Can I retire at age 62 with 598,000?

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 $598,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.1%
1 years$49,382$48,942$48,513$48,094$47,685$46,495
2 years$24,447$23,991$23,550$23,122$22,707$21,515
3 years$16,136$15,679$15,238$14,815$14,406$13,250
4 years$11,981$11,525$11,090$10,673$10,275$9,164
5 years$9,489$9,036$8,606$8,198$7,811$6,747
6 years$7,828$7,379$6,955$6,556$6,180$5,166
7 years$6,643$6,197$5,780$5,390$5,026$4,061
8 years$5,754$5,312$4,902$4,522$4,170$3,253
9 years$5,062$4,625$4,222$3,851$3,512$2,643
10 years$4,510$4,076$3,681$3,320$2,992$2,170
11 years$4,058$3,629$3,240$2,889$2,573$1,797
12 years$3,682$3,257$2,876$2,534$2,230$1,498
13 years$3,364$2,944$2,569$2,237$1,945$1,255
14 years$3,091$2,676$2,308$1,986$1,705$1,057
15 years$2,856$2,444$2,084$1,771$1,501$893
16 years$2,649$2,243$1,890$1,586$1,326$756
17 years$2,468$2,065$1,720$1,425$1,176$642
18 years$2,306$1,908$1,570$1,284$1,046$547
19 years$2,162$1,769$1,437$1,160$932$466
20 years$2,032$1,644$1,319$1,051$833$398
21 years$1,915$1,531$1,213$954$745$340
22 years$1,809$1,429$1,118$867$668$291
23 years$1,712$1,337$1,032$790$599$250
24 years$1,623$1,252$955$720$539$214
25 years$1,542$1,175$884$658$485$184
26 years$1,467$1,105$820$602$437$158
27 years$1,397$1,039$762$551$394$135
28 years$1,333$979$708$504$355$116
29 years$1,273$924$659$463$321$100
30 years$1,217$873$614$425$290$86
31 years$1,165$825$572$390$262$74
32 years$1,117$781$534$358$237$64
33 years$1,071$739$498$330$215$55
34 years$1,028$701$466$303$194$47
35 years$988$665$435$279$176$40
36 years$950$631$407$257$159$35
37 years$914$599$381$237$144$30
38 years$880$569$357$218$131$26
39 years$848$541$334$201$119$22
40 years$818$515$313$186$108$19
41 years$789$490$294$171$98$16
42 years$761$467$276$158$89$14
43 years$735$445$259$146$80$12
44 years$711$424$243$135$73$11
45 years$687$404$228$124$66$9
46 years$664$386$214$115$60$8
47 years$643$368$201$106$55$7
48 years$622$351$189$98$50$6
49 years$603$336$178$91$45$5
50 years$584$321$167$84$41$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $598,000, adding $3,681 every year, while hoping to spend $44,561 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: 75/15/10 Blend
61$598,000$598,000$598,000$598,000
62$662,793$631,099$621,830$711,037
63$682,985$614,610$595,249$726,850
64$703,744$595,820$566,283$738,186
65$725,079$574,569$534,807$749,357
66$747,001$550,687$500,688$760,331
67$769,521$523,996$463,786$771,072
68$792,646$494,306$423,957$781,545
69$816,387$461,417$381,050$791,709
70$840,750$425,118$334,907$801,521
71$865,742$385,185$285,362$810,935
72$891,369$341,381$232,244$819,901
73$917,637$293,456$175,371$828,364
74$944,546$241,146$114,557$836,267
75$972,100$184,173$49,605$843,546
76$1,000,298$122,240$0$850,133
77$1,029,136$55,038$0$858,059
78$1,058,611$0$0$870,928
79$1,088,714$0$0$886,310
80$1,119,434$0$0$911,275
81$1,150,757$0$0$936,725
82$1,182,665$0$0$962,644
83$1,215,136$0$0$989,014
84$1,248,141$0$0$1,015,811
85$1,281,649$0$0$1,043,008
86$1,315,619$0$0$1,070,572
87$1,350,007$0$0$1,098,464
88$1,384,758$0$0$1,126,641
89$1,419,811$0$0$1,155,049
90$1,455,094$0$0$1,183,630
91$1,490,526$0$0$1,212,316
92$1,526,012$0$0$1,241,028
93$1,561,447$0$0$1,269,678
94$1,596,710$0$0$1,298,166
95$1,631,663$0$0$1,326,377
96$1,666,152$0$0$1,354,183
97$1,700,003$0$0$1,381,440
98$1,733,020$0$0$1,407,984
99$1,764,982$0$0$1,433,634
100$1,795,643$0$0$1,458,184