Can I retire at age 62 with 586,000?

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 $586,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.6%
1 years$48,391$47,960$47,540$47,129$46,728$44,928
2 years$23,956$23,510$23,078$22,658$22,252$20,459
3 years$15,812$15,364$14,933$14,517$14,117$12,389
4 years$11,741$11,294$10,867$10,459$10,069$8,418
5 years$9,299$8,855$8,433$8,033$7,654$6,085
6 years$7,671$7,231$6,815$6,424$6,056$4,570
7 years$6,509$6,072$5,664$5,282$4,925$3,522
8 years$5,638$5,205$4,803$4,431$4,086$2,763
9 years$4,961$4,532$4,137$3,774$3,441$2,198
10 years$4,419$3,995$3,607$3,253$2,932$1,765
11 years$3,977$3,556$3,175$2,831$2,522$1,429
12 years$3,608$3,192$2,818$2,483$2,185$1,164
13 years$3,296$2,885$2,518$2,193$1,906$953
14 years$3,029$2,622$2,262$1,946$1,670$783
15 years$2,798$2,395$2,042$1,736$1,471$645
16 years$2,596$2,198$1,852$1,554$1,300$533
17 years$2,418$2,024$1,685$1,396$1,153$441
18 years$2,260$1,870$1,538$1,258$1,025$366
19 years$2,119$1,733$1,408$1,137$913$304
20 years$1,992$1,611$1,292$1,030$816$253
21 years$1,877$1,500$1,189$935$730$210
22 years$1,773$1,400$1,096$850$654$175
23 years$1,678$1,310$1,012$774$587$146
24 years$1,591$1,227$936$706$528$122
25 years$1,511$1,152$866$645$475$102
26 years$1,437$1,082$804$589$428$85
27 years$1,369$1,019$746$540$386$71
28 years$1,306$960$694$494$348$59
29 years$1,247$905$646$453$314$49
30 years$1,193$855$601$416$284$41
31 years$1,142$808$561$382$257$34
32 years$1,094$765$523$351$232$29
33 years$1,049$724$488$323$210$24
34 years$1,007$687$456$297$190$20
35 years$968$651$427$274$172$17
36 years$931$618$399$252$156$14
37 years$896$587$374$232$142$12
38 years$862$558$350$214$128$10
39 years$831$530$328$197$116$8
40 years$801$505$307$182$106$7
41 years$773$480$288$168$96$6
42 years$746$458$270$155$87$5
43 years$721$436$254$143$79$4
44 years$696$416$238$132$72$3
45 years$673$396$223$122$65$3
46 years$651$378$210$113$59$2
47 years$630$361$197$104$54$2
48 years$610$344$185$96$49$2
49 years$591$329$174$89$44$1
50 years$572$314$164$82$40$1

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $586,000, adding $2,207 every year, while hoping to spend $40,925 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: 48/25/27 Blend
61$586,000$586,000$586,000$586,000
62$648,049$616,991$607,908$674,071
63$670,606$603,679$584,729$679,263
64$694,092$588,344$559,401$680,694
65$718,559$570,842$531,811$681,446
66$744,062$551,024$501,837$681,478
67$770,661$528,729$469,353$680,742
68$798,421$503,789$434,229$679,193
69$827,410$476,025$396,326$676,782
70$857,704$445,248$355,501$673,459
71$889,384$411,259$311,604$669,174
72$922,537$373,847$264,479$663,872
73$957,259$332,788$213,962$657,502
74$993,652$287,848$159,882$650,007
75$1,031,827$238,775$102,061$641,332
76$1,071,907$185,308$40,313$631,420
77$1,114,022$127,169$0$620,214
78$1,158,315$64,063$0$615,026
79$1,204,942$0$0$621,300
80$1,254,071$0$0$628,603
81$1,305,889$0$0$654,918
82$1,360,594$0$0$682,726
83$1,418,407$0$0$712,142
84$1,479,567$0$0$743,291
85$1,544,333$0$0$776,311
86$1,612,993$0$0$811,351
87$1,685,856$0$0$848,574
88$1,763,264$0$0$888,160
89$1,845,589$0$0$930,304
90$1,933,240$0$0$975,220
91$2,026,662$0$0$1,023,144
92$2,126,344$0$0$1,074,332
93$2,232,822$0$0$1,129,067
94$2,346,683$0$0$1,187,656
95$2,468,571$0$0$1,250,440
96$2,599,191$0$0$1,317,790
97$2,739,316$0$0$1,390,113
98$2,889,798$0$0$1,467,857
99$3,051,567$0$0$1,551,513
100$3,225,647$0$0$1,641,621