Can I retire at age 62 with 595,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $595,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.9%
1 years$49,135$48,697$48,270$47,853$47,446$45,564
2 years$24,324$23,871$23,432$23,006$22,593$20,720
3 years$16,055$15,600$15,162$14,740$14,334$12,529
4 years$11,921$11,468$11,034$10,620$10,223$8,500
5 years$9,442$8,991$8,563$8,157$7,772$6,135
6 years$7,789$7,342$6,920$6,523$6,149$4,600
7 years$6,609$6,165$5,751$5,363$5,001$3,539
8 years$5,725$5,285$4,877$4,499$4,149$2,772
9 years$5,037$4,602$4,201$3,832$3,494$2,200
10 years$4,487$4,056$3,662$3,303$2,977$1,764
11 years$4,038$3,611$3,224$2,875$2,560$1,425
12 years$3,663$3,241$2,861$2,522$2,219$1,158
13 years$3,347$2,929$2,556$2,226$1,935$946
14 years$3,076$2,662$2,297$1,976$1,696$776
15 years$2,841$2,432$2,074$1,762$1,493$638
16 years$2,636$2,231$1,880$1,578$1,320$526
17 years$2,455$2,055$1,711$1,418$1,170$434
18 years$2,295$1,899$1,562$1,278$1,041$359
19 years$2,151$1,760$1,430$1,155$927$298
20 years$2,022$1,635$1,312$1,046$828$247
21 years$1,906$1,523$1,207$949$741$205
22 years$1,800$1,422$1,112$863$664$170
23 years$1,703$1,330$1,027$786$596$142
24 years$1,615$1,246$950$717$536$118
25 years$1,534$1,169$880$655$482$98
26 years$1,459$1,099$816$599$435$82
27 years$1,390$1,034$758$548$392$68
28 years$1,326$975$704$502$354$57
29 years$1,267$919$655$460$319$47
30 years$1,211$868$611$422$288$39
31 years$1,159$821$569$388$261$33
32 years$1,111$777$531$357$236$27
33 years$1,066$735$496$328$213$23
34 years$1,023$697$463$302$193$19
35 years$983$661$433$278$175$16
36 years$945$628$405$256$159$13
37 years$909$596$379$236$144$11
38 years$876$566$355$217$130$9
39 years$844$539$333$200$118$8
40 years$813$512$312$185$107$6
41 years$785$488$292$170$97$5
42 years$758$465$274$157$88$4
43 years$732$443$257$145$80$4
44 years$707$422$242$134$73$3
45 years$683$402$227$124$66$3
46 years$661$384$213$114$60$2
47 years$640$366$200$106$54$2
48 years$619$350$188$98$49$1
49 years$600$334$177$90$45$1
50 years$581$319$166$83$41$1

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $595,000, adding $5,423 every year, while hoping to spend $21,716 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: 66/17/17 Blend
61$595,000$595,000$595,000$595,000
62$661,284$629,749$620,526$701,836
63$705,629$637,501$618,208$737,399
64$753,770$644,905$615,085$773,244
65$806,070$651,921$611,106$811,896
66$862,931$658,507$606,219$853,631
67$924,792$664,616$600,370$898,751
68$992,139$670,201$593,501$947,590
69$1,065,506$675,209$585,552$1,000,517
70$1,145,480$679,586$576,460$1,057,938
71$1,232,707$683,274$566,159$1,120,301
72$1,327,898$686,209$554,581$1,188,100
73$1,431,836$688,326$541,652$1,261,881
74$1,545,384$689,554$527,297$1,342,244
75$1,669,489$689,819$511,438$1,429,852
76$1,805,198$689,041$493,992$1,525,438
77$1,953,659$687,135$474,872$1,629,806
78$2,116,140$684,012$453,988$1,743,847
79$2,294,035$679,578$431,245$1,868,541
80$2,488,880$673,730$406,545$2,004,971
81$2,702,366$666,363$379,785$2,154,328
82$2,936,355$657,363$350,856$2,317,929
83$3,192,900$646,610$319,646$2,497,225
84$3,474,258$633,977$286,037$2,693,815
85$3,782,919$619,329$249,906$2,909,464
86$4,121,624$602,523$211,124$3,146,117
87$4,493,391$583,408$169,558$3,405,920
88$4,901,547$561,824$125,068$3,691,238
89$5,349,753$537,603$77,507$4,004,681
90$5,842,047$510,564$26,722$4,349,124
91$6,382,873$480,519$0$4,727,740
92$6,977,129$447,268$0$5,149,008
93$7,630,210$410,597$0$5,617,299
94$8,348,060$370,285$0$6,132,042
95$9,137,227$326,094$0$6,697,959
96$10,004,925$277,774$0$7,320,251
97$10,959,104$225,060$0$8,004,652
98$12,008,519$167,675$0$8,757,482
99$13,162,819$105,322$0$9,585,706
100$14,432,635$37,692$0$10,496,998