Can I retire at age 62 with 581,000?

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 $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%13%
1 years$47,978$47,551$47,134$46,727$46,330$45,751
2 years$23,752$23,309$22,881$22,465$22,062$21,479
3 years$15,677$15,233$14,805$14,394$13,997$13,429
4 years$11,641$11,198$10,774$10,370$9,983$9,434
5 years$9,219$8,779$8,361$7,965$7,589$7,060
6 years$7,606$7,169$6,757$6,370$6,005$5,497
7 years$6,454$6,020$5,615$5,237$4,883$4,397
8 years$5,590$5,161$4,762$4,393$4,051$3,586
9 years$4,919$4,493$4,102$3,742$3,412$2,968
10 years$4,382$3,961$3,576$3,226$2,907$2,484
11 years$3,943$3,526$3,148$2,807$2,500$2,097
12 years$3,577$3,165$2,794$2,462$2,167$1,784
13 years$3,268$2,860$2,496$2,174$1,889$1,526
14 years$3,004$2,600$2,243$1,930$1,656$1,312
15 years$2,774$2,375$2,025$1,721$1,458$1,132
16 years$2,574$2,179$1,836$1,541$1,289$980
17 years$2,397$2,007$1,671$1,384$1,143$851
18 years$2,241$1,854$1,525$1,248$1,016$741
19 years$2,101$1,718$1,396$1,127$906$647
20 years$1,975$1,597$1,281$1,021$809$565
21 years$1,861$1,487$1,179$927$724$495
22 years$1,758$1,388$1,086$843$649$434
23 years$1,663$1,299$1,003$767$582$381
24 years$1,577$1,217$928$700$524$334
25 years$1,498$1,142$859$639$471$294
26 years$1,425$1,073$797$584$424$259
27 years$1,357$1,010$740$535$383$228
28 years$1,295$952$688$490$345$201
29 years$1,237$898$640$449$312$177
30 years$1,183$848$596$412$282$156
31 years$1,132$801$556$379$255$138
32 years$1,085$758$519$348$230$122
33 years$1,040$718$484$320$208$107
34 years$999$681$452$295$189$95
35 years$960$646$423$271$171$84
36 years$923$613$396$250$155$74
37 years$888$582$370$230$140$65
38 years$855$553$347$212$127$58
39 years$824$526$325$196$115$51
40 years$794$500$305$180$105$45
41 years$766$476$286$166$95$40
42 years$740$454$268$154$86$35
43 years$714$432$251$142$78$31
44 years$690$412$236$131$71$28
45 years$667$393$222$121$64$24
46 years$645$375$208$112$59$22
47 years$625$358$195$103$53$19
48 years$605$341$184$95$48$17
49 years$586$326$173$88$44$15
50 years$567$311$162$81$40$13

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $581,000, adding $6,939 every year, while hoping to spend $31,838 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: 68/21/11 Blend
61$581,000$581,000$581,000$581,000
62$647,420$616,627$607,621$689,468
63$679,581$612,966$594,101$714,644
64$713,956$608,059$579,061$737,702
65$750,736$601,810$562,416$762,086
66$790,133$594,121$544,079$787,925
67$832,377$584,883$523,956$815,355
68$877,721$573,985$501,951$844,533
69$926,445$561,306$477,962$875,629
70$978,854$546,721$451,885$908,831
71$1,035,282$530,096$423,608$944,349
72$1,096,098$511,288$393,017$982,416
73$1,161,707$490,148$359,990$1,023,287
74$1,232,553$466,517$324,401$1,067,245
75$1,309,125$440,227$286,120$1,114,607
76$1,391,958$411,101$245,008$1,165,718
77$1,481,644$378,951$200,921$1,220,963
78$1,578,830$343,578$153,710$1,280,769
79$1,684,230$304,773$103,219$1,345,604
80$1,798,628$262,314$49,284$1,415,991
81$1,922,887$215,966$0$1,492,503
82$2,057,955$165,482$0$1,576,750
83$2,204,877$110,601$0$1,674,699
84$2,364,801$51,047$0$1,781,360
85$2,538,990$0$0$1,897,616
86$2,728,835$0$0$2,027,553
87$2,935,867$0$0$2,182,149
88$3,161,770$0$0$2,350,868
89$3,408,399$0$0$2,535,101
90$3,677,793$0$0$2,736,375
91$3,972,200$0$0$2,956,374
92$4,294,094$0$0$3,196,951
93$4,646,198$0$0$3,460,146
94$5,031,510$0$0$3,748,206
95$5,453,334$0$0$4,063,604
96$5,915,305$0$0$4,409,066
97$6,421,428$0$0$4,787,589
98$6,976,112$0$0$5,202,480
99$7,584,215$0$0$5,657,376
100$8,251,084$0$0$6,156,284