Can I retire at age 62 with 580,000?

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 $580,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.5%
1 years$47,896$47,469$47,053$46,647$46,250$44,662
2 years$23,711$23,269$22,841$22,426$22,024$20,440
3 years$15,650$15,207$14,780$14,369$13,973$12,443
4 years$11,621$11,179$10,756$10,352$9,966$8,502
5 years$9,204$8,764$8,347$7,951$7,576$6,182
6 years$7,593$7,157$6,746$6,359$5,994$4,671
7 years$6,443$6,010$5,606$5,228$4,875$3,622
8 years$5,580$5,152$4,754$4,385$4,044$2,861
9 years$4,910$4,486$4,095$3,735$3,406$2,290
10 years$4,374$3,954$3,570$3,220$2,902$1,853
11 years$3,936$3,520$3,143$2,802$2,496$1,511
12 years$3,571$3,159$2,789$2,458$2,163$1,239
13 years$3,263$2,855$2,492$2,170$1,886$1,022
14 years$2,998$2,595$2,239$1,926$1,653$846
15 years$2,770$2,371$2,022$1,718$1,456$703
16 years$2,570$2,175$1,833$1,538$1,287$585
17 years$2,393$2,003$1,668$1,382$1,141$488
18 years$2,237$1,851$1,522$1,246$1,014$408
19 years$2,097$1,715$1,394$1,125$904$342
20 years$1,971$1,594$1,279$1,019$808$287
21 years$1,858$1,485$1,177$925$723$241
22 years$1,754$1,386$1,084$841$648$202
23 years$1,660$1,296$1,001$766$581$170
24 years$1,574$1,215$926$699$523$143
25 years$1,495$1,140$858$638$470$120
26 years$1,422$1,071$795$583$424$101
27 years$1,355$1,008$739$534$382$85
28 years$1,293$950$687$489$345$72
29 years$1,235$896$639$449$311$61
30 years$1,181$846$595$412$281$51
31 years$1,130$800$555$378$254$43
32 years$1,083$757$518$348$230$36
33 years$1,039$717$483$320$208$31
34 years$997$680$452$294$188$26
35 years$958$645$422$271$171$22
36 years$921$612$395$249$155$18
37 years$886$581$370$230$140$16
38 years$854$552$346$212$127$13
39 years$822$525$324$195$115$11
40 years$793$500$304$180$104$9
41 years$765$476$285$166$95$8
42 years$738$453$267$153$86$7
43 years$713$431$251$142$78$6
44 years$689$411$236$131$71$5
45 years$666$392$221$121$64$4
46 years$644$374$208$111$58$3
47 years$624$357$195$103$53$3
48 years$604$341$183$95$48$2
49 years$585$326$172$88$44$2
50 years$566$311$162$81$40$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $580,000, adding $3,732 every year, while hoping to spend $36,022 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: 77/16/7 Blend
61$580,000$580,000$580,000$580,000
62$643,010$612,270$603,280$691,685
63$670,269$603,944$585,162$715,850
64$699,102$594,002$565,231$737,313
65$729,631$582,329$543,386$759,789
66$761,989$568,799$519,525$783,363
67$796,323$553,280$493,540$808,129
68$832,792$535,635$465,318$834,192
69$871,570$515,715$434,740$861,667
70$912,850$493,365$401,683$890,681
71$956,841$468,420$366,020$921,375
72$1,003,771$440,705$327,614$953,905
73$1,053,892$410,036$286,325$988,441
74$1,107,479$376,218$242,007$1,025,176
75$1,164,834$339,044$194,507$1,064,319
76$1,226,288$298,298$143,663$1,106,103
77$1,292,203$253,748$89,309$1,150,785
78$1,362,977$205,152$31,271$1,198,651
79$1,439,048$152,251$0$1,250,013
80$1,520,896$94,776$0$1,307,512
81$1,609,046$32,439$0$1,371,881
82$1,704,077$0$0$1,441,225
83$1,806,626$0$0$1,522,200
84$1,917,389$0$0$1,615,847
85$2,037,135$0$0$1,717,106
86$2,166,706$0$0$1,826,690
87$2,307,030$0$0$1,945,387
88$2,459,125$0$0$2,074,061
89$2,624,113$0$0$2,213,663
90$2,803,225$0$0$2,365,237
91$2,997,817$0$0$2,529,934
92$3,209,381$0$0$2,709,019
93$3,439,557$0$0$2,903,882
94$3,690,149$0$0$3,116,056
95$3,963,144$0$0$3,347,225
96$4,260,727$0$0$3,599,243
97$4,585,304$0$0$3,874,151
98$4,939,522$0$0$4,174,194
99$5,326,296$0$0$4,501,846
100$5,748,834$0$0$4,859,827