Can I retire at age 62 with 647,000?

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 $647,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.3%
1 years$53,429$52,953$52,488$52,035$51,593$49,663
2 years$26,450$25,957$25,480$25,017$24,568$22,646
3 years$17,458$16,963$16,487$16,029$15,587$13,733
4 years$12,963$12,470$11,998$11,548$11,117$9,345
5 years$10,267$9,777$9,311$8,870$8,451$6,766
6 years$8,470$7,983$7,525$7,093$6,687$5,090
7 years$7,187$6,704$6,253$5,832$5,438$3,929
8 years$6,225$5,747$5,303$4,892$4,511$3,089
9 years$5,477$5,004$4,568$4,167$3,799$2,461
10 years$4,879$4,410$3,982$3,592$3,237$1,980
11 years$4,391$3,926$3,506$3,126$2,784$1,606
12 years$3,984$3,524$3,111$2,742$2,413$1,311
13 years$3,639$3,185$2,780$2,421$2,104$1,075
14 years$3,345$2,895$2,498$2,149$1,844$885
15 years$3,090$2,645$2,255$1,916$1,624$731
16 years$2,866$2,426$2,045$1,716$1,435$605
17 years$2,670$2,235$1,860$1,542$1,272$502
18 years$2,495$2,065$1,698$1,389$1,131$417
19 years$2,339$1,914$1,555$1,255$1,008$347
20 years$2,199$1,778$1,427$1,137$901$290
21 years$2,072$1,656$1,312$1,032$806$242
22 years$1,957$1,546$1,210$938$723$202
23 years$1,852$1,446$1,117$855$649$168
24 years$1,756$1,355$1,033$779$583$141
25 years$1,668$1,271$957$712$525$118
26 years$1,587$1,195$887$651$473$98
27 years$1,512$1,125$824$596$426$82
28 years$1,442$1,060$766$546$384$69
29 years$1,377$1,000$713$501$347$58
30 years$1,317$944$664$459$314$48
31 years$1,261$893$619$422$284$41
32 years$1,208$845$577$388$257$34
33 years$1,159$800$539$357$232$28
34 years$1,112$758$504$328$210$24
35 years$1,069$719$471$302$190$20
36 years$1,028$682$441$278$172$17
37 years$989$648$412$256$156$14
38 years$952$616$386$236$142$12
39 years$917$586$362$218$129$10
40 years$885$557$339$201$117$8
41 years$853$530$318$185$106$7
42 years$824$505$298$171$96$6
43 years$796$481$280$158$87$5
44 years$769$459$263$146$79$4
45 years$743$438$247$135$72$3
46 years$719$417$232$124$65$3
47 years$696$398$218$115$59$2
48 years$673$380$205$106$54$2
49 years$652$363$192$98$49$2
50 years$632$347$181$91$44$1

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $647,000, adding $6,023 every year, while hoping to spend $36,046 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: 58/37/5 Blend
61$647,000$647,000$647,000$647,000
62$719,207$684,916$674,887$759,909
63$754,213$680,124$659,143$783,129
64$791,582$673,889$641,664$803,786
65$831,517$666,103$622,353$825,389
66$874,239$656,650$601,109$848,030
67$919,993$645,407$577,828$871,812
68$969,046$632,246$552,399$896,851
69$1,021,692$617,029$524,708$923,275
70$1,078,253$599,612$494,634$951,227
71$1,139,082$579,840$462,051$980,867
72$1,204,567$557,551$426,829$1,012,373
73$1,275,135$532,573$388,829$1,045,945
74$1,351,253$504,723$347,909$1,081,803
75$1,433,435$473,809$303,919$1,120,193
76$1,522,248$439,628$256,702$1,161,390
77$1,618,311$401,964$206,096$1,205,699
78$1,722,308$360,590$151,929$1,253,460
79$1,834,989$315,264$94,024$1,305,048
80$1,957,179$265,733$32,195$1,360,884
81$2,089,785$211,728$0$1,421,434
82$2,233,807$152,966$0$1,489,017
83$2,390,340$89,146$0$1,564,356
84$2,560,593$19,953$0$1,646,381
85$2,745,895$0$0$1,735,810
86$2,947,708$0$0$1,855,815
87$3,167,640$0$0$1,995,497
88$3,407,462$0$0$2,147,864
89$3,669,123$0$0$2,314,160
90$3,954,767$0$0$2,495,756
91$4,266,756$0$0$2,694,160
92$4,607,688$0$0$2,911,031
93$4,980,426$0$0$3,148,199
94$5,388,120$0$0$3,407,675
95$5,834,240$0$0$3,691,677
96$6,322,604$0$0$4,002,643
97$6,857,419$0$0$4,343,263
98$7,443,317$0$0$4,716,494
99$8,085,400$0$0$5,125,597
100$8,789,286$0$0$5,574,161