Can I retire at age 62 with 588,000?

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 $588,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12%
1 years$48,556$48,124$47,702$47,290$46,888$46,495
2 years$24,038$23,590$23,156$22,736$22,328$21,932
3 years$15,866$15,416$14,984$14,567$14,166$13,779
4 years$11,781$11,333$10,904$10,495$10,103$9,728
5 years$9,331$8,885$8,462$8,061$7,680$7,319
6 years$7,697$7,255$6,839$6,446$6,077$5,729
7 years$6,531$6,093$5,683$5,300$4,942$4,608
8 years$5,657$5,223$4,820$4,446$4,100$3,780
9 years$4,978$4,547$4,151$3,787$3,453$3,147
10 years$4,434$4,008$3,619$3,264$2,942$2,649
11 years$3,990$3,568$3,186$2,841$2,530$2,251
12 years$3,620$3,203$2,828$2,492$2,193$1,927
13 years$3,308$2,894$2,526$2,200$1,912$1,659
14 years$3,040$2,631$2,270$1,953$1,676$1,435
15 years$2,808$2,403$2,049$1,742$1,476$1,247
16 years$2,605$2,205$1,858$1,559$1,304$1,088
17 years$2,426$2,031$1,691$1,401$1,156$951
18 years$2,268$1,877$1,543$1,263$1,028$834
19 years$2,126$1,739$1,413$1,141$917$733
20 years$1,998$1,616$1,297$1,033$819$645
21 years$1,883$1,505$1,193$938$733$569
22 years$1,779$1,405$1,099$853$657$503
23 years$1,683$1,314$1,015$777$589$444
24 years$1,596$1,231$939$708$530$394
25 years$1,516$1,156$869$647$477$349
26 years$1,442$1,086$806$591$429$309
27 years$1,374$1,022$749$541$387$275
28 years$1,311$963$696$496$349$244
29 years$1,252$909$648$455$315$217
30 years$1,197$858$603$417$285$193
31 years$1,146$811$563$383$258$171
32 years$1,098$768$525$352$233$153
33 years$1,053$727$490$324$211$136
34 years$1,011$689$458$298$191$121
35 years$971$653$428$274$173$108
36 years$934$620$400$253$157$96
37 years$899$589$375$233$142$86
38 years$865$560$351$215$129$76
39 years$834$532$329$198$117$68
40 years$804$506$308$183$106$61
41 years$776$482$289$168$96$54
42 years$749$459$271$155$87$48
43 years$723$437$254$143$79$43
44 years$699$417$239$132$72$38
45 years$675$398$224$122$65$34
46 years$653$379$211$113$59$31
47 years$632$362$198$104$54$27
48 years$612$346$186$96$49$24
49 years$593$330$175$89$44$22
50 years$574$315$164$82$40$19

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $588,000, adding $2,795 every year, while hoping to spend $35,968 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: 68/9/23 Blend
61$588,000$588,000$588,000$588,000
62$650,859$619,695$610,581$691,136
63$678,977$611,790$592,766$710,579
64$708,757$602,293$573,148$727,433
65$740,332$591,087$551,630$745,023
66$773,845$578,049$528,108$763,418
67$809,453$563,049$502,476$782,700
68$847,328$545,949$474,620$802,957
69$887,658$526,604$444,423$824,290
70$930,651$504,859$411,762$846,808
71$976,531$480,550$376,510$870,636
72$1,025,545$453,506$338,531$895,910
73$1,077,966$423,542$297,687$922,784
74$1,134,089$390,467$253,830$951,427
75$1,194,242$354,075$206,809$982,028
76$1,258,781$314,151$156,463$1,014,797
77$1,328,098$270,467$102,627$1,049,967
78$1,402,626$222,781$45,127$1,087,796
79$1,482,835$170,839$0$1,128,572
80$1,569,246$114,372$0$1,176,598
81$1,662,429$53,095$0$1,240,321
82$1,763,009$0$0$1,309,096
83$1,871,675$0$0$1,384,723
84$1,989,184$0$0$1,472,217
85$2,116,366$0$0$1,566,943
86$2,254,136$0$0$1,669,585
87$2,403,499$0$0$1,780,895
88$2,565,559$0$0$1,901,700
89$2,741,531$0$0$2,032,910
90$2,932,753$0$0$2,175,527
91$3,140,694$0$0$2,330,652
92$3,366,972$0$0$2,499,496
93$3,613,368$0$0$2,683,392
94$3,881,839$0$0$2,883,807
95$4,174,541$0$0$3,102,357
96$4,493,847$0$0$3,340,816
97$4,842,367$0$0$3,601,143
98$5,222,976$0$0$3,885,488
99$5,638,837$0$0$4,196,224
100$6,093,435$0$0$4,535,958