Can I retire at age 62 with 587,000?

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 $587,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.3%
1 years$48,474$48,042$47,621$47,210$46,808$46,166
2 years$23,997$23,550$23,117$22,697$22,290$21,644
3 years$15,839$15,390$14,958$14,542$14,141$13,512
4 years$11,761$11,313$10,886$10,477$10,086$9,477
5 years$9,315$8,870$8,448$8,047$7,667$7,082
6 years$7,684$7,243$6,827$6,435$6,067$5,505
7 years$6,520$6,083$5,673$5,291$4,934$4,396
8 years$5,648$5,214$4,811$4,438$4,093$3,579
9 years$4,969$4,540$4,144$3,781$3,447$2,957
10 years$4,427$4,001$3,613$3,259$2,937$2,470
11 years$3,983$3,562$3,181$2,836$2,526$2,082
12 years$3,614$3,197$2,823$2,488$2,189$1,767
13 years$3,302$2,889$2,522$2,196$1,909$1,509
14 years$3,035$2,626$2,266$1,950$1,673$1,294
15 years$2,803$2,399$2,046$1,739$1,473$1,115
16 years$2,601$2,201$1,855$1,557$1,302$963
17 years$2,422$2,027$1,688$1,399$1,154$835
18 years$2,264$1,873$1,541$1,261$1,027$725
19 years$2,122$1,736$1,411$1,139$915$631
20 years$1,995$1,613$1,295$1,032$817$551
21 years$1,880$1,503$1,191$936$731$481
22 years$1,776$1,403$1,097$851$656$421
23 years$1,680$1,312$1,013$775$588$368
24 years$1,593$1,229$937$707$529$323
25 years$1,513$1,154$868$646$476$283
26 years$1,440$1,084$805$590$429$249
27 years$1,371$1,020$748$540$387$218
28 years$1,308$961$695$495$349$192
29 years$1,250$907$647$454$315$169
30 years$1,195$857$602$417$285$148
31 years$1,144$810$562$383$257$131
32 years$1,096$766$524$352$233$115
33 years$1,051$726$489$323$211$101
34 years$1,009$688$457$298$191$89
35 years$970$652$427$274$173$79
36 years$932$619$400$252$156$69
37 years$897$588$374$232$142$61
38 years$864$559$350$214$129$54
39 years$832$531$328$198$117$47
40 years$803$506$308$182$106$42
41 years$774$481$289$168$96$37
42 years$747$458$271$155$87$33
43 years$722$437$254$143$79$29
44 years$697$416$238$132$72$25
45 years$674$397$224$122$65$22
46 years$652$379$210$113$59$20
47 years$631$361$198$104$54$17
48 years$611$345$186$96$49$15
49 years$592$329$174$89$44$14
50 years$573$315$164$82$40$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $587,000, adding $2,908 every year, while hoping to spend $31,610 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: 60/25/15 Blend
61$587,000$587,000$587,000$587,000
62$649,874$618,763$609,664$686,245
63$682,528$615,449$596,455$707,794
64$717,454$610,914$581,744$727,500
65$754,849$605,064$565,447$748,251
66$794,931$597,800$547,478$770,151
67$837,939$589,017$527,743$793,316
68$884,134$578,604$506,148$817,876
69$933,805$566,444$482,593$843,975
70$987,265$552,412$456,972$871,771
71$1,044,862$536,377$429,177$901,443
72$1,106,977$518,198$399,092$933,189
73$1,174,026$497,727$366,600$967,226
74$1,246,470$474,809$331,574$1,003,799
75$1,324,812$449,277$293,884$1,043,178
76$1,409,609$420,958$253,395$1,085,662
77$1,501,470$389,665$209,964$1,131,585
78$1,601,064$355,203$163,443$1,181,316
79$1,709,131$317,366$113,676$1,235,264
80$1,826,480$275,935$60,502$1,293,883
81$1,954,003$230,678$3,752$1,357,677
82$2,092,683$181,353$0$1,427,202
83$2,243,598$127,701$0$1,512,169
84$2,407,937$69,449$0$1,605,403
85$2,587,006$6,312$0$1,707,090
86$2,782,244$0$0$1,818,102
87$2,995,234$0$0$1,956,462
88$3,227,719$0$0$2,109,426
89$3,481,617$0$0$2,276,524
90$3,759,040$0$0$2,459,152
91$4,062,313$0$0$2,658,847
92$4,393,995$0$0$2,877,299
93$4,756,903$0$0$3,116,372
94$5,154,143$0$0$3,378,117
95$5,589,130$0$0$3,664,791
96$6,065,627$0$0$3,978,883
97$6,587,779$0$0$4,323,131
98$7,160,149$0$0$4,700,552
99$7,787,764$0$0$5,114,468
100$8,476,160$0$0$5,568,539