Can I retire at age 62 with 584,000?

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 $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%18.7%
1 years$48,226$47,797$47,377$46,968$46,569$44,935
2 years$23,874$23,430$22,999$22,581$22,176$20,546
3 years$15,758$15,312$14,882$14,468$14,069$12,496
4 years$11,701$11,256$10,830$10,423$10,034$8,529
5 years$9,267$8,825$8,405$8,006$7,628$6,195
6 years$7,645$7,206$6,792$6,403$6,036$4,676
7 years$6,487$6,052$5,644$5,264$4,909$3,622
8 years$5,619$5,187$4,787$4,416$4,072$2,857
9 years$4,944$4,516$4,123$3,761$3,429$2,285
10 years$4,404$3,981$3,594$3,242$2,922$1,846
11 years$3,963$3,544$3,164$2,822$2,513$1,503
12 years$3,596$3,181$2,808$2,475$2,178$1,231
13 years$3,285$2,875$2,509$2,185$1,899$1,014
14 years$3,019$2,613$2,254$1,940$1,665$838
15 years$2,789$2,387$2,035$1,730$1,466$695
16 years$2,587$2,190$1,845$1,549$1,295$578
17 years$2,410$2,017$1,679$1,392$1,149$482
18 years$2,252$1,864$1,533$1,254$1,021$402
19 years$2,111$1,727$1,403$1,133$910$336
20 years$1,985$1,605$1,288$1,026$813$282
21 years$1,870$1,495$1,185$931$728$236
22 years$1,767$1,396$1,092$847$652$198
23 years$1,672$1,305$1,008$771$585$166
24 years$1,585$1,223$932$703$526$140
25 years$1,506$1,148$864$642$474$117
26 years$1,432$1,079$801$587$427$99
27 years$1,364$1,015$744$538$385$83
28 years$1,302$957$691$493$347$70
29 years$1,243$902$643$452$313$59
30 years$1,189$852$599$415$283$49
31 years$1,138$806$559$381$256$42
32 years$1,090$762$521$350$232$35
33 years$1,046$722$487$322$210$29
34 years$1,004$684$455$296$190$25
35 years$965$649$425$273$172$21
36 years$928$616$398$251$156$18
37 years$893$585$372$231$141$15
38 years$859$556$349$213$128$12
39 years$828$529$327$197$116$11
40 years$798$503$306$181$105$9
41 years$770$479$287$167$95$7
42 years$744$456$269$154$87$6
43 years$718$434$253$143$79$5
44 years$694$414$237$132$71$4
45 years$671$395$223$122$65$4
46 years$649$377$209$112$59$3
47 years$628$360$197$104$53$3
48 years$608$343$185$96$49$2
49 years$589$328$174$89$44$2
50 years$570$313$163$82$40$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $584,000, adding $5,781 every year, while hoping to spend $32,149 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: 77/5/18 Blend
61$584,000$584,000$584,000$584,000
62$649,531$618,579$609,527$696,469
63$681,577$614,683$595,740$724,388
64$715,814$609,519$580,413$750,411
65$752,432$602,990$563,462$778,083
66$791,638$594,995$544,796$807,560
67$833,661$585,425$524,323$839,010
68$878,750$574,167$501,944$872,623
69$927,181$561,099$477,556$908,605
70$979,253$546,093$451,054$947,186
71$1,035,298$529,012$422,326$988,619
72$1,095,678$509,714$391,254$1,033,182
73$1,160,793$488,046$357,717$1,081,183
74$1,231,081$463,847$321,587$1,132,962
75$1,307,022$436,946$282,731$1,188,893
76$1,389,146$407,164$241,010$1,249,391
77$1,478,033$374,310$196,278$1,314,912
78$1,574,325$338,183$148,385$1,385,959
79$1,678,722$298,570$97,172$1,463,088
80$1,791,997$255,246$42,474$1,546,913
81$1,915,001$207,973$0$1,638,111
82$2,048,669$156,501$0$1,740,481
83$2,194,028$100,565$0$1,860,698
84$2,352,211$39,884$0$1,991,541
85$2,524,461$0$0$2,134,051
86$2,712,149$0$0$2,290,794
87$2,916,783$0$0$2,464,101
88$3,140,021$0$0$2,653,184
89$3,383,689$0$0$2,859,592
90$3,649,798$0$0$3,085,031
91$3,940,562$0$0$3,331,378
92$4,258,415$0$0$3,600,700
93$4,606,040$0$0$3,895,273
94$4,986,392$0$0$4,217,603
95$5,402,721$0$0$4,570,448
96$5,858,608$0$0$4,956,846
97$6,357,998$0$0$5,380,144
98$6,905,233$0$0$5,844,026
99$7,505,095$0$0$6,352,550
100$8,162,852$0$0$6,910,185