Can I retire at age 62 with 585,000?

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 $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%11.7%
1 years$48,309$47,878$47,459$47,049$46,649$46,316
2 years$23,915$23,470$23,038$22,620$22,214$21,878
3 years$15,785$15,338$14,907$14,493$14,093$13,765
4 years$11,721$11,275$10,849$10,441$10,051$9,734
5 years$9,283$8,840$8,419$8,020$7,641$7,334
6 years$7,658$7,218$6,804$6,413$6,046$5,751
7 years$6,498$6,062$5,654$5,273$4,917$4,633
8 years$5,628$5,196$4,795$4,423$4,079$3,807
9 years$4,952$4,524$4,130$3,768$3,435$3,175
10 years$4,412$3,988$3,601$3,248$2,927$2,678
11 years$3,970$3,550$3,170$2,827$2,517$2,279
12 years$3,602$3,186$2,813$2,479$2,181$1,954
13 years$3,291$2,880$2,513$2,189$1,902$1,686
14 years$3,024$2,617$2,258$1,943$1,668$1,462
15 years$2,793$2,391$2,039$1,733$1,468$1,273
16 years$2,592$2,194$1,849$1,552$1,298$1,112
17 years$2,414$2,020$1,682$1,394$1,151$975
18 years$2,256$1,867$1,536$1,256$1,023$856
19 years$2,115$1,730$1,406$1,135$912$754
20 years$1,988$1,608$1,290$1,028$814$666
21 years$1,874$1,498$1,187$933$729$588
22 years$1,770$1,398$1,094$848$653$521
23 years$1,675$1,308$1,010$773$586$462
24 years$1,588$1,225$934$705$527$410
25 years$1,508$1,150$865$644$474$364
26 years$1,435$1,080$802$588$427$323
27 years$1,367$1,017$745$539$385$288
28 years$1,304$958$693$493$348$256
29 years$1,245$904$644$453$314$228
30 years$1,191$854$600$415$284$203
31 years$1,140$807$560$381$256$181
32 years$1,092$764$522$351$232$162
33 years$1,048$723$488$322$210$144
34 years$1,006$685$456$297$190$129
35 years$966$650$426$273$172$115
36 years$929$617$398$251$156$103
37 years$894$586$373$232$141$92
38 years$861$557$349$214$128$82
39 years$830$530$327$197$116$73
40 years$800$504$307$182$105$66
41 years$772$480$288$168$96$59
42 years$745$457$270$155$87$52
43 years$719$435$253$143$79$47
44 years$695$415$238$132$71$42
45 years$672$396$223$122$65$38
46 years$650$377$210$112$59$34
47 years$629$360$197$104$53$30
48 years$609$344$185$96$49$27
49 years$590$328$174$89$44$24
50 years$571$314$163$82$40$22

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $585,000, adding $4,095 every year, while hoping to spend $25,975 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: 60/26/14 Blend
61$585,000$585,000$585,000$585,000
62$648,894$617,889$608,821$685,330
63$687,444$620,528$601,580$712,997
64$729,055$622,426$593,225$739,887
65$774,013$623,520$583,692$768,603
66$822,631$623,740$572,914$799,322
67$875,252$623,016$560,819$832,243
68$932,254$621,270$547,333$867,583
69$994,054$618,423$532,379$905,585
70$1,061,110$614,388$515,876$946,516
71$1,133,923$609,073$497,738$990,671
72$1,213,047$602,381$477,876$1,038,377
73$1,299,092$594,212$456,199$1,089,995
74$1,392,725$584,454$432,608$1,145,925
75$1,494,685$572,994$407,002$1,206,606
76$1,605,782$559,710$379,275$1,272,528
77$1,726,907$544,471$349,316$1,344,227
78$1,859,044$527,142$317,010$1,422,301
79$2,003,272$507,578$282,236$1,507,406
80$2,160,781$485,625$244,867$1,600,270
81$2,332,882$461,121$204,770$1,701,694
82$2,521,015$433,896$161,810$1,812,565
83$2,726,769$403,767$115,840$1,933,864
84$2,951,890$370,542$66,712$2,066,672
85$3,198,304$334,020$14,268$2,212,183
86$3,468,130$293,987$0$2,371,718
87$3,763,702$250,214$0$2,552,960
88$4,087,590$202,465$0$2,753,970
89$4,442,623$150,485$0$2,974,417
90$4,831,921$94,008$0$3,216,288
91$5,258,915$32,753$0$3,481,777
92$5,727,388$0$0$3,773,303
93$6,241,505$0$0$4,103,141
94$6,805,855$0$0$4,475,542
95$7,425,492$0$0$4,884,474
96$8,105,982$0$0$5,333,619
97$8,853,461$0$0$5,827,031
98$9,674,683$0$0$6,369,176
99$10,577,092$0$0$6,964,976
100$11,568,888$0$0$7,619,850