Can I retire at age 62 with 584,000?

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 $584,000?

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$48,226$47,797$47,377$46,968$46,569$46,217
2 years$23,874$23,430$22,999$22,581$22,176$21,821
3 years$15,758$15,312$14,882$14,468$14,069$13,723
4 years$11,701$11,256$10,830$10,423$10,034$9,699
5 years$9,267$8,825$8,405$8,006$7,628$7,304
6 years$7,645$7,206$6,792$6,403$6,036$5,724
7 years$6,487$6,052$5,644$5,264$4,909$4,609
8 years$5,619$5,187$4,787$4,416$4,072$3,785
9 years$4,944$4,516$4,123$3,761$3,429$3,155
10 years$4,404$3,981$3,594$3,242$2,922$2,659
11 years$3,963$3,544$3,164$2,822$2,513$2,262
12 years$3,596$3,181$2,808$2,475$2,178$1,939
13 years$3,285$2,875$2,509$2,185$1,899$1,671
14 years$3,019$2,613$2,254$1,940$1,665$1,448
15 years$2,789$2,387$2,035$1,730$1,466$1,260
16 years$2,587$2,190$1,845$1,549$1,295$1,100
17 years$2,410$2,017$1,679$1,392$1,149$963
18 years$2,252$1,864$1,533$1,254$1,021$846
19 years$2,111$1,727$1,403$1,133$910$745
20 years$1,985$1,605$1,288$1,026$813$656
21 years$1,870$1,495$1,185$931$728$580
22 years$1,767$1,396$1,092$847$652$513
23 years$1,672$1,305$1,008$771$585$454
24 years$1,585$1,223$932$703$526$403
25 years$1,506$1,148$864$642$474$357
26 years$1,432$1,079$801$587$427$318
27 years$1,364$1,015$744$538$385$282
28 years$1,302$957$691$493$347$251
29 years$1,243$902$643$452$313$224
30 years$1,189$852$599$415$283$199
31 years$1,138$806$559$381$256$177
32 years$1,090$762$521$350$232$158
33 years$1,046$722$487$322$210$141
34 years$1,004$684$455$296$190$126
35 years$965$649$425$273$172$112
36 years$928$616$398$251$156$100
37 years$893$585$372$231$141$89
38 years$859$556$349$213$128$80
39 years$828$529$327$197$116$71
40 years$798$503$306$181$105$64
41 years$770$479$287$167$95$57
42 years$744$456$269$154$87$51
43 years$718$434$253$143$79$45
44 years$694$414$237$132$71$41
45 years$671$395$223$122$65$36
46 years$649$377$209$112$59$32
47 years$628$360$197$104$53$29
48 years$608$343$185$96$49$26
49 years$589$328$174$89$44$23
50 years$570$313$163$82$40$21

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $584,000, adding $3,333 every year, while hoping to spend $49,925 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: 79/15/6 Blend
61$584,000$584,000$584,000$584,000
62$647,006$616,054$607,002$697,538
63$659,881$593,121$574,217$708,191
64$672,396$567,391$538,660$712,983
65$684,461$538,674$500,186$716,738
66$695,976$506,769$458,643$719,327
67$706,830$471,465$413,871$720,610
68$716,897$432,537$365,706$720,432
69$726,036$389,747$313,973$718,623
70$734,092$342,845$258,492$714,998
71$740,891$291,566$199,072$709,350
72$746,239$235,630$135,518$701,456
73$749,920$174,740$67,623$691,069
74$751,695$108,586$0$677,917
75$751,298$36,836$0$662,014
76$748,432$0$0$647,362
77$742,770$0$0$636,028
78$733,947$0$0$628,013
79$721,560$0$0$616,884
80$705,161$0$0$602,251
81$684,254$0$0$583,684
82$658,291$0$0$560,702
83$626,663$0$0$532,777
84$588,697$0$0$499,322
85$543,650$0$0$459,690
86$490,698$0$0$413,162
87$428,929$0$0$358,945
88$357,338$0$0$296,164
89$274,811$0$0$223,847
90$180,119$0$0$140,925
91$71,902$0$0$46,214
92$0$0$0$0
93$0$0$0$0
94$0$0$0$0
95$0$0$0$0
96$0$0$0$0
97$0$0$0$0
98$0$0$0$0
99$0$0$0$0
100$0$0$0$0