Can I retire at age 62 with 606,000?

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 $606,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.9%
1 years$50,043$49,597$49,162$48,738$48,323$47,348
2 years$24,774$24,312$23,865$23,432$23,011$22,032
3 years$16,352$15,888$15,442$15,013$14,599$13,648
4 years$12,142$11,680$11,238$10,816$10,412$9,496
5 years$9,616$9,157$8,721$8,308$7,915$7,036
6 years$7,933$7,477$7,048$6,644$6,263$5,423
7 years$6,731$6,279$5,857$5,462$5,094$4,292
8 years$5,830$5,383$4,967$4,582$4,226$3,462
9 years$5,130$4,687$4,278$3,903$3,559$2,833
10 years$4,570$4,131$3,730$3,364$3,032$2,343
11 years$4,112$3,678$3,284$2,928$2,608$1,955
12 years$3,731$3,301$2,914$2,568$2,260$1,643
13 years$3,409$2,983$2,604$2,267$1,971$1,388
14 years$3,133$2,711$2,339$2,013$1,727$1,178
15 years$2,894$2,477$2,112$1,795$1,521$1,003
16 years$2,685$2,273$1,915$1,607$1,344$857
17 years$2,501$2,093$1,743$1,444$1,192$735
18 years$2,337$1,934$1,591$1,301$1,060$631
19 years$2,191$1,792$1,456$1,176$945$543
20 years$2,060$1,666$1,336$1,065$844$468
21 years$1,941$1,551$1,229$967$755$404
22 years$1,833$1,448$1,133$879$677$349
23 years$1,735$1,354$1,046$800$608$302
24 years$1,645$1,269$967$730$546$261
25 years$1,562$1,191$896$667$491$226
26 years$1,486$1,119$831$610$443$196
27 years$1,416$1,053$772$558$399$170
28 years$1,351$993$717$511$360$147
29 years$1,290$936$668$469$325$128
30 years$1,234$884$622$430$294$111
31 years$1,181$836$580$395$266$96
32 years$1,132$791$541$363$240$84
33 years$1,085$749$505$334$217$73
34 years$1,042$710$472$307$197$63
35 years$1,001$673$441$283$178$55
36 years$962$639$413$260$162$48
37 years$926$607$386$240$146$42
38 years$892$577$362$221$133$36
39 years$859$549$339$204$120$31
40 years$828$522$318$188$109$27
41 years$799$497$298$174$99$24
42 years$772$473$279$160$90$21
43 years$745$451$262$148$82$18
44 years$720$430$246$137$74$16
45 years$696$410$231$126$67$14
46 years$673$391$217$116$61$12
47 years$651$373$204$108$55$10
48 years$631$356$192$99$50$9
49 years$611$340$180$92$46$8
50 years$592$325$169$85$42$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $606,000, adding $5,293 every year, while hoping to spend $33,771 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: 40/39/21 Blend
61$606,000$606,000$606,000$606,000
62$673,272$641,154$631,761$695,829
63$706,013$636,638$616,993$707,980
64$740,963$630,770$600,598$717,503
65$778,310$623,446$582,487$727,116
66$818,261$614,559$562,564$736,848
67$861,046$603,994$540,732$746,730
68$906,913$591,631$516,887$756,801
69$956,138$577,340$490,922$767,105
70$1,009,019$560,985$462,723$777,696
71$1,065,888$542,422$432,174$788,634
72$1,127,108$521,500$399,150$799,989
73$1,193,075$498,056$363,524$811,845
74$1,264,228$471,919$325,161$824,293
75$1,341,046$442,910$283,921$837,443
76$1,424,057$410,838$239,657$851,416
77$1,513,842$375,500$192,217$866,353
78$1,611,038$336,683$141,440$882,413
79$1,716,345$294,161$87,159$899,777
80$1,830,534$247,697$29,201$918,648
81$1,954,453$197,039$0$939,258
82$2,089,033$141,920$0$969,185
83$2,235,301$82,060$0$1,008,864
84$2,394,383$17,163$0$1,052,122
85$2,567,521$0$0$1,099,375
86$2,756,079$0$0$1,173,874
87$2,961,560$0$0$1,263,159
88$3,185,618$0$0$1,360,591
89$3,430,072$0$0$1,466,972
90$3,696,925$0$0$1,583,183
91$3,988,383$0$0$1,710,195
92$4,306,872$0$0$1,849,077
93$4,655,064$0$0$2,001,004
94$5,035,902$0$0$2,167,273
95$5,452,625$0$0$2,349,309
96$5,908,800$0$0$2,548,683
97$6,408,356$0$0$2,767,126
98$6,955,617$0$0$3,006,542
99$7,555,347$0$0$3,269,029
100$8,212,794$0$0$3,556,898