Can I retire at age 62 with 585,000?

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 $585,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.2%
1 years$48,309$47,878$47,459$47,049$46,649$44,922
2 years$23,915$23,470$23,038$22,620$22,214$20,494
3 years$15,785$15,338$14,907$14,493$14,093$12,434
4 years$11,721$11,275$10,849$10,441$10,051$8,465
5 years$9,283$8,840$8,419$8,020$7,641$6,132
6 years$7,658$7,218$6,804$6,413$6,046$4,616
7 years$6,498$6,062$5,654$5,273$4,917$3,565
8 years$5,628$5,196$4,795$4,423$4,079$2,804
9 years$4,952$4,524$4,130$3,768$3,435$2,235
10 years$4,412$3,988$3,601$3,248$2,927$1,800
11 years$3,970$3,550$3,170$2,827$2,517$1,461
12 years$3,602$3,186$2,813$2,479$2,181$1,193
13 years$3,291$2,880$2,513$2,189$1,902$979
14 years$3,024$2,617$2,258$1,943$1,668$807
15 years$2,793$2,391$2,039$1,733$1,468$667
16 years$2,592$2,194$1,849$1,552$1,298$552
17 years$2,414$2,020$1,682$1,394$1,151$459
18 years$2,256$1,867$1,536$1,256$1,023$382
19 years$2,115$1,730$1,406$1,135$912$318
20 years$1,988$1,608$1,290$1,028$814$265
21 years$1,874$1,498$1,187$933$729$221
22 years$1,770$1,398$1,094$848$653$185
23 years$1,675$1,308$1,010$773$586$155
24 years$1,588$1,225$934$705$527$129
25 years$1,508$1,150$865$644$474$108
26 years$1,435$1,080$802$588$427$91
27 years$1,367$1,017$745$539$385$76
28 years$1,304$958$693$493$348$64
29 years$1,245$904$644$453$314$53
30 years$1,191$854$600$415$284$45
31 years$1,140$807$560$381$256$37
32 years$1,092$764$522$351$232$31
33 years$1,048$723$488$322$210$26
34 years$1,006$685$456$297$190$22
35 years$966$650$426$273$172$18
36 years$929$617$398$251$156$16
37 years$894$586$373$232$141$13
38 years$861$557$349$214$128$11
39 years$830$530$327$197$116$9
40 years$800$504$307$182$105$8
41 years$772$480$288$168$96$6
42 years$745$457$270$155$87$5
43 years$719$435$253$143$79$5
44 years$695$415$238$132$71$4
45 years$672$396$223$122$65$3
46 years$650$377$210$112$59$3
47 years$629$360$197$104$53$2
48 years$609$344$185$96$49$2
49 years$590$328$174$89$44$2
50 years$571$314$163$82$40$1

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $585,000, adding $4,345 every year, while hoping to spend $22,819 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: 69/6/25 Blend
61$585,000$585,000$585,000$585,000
62$649,152$618,147$609,079$689,513
63$691,086$624,157$605,204$723,126
64$736,533$629,696$600,435$756,861
65$785,826$634,719$594,716$793,246
66$839,334$639,173$587,993$832,542
67$897,460$643,007$580,204$875,037
68$960,649$646,162$571,289$921,051
69$1,029,390$648,579$561,183$970,934
70$1,104,222$650,193$549,816$1,025,075
71$1,185,736$650,937$537,119$1,083,900
72$1,274,585$650,736$523,015$1,147,882
73$1,371,485$649,514$507,429$1,217,542
74$1,477,226$647,190$490,277$1,293,452
75$1,592,677$643,676$471,475$1,376,248
76$1,718,794$638,881$450,934$1,466,626
77$1,856,630$632,705$428,560$1,565,358
78$2,007,346$625,047$404,256$1,673,294
79$2,172,216$615,795$377,919$1,791,371
80$2,352,647$604,834$349,444$1,920,622
81$2,550,186$592,040$318,720$2,062,189
82$2,766,538$577,283$285,630$2,217,330
83$3,003,579$560,424$250,052$2,387,430
84$3,263,376$541,316$211,861$2,574,020
85$3,548,205$519,806$170,923$2,778,787
86$3,860,574$495,728$127,101$3,003,592
87$4,203,243$468,910$80,250$3,250,485
88$4,579,255$439,168$30,220$3,521,730
89$4,991,960$406,307$0$3,819,821
90$5,445,047$370,124$0$4,153,690
91$5,942,583$330,401$0$4,529,194
92$6,489,044$286,908$0$4,941,653
93$7,089,365$239,405$0$5,394,803
94$7,748,979$187,635$0$5,892,759
95$8,473,874$131,327$0$6,440,057
96$9,270,644$70,198$0$7,041,693
97$10,146,557$3,944$0$7,703,174
98$11,109,617$0$0$8,430,565
99$12,168,645$0$0$9,235,026
100$13,333,359$0$0$10,120,091