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%12.9%
1 years$48,144$47,715$47,296$46,888$46,489$45,927
2 years$23,833$23,390$22,959$22,542$22,138$21,572
3 years$15,731$15,285$14,856$14,443$14,045$13,494
4 years$11,681$11,236$10,812$10,405$10,017$9,484
5 years$9,251$8,809$8,390$7,992$7,615$7,101
6 years$7,632$7,194$6,781$6,392$6,025$5,532
7 years$6,476$6,041$5,635$5,255$4,900$4,428
8 years$5,609$5,178$4,779$4,408$4,065$3,613
9 years$4,935$4,509$4,116$3,755$3,423$2,992
10 years$4,397$3,974$3,588$3,237$2,917$2,506
11 years$3,956$3,538$3,159$2,817$2,509$2,117
12 years$3,590$3,176$2,804$2,471$2,174$1,802
13 years$3,279$2,870$2,505$2,181$1,896$1,542
14 years$3,014$2,609$2,251$1,936$1,662$1,326
15 years$2,784$2,383$2,032$1,727$1,463$1,146
16 years$2,583$2,186$1,842$1,546$1,293$993
17 years$2,406$2,013$1,676$1,389$1,147$863
18 years$2,248$1,861$1,530$1,252$1,020$752
19 years$2,108$1,724$1,401$1,131$909$656
20 years$1,981$1,602$1,286$1,025$812$574
21 years$1,867$1,493$1,183$930$726$503
22 years$1,764$1,393$1,090$845$651$441
23 years$1,669$1,303$1,006$770$584$387
24 years$1,583$1,221$931$702$525$341
25 years$1,503$1,146$862$641$473$300
26 years$1,430$1,077$800$586$426$264
27 years$1,362$1,013$742$537$384$233
28 years$1,299$955$690$492$346$205
29 years$1,241$901$642$451$313$181
30 years$1,187$851$598$414$283$160
31 years$1,136$804$558$380$256$141
32 years$1,089$761$520$349$231$125
33 years$1,044$721$486$321$209$110
34 years$1,002$683$454$296$189$97
35 years$963$648$424$272$172$86
36 years$926$615$397$251$155$76
37 years$891$584$372$231$141$67
38 years$858$555$348$213$128$60
39 years$827$528$326$196$116$53
40 years$797$502$306$181$105$47
41 years$769$478$287$167$95$41
42 years$742$455$269$154$86$36
43 years$717$434$252$142$78$32
44 years$693$413$237$131$71$29
45 years$670$394$222$121$65$25
46 years$648$376$209$112$59$22
47 years$627$359$196$104$53$20
48 years$607$343$184$96$48$18
49 years$588$327$173$88$44$16
50 years$569$313$163$82$40$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $583,000, adding $5,784 every year, while hoping to spend $32,396 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: 86/8/6 Blend
61$583,000$583,000$583,000$583,000
62$648,432$617,533$608,497$703,530
63$680,103$613,323$594,412$736,105
64$713,919$607,821$578,770$766,823
65$750,064$600,930$561,484$799,533
66$788,740$592,545$542,464$834,412
67$830,170$582,558$521,615$871,657
68$874,596$570,852$498,838$911,481
69$922,286$557,305$474,030$954,121
70$973,533$541,787$447,083$999,838
71$1,028,657$524,158$417,885$1,048,917
72$1,088,013$504,275$386,317$1,101,673
73$1,151,988$481,982$352,256$1,158,455
74$1,221,007$457,116$315,573$1,219,643
75$1,295,540$429,504$276,134$1,285,659
76$1,376,099$398,964$233,799$1,356,966
77$1,463,250$365,302$188,421$1,434,075
78$1,557,615$328,315$139,846$1,517,547
79$1,659,876$287,787$87,915$1,608,002
80$1,770,784$243,489$32,461$1,706,123
81$1,891,165$195,181$0$1,812,661
82$2,021,928$142,609$0$1,930,155
83$2,164,071$85,503$0$2,060,137
84$2,318,694$23,581$0$2,201,543
85$2,487,005$0$0$2,355,495
86$2,670,337$0$0$2,527,054
87$2,870,152$0$0$2,716,307
88$3,088,063$0$0$2,922,706
89$3,325,843$0$0$3,147,932
90$3,585,445$0$0$3,393,835
91$3,869,018$0$0$3,662,451
92$4,178,927$0$0$3,956,023
93$4,517,779$0$0$4,277,020
94$4,888,440$0$0$4,628,160
95$5,294,069$0$0$5,012,434
96$5,738,143$0$0$5,433,138
97$6,224,491$0$0$5,893,902
98$6,757,330$0$0$6,398,721
99$7,341,303$0$0$6,951,996
100$7,981,526$0$0$7,558,574