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%15.1%
1 years$48,391$47,960$47,540$47,129$46,728$45,748
2 years$23,956$23,510$23,078$22,658$22,252$21,268
3 years$15,812$15,364$14,933$14,517$14,117$13,162
4 years$11,741$11,294$10,867$10,459$10,069$9,148
5 years$9,299$8,855$8,433$8,033$7,654$6,772
6 years$7,671$7,231$6,815$6,424$6,056$5,213
7 years$6,509$6,072$5,664$5,282$4,925$4,121
8 years$5,638$5,205$4,803$4,431$4,086$3,321
9 years$4,961$4,532$4,137$3,774$3,441$2,714
10 years$4,419$3,995$3,607$3,253$2,932$2,242
11 years$3,977$3,556$3,175$2,831$2,522$1,868
12 years$3,608$3,192$2,818$2,483$2,185$1,568
13 years$3,296$2,885$2,518$2,193$1,906$1,323
14 years$3,029$2,622$2,262$1,946$1,670$1,121
15 years$2,798$2,395$2,042$1,736$1,471$954
16 years$2,596$2,198$1,852$1,554$1,300$814
17 years$2,418$2,024$1,685$1,396$1,153$696
18 years$2,260$1,870$1,538$1,258$1,025$597
19 years$2,119$1,733$1,408$1,137$913$513
20 years$1,992$1,611$1,292$1,030$816$441
21 years$1,877$1,500$1,189$935$730$380
22 years$1,773$1,400$1,096$850$654$328
23 years$1,678$1,310$1,012$774$587$283
24 years$1,591$1,227$936$706$528$245
25 years$1,511$1,152$866$645$475$212
26 years$1,437$1,082$804$589$428$183
27 years$1,369$1,019$746$540$386$159
28 years$1,306$960$694$494$348$137
29 years$1,247$905$646$453$314$119
30 years$1,193$855$601$416$284$103
31 years$1,142$808$561$382$257$89
32 years$1,094$765$523$351$232$78
33 years$1,049$724$488$323$210$67
34 years$1,007$687$456$297$190$58
35 years$968$651$427$274$172$51
36 years$931$618$399$252$156$44
37 years$896$587$374$232$142$38
38 years$862$558$350$214$128$33
39 years$831$530$328$197$116$29
40 years$801$505$307$182$106$25
41 years$773$480$288$168$96$22
42 years$746$458$270$155$87$19
43 years$721$436$254$143$79$16
44 years$696$416$238$132$72$14
45 years$673$396$223$122$65$12
46 years$651$378$210$113$59$11
47 years$630$361$197$104$54$9
48 years$610$344$185$96$49$8
49 years$591$329$174$89$44$7
50 years$572$314$164$82$40$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $586,000, adding $4,888 every year, while hoping to spend $22,800 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: 62/29/9 Blend
61$586,000$586,000$586,000$586,000
62$650,814$619,756$610,673$689,594
63$692,938$625,865$606,871$722,237
64$738,594$631,509$602,179$754,774
65$788,120$636,642$596,540$789,712
66$841,883$641,213$589,900$827,284
67$900,292$645,169$582,198$867,746
68$963,794$648,454$573,374$911,381
69$1,032,880$651,008$563,361$958,501
70$1,108,093$652,766$552,093$1,009,450
71$1,190,028$653,661$539,497$1,064,608
72$1,279,341$653,621$525,501$1,124,395
73$1,376,754$652,568$510,025$1,189,273
74$1,483,061$650,422$492,989$1,259,752
75$1,599,136$647,096$474,307$1,336,397
76$1,725,943$642,498$453,891$1,419,827
77$1,864,540$636,531$431,647$1,510,730
78$2,016,094$629,092$407,478$1,609,862
79$2,181,890$620,072$381,283$1,718,058
80$2,363,342$609,355$352,955$1,836,239
81$2,562,007$596,818$322,384$1,965,421
82$2,779,601$582,331$289,453$2,106,728
83$3,018,012$565,757$254,041$2,261,394
84$3,279,319$546,949$216,022$2,430,787
85$3,565,815$525,755$175,263$2,616,411
86$3,880,021$502,010$131,628$2,819,929
87$4,224,717$475,542$84,971$3,043,173
88$4,602,963$446,169$35,143$3,288,165
89$5,018,131$413,697$0$3,557,135
90$5,473,935$377,922$0$3,854,276
91$5,974,465$338,629$0$4,184,282
92$6,524,228$295,590$0$4,546,787
93$7,128,189$248,563$0$4,945,107
94$7,791,816$197,294$0$5,382,903
95$8,521,134$141,515$0$5,864,209
96$9,322,782$80,941$0$6,393,473
97$10,204,070$15,272$0$6,975,601
98$11,173,057$0$0$7,616,001
99$12,238,618$0$0$8,338,444
100$13,410,532$0$0$9,138,404