Can I retire at age 62 with 597,000?

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 $597,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.3%
1 years$49,300$48,861$48,432$48,014$47,606$47,148
2 years$24,406$23,951$23,511$23,084$22,669$22,208
3 years$16,109$15,652$15,213$14,790$14,382$13,932
4 years$11,961$11,506$11,071$10,655$10,258$9,822
5 years$9,473$9,021$8,592$8,184$7,798$7,377
6 years$7,815$7,366$6,943$6,545$6,170$5,766
7 years$6,631$6,186$5,770$5,381$5,018$4,630
8 years$5,744$5,303$4,893$4,514$4,163$3,791
9 years$5,054$4,617$4,215$3,845$3,506$3,151
10 years$4,502$4,070$3,674$3,314$2,987$2,648
11 years$4,051$3,623$3,235$2,885$2,569$2,246
12 years$3,676$3,252$2,871$2,530$2,226$1,918
13 years$3,358$2,939$2,565$2,234$1,941$1,648
14 years$3,086$2,671$2,305$1,983$1,702$1,424
15 years$2,851$2,440$2,081$1,768$1,498$1,234
16 years$2,645$2,239$1,887$1,583$1,324$1,074
17 years$2,463$2,062$1,717$1,423$1,174$938
18 years$2,302$1,905$1,567$1,282$1,044$820
19 years$2,158$1,766$1,435$1,158$931$719
20 years$2,029$1,641$1,317$1,049$831$632
21 years$1,912$1,528$1,211$952$744$556
22 years$1,806$1,427$1,116$866$667$490
23 years$1,709$1,334$1,031$788$598$432
24 years$1,621$1,250$953$719$538$382
25 years$1,539$1,173$883$657$484$338
26 years$1,464$1,103$819$601$436$299
27 years$1,395$1,038$760$550$393$265
28 years$1,331$978$707$504$355$234
29 years$1,271$922$658$462$320$208
30 years$1,215$871$613$424$289$184
31 years$1,163$824$571$389$262$164
32 years$1,115$779$533$358$237$145
33 years$1,069$738$498$329$214$129
34 years$1,026$699$465$303$194$115
35 years$986$663$435$279$176$102
36 years$948$630$407$257$159$90
37 years$912$598$381$236$144$80
38 years$879$568$356$218$131$71
39 years$847$540$334$201$119$64
40 years$816$514$313$185$108$57
41 years$787$489$293$171$98$50
42 years$760$466$275$158$89$45
43 years$734$444$258$146$80$40
44 years$709$423$242$135$73$35
45 years$686$404$228$124$66$32
46 years$663$385$214$115$60$28
47 years$642$368$201$106$55$25
48 years$621$351$189$98$50$22
49 years$602$335$177$91$45$20
50 years$583$320$167$84$41$18

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $597,000, adding $5,954 every year, while hoping to spend $25,003 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: 43/45/12 Blend
61$597,000$597,000$597,000$597,000
62$664,036$632,395$623,141$690,034
63$705,164$636,779$617,413$713,173
64$749,650$640,540$610,656$735,249
65$797,809$643,621$602,807$758,611
66$849,988$645,962$593,804$783,387
67$906,570$647,497$583,580$809,720
68$967,975$648,159$572,065$837,768
69$1,034,665$647,875$559,185$867,706
70$1,107,147$646,567$544,864$899,730
71$1,185,982$644,155$529,023$934,056
72$1,271,783$640,550$511,576$970,924
73$1,365,229$635,660$492,438$1,010,600
74$1,467,063$629,389$471,515$1,053,380
75$1,578,106$621,631$448,714$1,099,591
76$1,699,259$612,277$423,932$1,149,597
77$1,831,516$601,211$397,066$1,203,800
78$1,975,970$588,309$368,006$1,262,647
79$2,133,823$573,441$336,639$1,326,632
80$2,306,401$556,468$302,844$1,396,302
81$2,495,162$537,243$266,498$1,472,265
82$2,701,712$515,611$227,469$1,555,192
83$2,927,820$491,409$185,622$1,645,826
84$3,175,432$464,463$140,816$1,744,992
85$3,446,694$434,589$92,900$1,853,600
86$3,743,966$401,594$41,722$1,972,659
87$4,069,850$365,271$0$2,103,284
88$4,427,210$325,405$0$2,248,361
89$4,819,202$281,766$0$2,413,411
90$5,249,299$234,111$0$2,594,621
91$5,721,330$182,186$0$2,793,681
92$6,239,512$125,719$0$3,012,464
93$6,808,488$64,425$0$3,253,033
94$7,433,375$0$0$3,517,673
95$8,119,809$0$0$3,809,891
96$8,873,998$0$0$4,166,082
97$9,702,783$0$0$4,557,583
98$10,613,698$0$0$4,987,964
99$11,615,046$0$0$5,461,157
100$12,715,971$0$0$5,981,495