
40 years$763$481$293$173$101$10
41 years$736$457$274$160$91$9
42 years$710$436$257$148$83$7
43 years$686$415$241$136$75$6
44 years$663$396$227$126$68$5
45 years$641$377$213$116$62$5
46 years$620$360$200$107$56$4
47 years$600$344$188$99$51$3
48 years$581$328$176$92$46$3
49 years$562$313$166$85$42$2
50 years$545$299$156$78$38$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $558,000, adding $5,184 every year, while hoping to spend $25,965 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: 36/34/30 Blend
61$558,000$558,000$558,000$558,000
62$620,263$590,689$582,040$636,869
63$655,904$592,007$573,912$651,049
64$694,309$592,518$564,641$663,648
65$735,734$592,157$554,162$676,762
66$780,459$590,852$542,406$690,453
67$828,790$588,529$529,302$704,796
68$881,066$585,106$514,773$719,872
69$937,658$580,499$498,741$735,774
70$998,974$574,619$481,123$752,606
71$1,065,463$567,369$461,835$770,486
72$1,137,618$558,648$440,785$789,545
73$1,215,983$548,350$417,879$809,932
74$1,301,155$536,360$393,019$831,813
75$1,393,790$522,559$366,102$855,373
76$1,494,611$506,819$337,021$880,820
77$1,604,414$489,006$305,664$908,388
78$1,724,073$468,976$271,913$938,336
79$1,854,551$446,579$235,645$970,954
80$1,996,909$421,655$196,733$1,006,567
81$2,152,313$394,035$155,042$1,045,536
82$2,322,048$363,541$110,435$1,088,263
83$2,507,527$329,985$62,764$1,135,197
84$2,710,306$293,166$11,879$1,186,837
85$2,932,099$252,873$0$1,243,739
86$3,174,794$208,885$0$1,320,101
87$3,440,468$160,965$0$1,407,970
88$3,731,409$108,865$0$1,504,358
89$4,050,136$52,323$0$1,610,171
90$4,399,424$0$0$1,726,411
91$4,782,329$0$0$1,857,528
92$5,202,217$0$0$2,022,855
93$5,662,793$0$0$2,204,284
94$6,168,142$0$0$2,403,435
95$6,722,761$0$0$2,622,090
96$7,331,603$0$0$2,862,214
97$8,000,125$0$0$3,125,969
98$8,734,339$0$0$3,415,739
99$9,540,865$0$0$3,734,150
100$10,426,999$0$0$4,084,093