Can I retire at age 62 with 591,000?

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 $591,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.5%
1 years$48,804$48,370$47,945$47,531$47,127$46,635
2 years$24,161$23,711$23,274$22,852$22,442$21,946
3 years$15,947$15,495$15,060$14,641$14,238$13,754
4 years$11,841$11,391$10,960$10,548$10,155$9,686
5 years$9,378$8,930$8,505$8,102$7,719$7,268
6 years$7,737$7,292$6,874$6,479$6,108$5,675
7 years$6,565$6,124$5,712$5,327$4,967$4,552
8 years$5,686$5,249$4,844$4,469$4,121$3,723
9 years$5,003$4,571$4,172$3,806$3,470$3,090
10 years$4,457$4,029$3,638$3,281$2,957$2,594
11 years$4,011$3,587$3,202$2,856$2,543$2,197
12 years$3,639$3,219$2,842$2,505$2,204$1,874
13 years$3,324$2,909$2,539$2,211$1,922$1,609
14 years$3,055$2,644$2,281$1,963$1,685$1,387
15 years$2,822$2,416$2,060$1,751$1,483$1,201
16 years$2,618$2,216$1,868$1,567$1,311$1,044
17 years$2,439$2,041$1,699$1,408$1,162$910
18 years$2,279$1,886$1,551$1,269$1,034$795
19 years$2,137$1,748$1,420$1,147$921$696
20 years$2,009$1,624$1,303$1,039$823$611
21 years$1,893$1,513$1,199$943$736$537
22 years$1,788$1,412$1,105$857$660$472
23 years$1,692$1,321$1,020$781$592$416
24 years$1,604$1,238$944$712$533$367
25 years$1,524$1,161$874$650$479$324
26 years$1,449$1,092$810$594$432$286
27 years$1,381$1,027$753$544$389$253
28 years$1,317$968$700$499$351$224
29 years$1,258$913$651$457$317$198
30 years$1,203$862$606$420$286$175
31 years$1,152$815$565$385$259$155
32 years$1,103$771$528$354$234$138
33 years$1,058$731$493$326$212$122
34 years$1,016$692$460$300$192$108
35 years$976$657$430$276$174$96
36 years$939$623$402$254$158$85
37 years$903$592$377$234$143$76
38 years$870$563$353$216$129$67
39 years$838$535$331$199$117$60
40 years$808$509$310$183$106$53
41 years$779$485$290$169$97$47
42 years$752$461$272$156$88$42
43 years$727$440$256$144$80$37
44 years$702$419$240$133$72$33
45 years$679$400$225$123$66$29
46 years$657$381$212$114$60$26
47 years$635$364$199$105$54$23
48 years$615$347$187$97$49$21
49 years$596$332$176$90$45$18
50 years$577$317$165$83$40$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $591,000, adding $3,880 every year, while hoping to spend $31,182 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: 53/40/7 Blend
61$591,000$591,000$591,000$591,000
62$655,284$623,961$614,801$688,713
63$688,946$621,358$602,219$709,197
64$724,996$617,582$588,171$727,731
65$763,645$612,543$572,574$747,143
66$805,124$606,145$555,343$767,523
67$849,687$598,287$536,388$788,969
68$897,613$588,860$515,614$811,592
69$949,206$577,751$492,924$835,516
70$1,004,804$564,839$468,215$860,878
71$1,064,773$549,996$441,380$887,833
72$1,129,521$533,086$412,307$916,553
73$1,199,490$513,966$380,878$947,228
74$1,275,172$492,484$346,971$980,072
75$1,357,103$468,480$310,458$1,015,322
76$1,445,875$441,783$271,205$1,053,244
77$1,542,138$412,213$229,074$1,094,131
78$1,646,606$379,582$183,918$1,138,310
79$1,760,065$343,687$135,585$1,186,145
80$1,883,381$304,317$83,917$1,238,042
81$2,017,505$261,247$28,746$1,294,449
82$2,163,482$214,240$0$1,355,867
83$2,322,466$163,046$0$1,425,099
84$2,495,722$107,400$0$1,502,950
85$2,684,646$47,024$0$1,587,966
86$2,890,773$0$0$1,680,921
87$3,115,792$0$0$1,790,760
88$3,361,563$0$0$1,933,390
89$3,630,133$0$0$2,089,307
90$3,923,757$0$0$2,259,828
91$4,244,915$0$0$2,446,399
92$4,596,342$0$0$2,650,617
93$4,981,045$0$0$2,874,239
94$5,402,338$0$0$3,119,197
95$5,863,869$0$0$3,387,622
96$6,369,657$0$0$3,681,859
97$6,924,127$0$0$4,004,494
98$7,532,153$0$0$4,358,369
99$8,199,103$0$0$4,746,621
100$8,930,891$0$0$5,172,702