Can I retire at age 62 with 589,000?

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 $589,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.8%
1 years$48,639$48,206$47,783$47,371$46,968$45,666
2 years$24,079$23,630$23,196$22,774$22,366$21,063
3 years$15,893$15,443$15,009$14,592$14,190$12,928
4 years$11,801$11,352$10,923$10,513$10,120$8,909
5 years$9,346$8,900$8,477$8,075$7,693$6,536
6 years$7,711$7,268$6,850$6,457$6,087$4,985
7 years$6,543$6,103$5,693$5,309$4,951$3,903
8 years$5,667$5,232$4,828$4,454$4,107$3,114
9 years$4,986$4,555$4,158$3,793$3,459$2,519
10 years$4,442$4,015$3,625$3,270$2,947$2,059
11 years$3,997$3,574$3,192$2,846$2,535$1,698
12 years$3,627$3,208$2,832$2,496$2,196$1,409
13 years$3,313$2,899$2,531$2,204$1,915$1,175
14 years$3,045$2,635$2,274$1,956$1,679$984
15 years$2,813$2,407$2,053$1,745$1,478$827
16 years$2,609$2,209$1,861$1,562$1,306$698
17 years$2,430$2,034$1,694$1,404$1,158$590
18 years$2,272$1,880$1,546$1,265$1,030$499
19 years$2,130$1,742$1,415$1,143$918$423
20 years$2,002$1,619$1,299$1,035$820$360
21 years$1,886$1,508$1,195$939$734$306
22 years$1,782$1,408$1,101$854$658$260
23 years$1,686$1,316$1,017$778$590$222
24 years$1,599$1,233$940$710$531$189
25 years$1,519$1,158$871$648$478$161
26 years$1,445$1,088$808$592$430$138
27 years$1,376$1,024$750$542$388$118
28 years$1,313$965$697$497$350$100
29 years$1,254$910$649$456$316$86
30 years$1,199$860$604$418$286$73
31 years$1,148$813$563$384$258$63
32 years$1,100$769$526$353$234$54
33 years$1,055$728$491$325$211$46
34 years$1,013$690$459$299$191$39
35 years$973$655$429$275$173$34
36 years$935$621$401$253$157$29
37 years$900$590$375$233$142$25
38 years$867$561$352$215$129$21
39 years$835$533$329$198$117$18
40 years$805$507$309$183$106$15
41 years$777$483$290$169$96$13
42 years$750$460$272$156$87$11
43 years$724$438$255$144$79$10
44 years$700$418$239$133$72$8
45 years$677$398$225$123$65$7
46 years$654$380$211$113$59$6
47 years$633$363$198$105$54$5
48 years$613$346$186$97$49$4
49 years$594$331$175$89$44$4
50 years$575$316$165$83$40$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $589,000, adding $3,053 every year, while hoping to spend $35,011 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: 67/27/6 Blend
61$589,000$589,000$589,000$589,000
62$652,227$621,010$611,881$695,134
63$681,503$614,188$595,127$717,155
64$712,591$605,859$576,639$736,701
65$745,640$595,910$556,321$757,126
66$780,812$584,226$534,074$778,510
67$818,283$570,682$509,794$800,943
68$858,248$555,145$483,372$824,522
69$900,919$537,477$454,695$849,360
70$946,529$517,530$423,644$875,579
71$995,334$495,147$390,094$903,315
72$1,047,612$470,164$353,917$932,721
73$1,103,672$442,405$314,976$963,965
74$1,163,850$411,686$273,131$997,235
75$1,228,515$377,812$228,234$1,032,740
76$1,298,074$340,575$180,130$1,070,710
77$1,372,972$299,757$128,659$1,111,405
78$1,453,698$255,128$73,651$1,155,108
79$1,540,789$206,443$14,933$1,202,137
80$1,634,836$153,446$0$1,252,844
81$1,736,488$95,864$0$1,310,674
82$1,846,458$33,409$0$1,374,225
83$1,965,530$0$0$1,443,031
84$2,094,565$0$0$1,527,806
85$2,234,511$0$0$1,630,544
86$2,386,409$0$0$1,742,090
87$2,551,407$0$0$1,863,288
88$2,730,765$0$0$1,995,068
89$2,925,869$0$0$2,138,454
90$3,138,245$0$0$2,294,573
91$3,369,573$0$0$2,464,662
92$3,621,700$0$0$2,650,086
93$3,896,659$0$0$2,852,345
94$4,196,689$0$0$3,073,090
95$4,524,253$0$0$3,314,141
96$4,882,063$0$0$3,577,498
97$5,273,105$0$0$3,865,365
98$5,700,664$0$0$4,180,167
99$6,168,359$0$0$4,524,577
100$6,680,176$0$0$4,901,534