Can I retire at age 62 with 583,000?

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 $583,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.4%
1 years$48,144$47,715$47,296$46,888$46,489$45,832
2 years$23,833$23,390$22,959$22,542$22,138$21,477
3 years$15,731$15,285$14,856$14,443$14,045$13,401
4 years$11,681$11,236$10,812$10,405$10,017$9,395
5 years$9,251$8,809$8,390$7,992$7,615$7,017
6 years$7,632$7,194$6,781$6,392$6,025$5,452
7 years$6,476$6,041$5,635$5,255$4,900$4,351
8 years$5,609$5,178$4,779$4,408$4,065$3,540
9 years$4,935$4,509$4,116$3,755$3,423$2,923
10 years$4,397$3,974$3,588$3,237$2,917$2,440
11 years$3,956$3,538$3,159$2,817$2,509$2,055
12 years$3,590$3,176$2,804$2,471$2,174$1,744
13 years$3,279$2,870$2,505$2,181$1,896$1,488
14 years$3,014$2,609$2,251$1,936$1,662$1,275
15 years$2,784$2,383$2,032$1,727$1,463$1,098
16 years$2,583$2,186$1,842$1,546$1,293$948
17 years$2,406$2,013$1,676$1,389$1,147$821
18 years$2,248$1,861$1,530$1,252$1,020$713
19 years$2,108$1,724$1,401$1,131$909$620
20 years$1,981$1,602$1,286$1,025$812$540
21 years$1,867$1,493$1,183$930$726$472
22 years$1,764$1,393$1,090$845$651$412
23 years$1,669$1,303$1,006$770$584$361
24 years$1,583$1,221$931$702$525$316
25 years$1,503$1,146$862$641$473$277
26 years$1,430$1,077$800$586$426$243
27 years$1,362$1,013$742$537$384$213
28 years$1,299$955$690$492$346$187
29 years$1,241$901$642$451$313$164
30 years$1,187$851$598$414$283$145
31 years$1,136$804$558$380$256$127
32 years$1,089$761$520$349$231$112
33 years$1,044$721$486$321$209$98
34 years$1,002$683$454$296$189$87
35 years$963$648$424$272$172$76
36 years$926$615$397$251$155$67
37 years$891$584$372$231$141$59
38 years$858$555$348$213$128$52
39 years$827$528$326$196$116$46
40 years$797$502$306$181$105$40
41 years$769$478$287$167$95$36
42 years$742$455$269$154$86$31
43 years$717$434$252$142$78$28
44 years$693$413$237$131$71$24
45 years$670$394$222$121$65$21
46 years$648$376$209$112$59$19
47 years$627$359$196$104$53$17
48 years$607$343$184$96$48$15
49 years$588$327$173$88$44$13
50 years$569$313$163$82$40$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $583,000, adding $6,132 every year, while hoping to spend $32,599 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: 51/23/26 Blend
61$583,000$583,000$583,000$583,000
62$648,791$617,892$608,856$676,863
63$680,283$613,484$594,567$692,611
64$713,894$607,767$578,708$705,939
65$749,806$600,643$561,190$719,778
66$788,220$592,007$541,922$734,189
67$829,352$581,749$520,810$749,245
68$873,442$569,752$497,754$765,024
69$920,755$555,891$472,650$781,616
70$971,576$540,034$445,389$799,123
71$1,026,225$522,043$415,857$817,658
72$1,085,047$501,771$383,935$837,349
73$1,148,424$479,060$349,500$858,340
74$1,216,777$453,747$312,421$880,792
75$1,290,564$425,657$272,564$904,885
76$1,370,293$394,605$229,785$930,821
77$1,456,518$360,397$183,939$958,827
78$1,549,852$322,825$134,870$989,154
79$1,650,967$281,673$82,418$1,022,084
80$1,760,600$236,710$26,414$1,057,932
81$1,879,565$187,693$0$1,097,049
82$2,008,755$134,364$0$1,149,079
83$2,149,153$76,452$0$1,213,626
84$2,301,840$13,672$0$1,283,892
85$2,468,005$0$0$1,360,473
86$2,648,958$0$0$1,457,765
87$2,846,138$0$0$1,567,608
88$3,061,130$0$0$1,687,431
89$3,295,680$0$0$1,818,213
90$3,551,706$0$0$1,961,033
91$3,831,323$0$0$2,117,078
92$4,136,856$0$0$2,287,653
93$4,470,869$0$0$2,474,199
94$4,836,181$0$0$2,678,298
95$5,235,896$0$0$2,901,695
96$5,673,436$0$0$3,146,309
97$6,152,563$0$0$3,414,257
98$6,677,426$0$0$3,707,867
99$7,252,589$0$0$4,029,703
100$7,883,083$0$0$4,382,592