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%11.2%
1 years$47,896$47,469$47,053$46,647$46,250$46,016
2 years$23,711$23,269$22,841$22,426$22,024$21,788
3 years$15,650$15,207$14,780$14,369$13,973$13,742
4 years$11,621$11,179$10,756$10,352$9,966$9,742
5 years$9,204$8,764$8,347$7,951$7,576$7,360
6 years$7,593$7,157$6,746$6,359$5,994$5,786
7 years$6,443$6,010$5,606$5,228$4,875$4,675
8 years$5,580$5,152$4,754$4,385$4,044$3,852
9 years$4,910$4,486$4,095$3,735$3,406$3,222
10 years$4,374$3,954$3,570$3,220$2,902$2,725
11 years$3,936$3,520$3,143$2,802$2,496$2,327
12 years$3,571$3,159$2,789$2,458$2,163$2,002
13 years$3,263$2,855$2,492$2,170$1,886$1,732
14 years$2,998$2,595$2,239$1,926$1,653$1,507
15 years$2,770$2,371$2,022$1,718$1,456$1,316
16 years$2,570$2,175$1,833$1,538$1,287$1,154
17 years$2,393$2,003$1,668$1,382$1,141$1,015
18 years$2,237$1,851$1,522$1,246$1,014$895
19 years$2,097$1,715$1,394$1,125$904$791
20 years$1,971$1,594$1,279$1,019$808$700
21 years$1,858$1,485$1,177$925$723$621
22 years$1,754$1,386$1,084$841$648$552
23 years$1,660$1,296$1,001$766$581$491
24 years$1,574$1,215$926$699$523$438
25 years$1,495$1,140$858$638$470$390
26 years$1,422$1,071$795$583$424$348
27 years$1,355$1,008$739$534$382$311
28 years$1,293$950$687$489$345$278
29 years$1,235$896$639$449$311$249
30 years$1,181$846$595$412$281$223
31 years$1,130$800$555$378$254$199
32 years$1,083$757$518$348$230$178
33 years$1,039$717$483$320$208$160
34 years$997$680$452$294$188$143
35 years$958$645$422$271$171$129
36 years$921$612$395$249$155$115
37 years$886$581$370$230$140$103
38 years$854$552$346$212$127$93
39 years$822$525$324$195$115$83
40 years$793$500$304$180$104$75
41 years$765$476$285$166$95$67
42 years$738$453$267$153$86$60
43 years$713$431$251$142$78$54
44 years$689$411$236$131$71$49
45 years$666$392$221$121$64$44
46 years$644$374$208$111$58$39
47 years$624$357$195$103$53$35
48 years$604$341$183$95$48$32
49 years$585$326$172$88$44$29
50 years$566$311$162$81$40$26

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $580,000, adding $4,621 every year, while hoping to spend $39,765 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: 81/6/13 Blend
61$580,000$580,000$580,000$580,000
62$643,927$613,187$604,197$694,124
63$667,297$600,923$582,127$715,481
64$691,719$586,726$557,986$733,263
65$717,258$570,458$531,662$751,622
66$743,983$551,976$503,037$770,596
67$771,971$531,124$471,991$790,227
68$801,305$507,743$438,396$810,562
69$832,076$481,659$402,119$831,652
70$864,379$452,692$363,022$853,555
71$898,321$420,650$320,959$876,333
72$934,018$385,330$275,779$900,057
73$971,594$346,517$227,323$924,803
74$1,011,185$303,984$175,427$950,657
75$1,052,939$257,494$119,918$977,712
76$1,097,019$206,791$60,615$1,006,074
77$1,143,601$151,609$0$1,035,858
78$1,192,876$91,666$0$1,067,561
79$1,245,056$26,664$0$1,109,952
80$1,300,368$0$0$1,154,798
81$1,359,065$0$0$1,205,189
82$1,421,419$0$0$1,260,598
83$1,487,732$0$0$1,319,531
84$1,558,329$0$0$1,382,282
85$1,633,572$0$0$1,449,170
86$1,713,852$0$0$1,520,547
87$1,799,601$0$0$1,596,796
88$1,891,291$0$0$1,678,339
89$1,989,440$0$0$1,765,638
90$2,094,615$0$0$1,859,199
91$2,207,438$0$0$1,959,576
92$2,328,593$0$0$2,067,381
93$2,458,830$0$0$2,183,281
94$2,598,972$0$0$2,308,012
95$2,749,923$0$0$2,442,379
96$2,912,675$0$0$2,587,269
97$3,088,319$0$0$2,743,654
98$3,278,053$0$0$2,912,604
99$3,483,194$0$0$3,095,293
100$3,705,189$0$0$3,293,013