Can I retire at age 62 with 581,000?

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 $581,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.8%
1 years$47,978$47,551$47,134$46,727$46,330$45,980
2 years$23,752$23,309$22,881$22,465$22,062$21,709
3 years$15,677$15,233$14,805$14,394$13,997$13,652
4 years$11,641$11,198$10,774$10,370$9,983$9,649
5 years$9,219$8,779$8,361$7,965$7,589$7,267
6 years$7,606$7,169$6,757$6,370$6,005$5,695
7 years$6,454$6,020$5,615$5,237$4,883$4,586
8 years$5,590$5,161$4,762$4,393$4,051$3,766
9 years$4,919$4,493$4,102$3,742$3,412$3,138
10 years$4,382$3,961$3,576$3,226$2,907$2,646
11 years$3,943$3,526$3,148$2,807$2,500$2,251
12 years$3,577$3,165$2,794$2,462$2,167$1,929
13 years$3,268$2,860$2,496$2,174$1,889$1,663
14 years$3,004$2,600$2,243$1,930$1,656$1,441
15 years$2,774$2,375$2,025$1,721$1,458$1,253
16 years$2,574$2,179$1,836$1,541$1,289$1,094
17 years$2,397$2,007$1,671$1,384$1,143$958
18 years$2,241$1,854$1,525$1,248$1,016$842
19 years$2,101$1,718$1,396$1,127$906$741
20 years$1,975$1,597$1,281$1,021$809$653
21 years$1,861$1,487$1,179$927$724$577
22 years$1,758$1,388$1,086$843$649$510
23 years$1,663$1,299$1,003$767$582$452
24 years$1,577$1,217$928$700$524$401
25 years$1,498$1,142$859$639$471$356
26 years$1,425$1,073$797$584$424$316
27 years$1,357$1,010$740$535$383$281
28 years$1,295$952$688$490$345$250
29 years$1,237$898$640$449$312$222
30 years$1,183$848$596$412$282$198
31 years$1,132$801$556$379$255$176
32 years$1,085$758$519$348$230$157
33 years$1,040$718$484$320$208$140
34 years$999$681$452$295$189$125
35 years$960$646$423$271$171$112
36 years$923$613$396$250$155$100
37 years$888$582$370$230$140$89
38 years$855$553$347$212$127$79
39 years$824$526$325$196$115$71
40 years$794$500$305$180$105$63
41 years$766$476$286$166$95$57
42 years$740$454$268$154$86$51
43 years$714$432$251$142$78$45
44 years$690$412$236$131$71$40
45 years$667$393$222$121$64$36
46 years$645$375$208$112$59$32
47 years$625$358$195$103$53$29
48 years$605$341$184$95$48$26
49 years$586$326$173$88$44$23
50 years$567$311$162$81$40$21

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $581,000, adding $6,131 every year, while hoping to spend $33,603 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: 45/40/15 Blend
61$581,000$581,000$581,000$581,000
62$646,586$615,793$606,788$672,650
63$676,785$610,214$591,362$685,860
64$708,937$603,235$574,293$696,310
65$743,207$594,752$555,490$706,912
66$779,775$584,655$534,860$717,696
67$818,836$572,828$512,302$728,694
68$860,607$559,145$487,713$739,945
69$905,323$543,478$460,986$751,495
70$953,244$525,686$432,007$763,396
71$1,004,653$505,623$400,657$775,710
72$1,059,863$483,134$366,814$788,508
73$1,119,215$458,053$330,349$801,869
74$1,183,085$430,208$291,126$815,886
75$1,251,886$399,415$249,005$830,665
76$1,326,071$365,478$203,839$846,327
77$1,406,137$328,194$155,474$863,008
78$1,492,631$287,343$103,751$880,864
79$1,586,154$242,698$48,501$900,071
80$1,687,367$194,015$0$920,826
81$1,796,995$141,039$0$945,030
82$1,915,838$83,498$0$979,654
83$2,044,772$21,108$0$1,017,241
84$2,184,763$0$0$1,058,146
85$2,336,872$0$0$1,123,197
86$2,502,269$0$0$1,204,094
87$2,682,239$0$0$1,292,182
88$2,878,194$0$0$1,388,161
89$3,091,691$0$0$1,492,802
90$3,324,442$0$0$1,606,952
91$3,578,332$0$0$1,731,544
92$3,855,435$0$0$1,867,607
93$4,158,034$0$0$2,016,270
94$4,488,643$0$0$2,178,779
95$4,850,028$0$0$2,356,505
96$5,245,236$0$0$2,550,957
97$5,677,620$0$0$2,763,797
98$6,150,876$0$0$2,996,854
99$6,669,069$0$0$3,252,145
100$7,236,677$0$0$3,531,888