Can I retire at age 62 with 656,000?

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 $656,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.2%
1 years$54,172$53,689$53,219$52,759$52,310$50,984
2 years$26,818$26,318$25,834$25,365$24,910$23,582
3 years$17,701$17,199$16,716$16,252$15,804$14,516
4 years$13,143$12,643$12,165$11,708$11,271$10,034
5 years$10,410$9,913$9,441$8,993$8,568$7,384
6 years$8,588$8,094$7,630$7,192$6,780$5,650
7 years$7,287$6,798$6,340$5,913$5,514$4,439
8 years$6,312$5,827$5,377$4,960$4,574$3,554
9 years$5,553$5,073$4,631$4,225$3,852$2,885
10 years$4,947$4,472$4,038$3,642$3,282$2,368
11 years$4,452$3,981$3,555$3,170$2,823$1,959
12 years$4,039$3,573$3,155$2,780$2,446$1,632
13 years$3,690$3,229$2,818$2,454$2,133$1,367
14 years$3,391$2,935$2,532$2,179$1,870$1,150
15 years$3,133$2,681$2,286$1,943$1,646$971
16 years$2,906$2,460$2,073$1,740$1,455$822
17 years$2,707$2,266$1,886$1,563$1,290$698
18 years$2,530$2,094$1,722$1,409$1,147$593
19 years$2,372$1,940$1,576$1,273$1,023$506
20 years$2,230$1,803$1,447$1,153$913$431
21 years$2,101$1,679$1,331$1,046$817$369
22 years$1,984$1,568$1,226$951$733$315
23 years$1,878$1,466$1,132$866$658$270
24 years$1,781$1,374$1,047$790$591$231
25 years$1,691$1,289$970$722$532$198
26 years$1,609$1,212$900$660$479$170
27 years$1,533$1,140$835$604$432$146
28 years$1,462$1,074$777$553$390$125
29 years$1,396$1,014$723$507$352$108
30 years$1,335$957$673$466$318$92
31 years$1,278$905$628$428$288$79
32 years$1,225$856$586$393$260$68
33 years$1,175$811$547$361$235$59
34 years$1,128$769$511$333$213$50
35 years$1,084$729$478$306$193$43
36 years$1,042$692$447$282$175$37
37 years$1,003$657$418$260$158$32
38 years$965$625$392$239$144$28
39 years$930$594$367$221$130$24
40 years$897$565$344$204$118$20
41 years$865$538$322$188$107$18
42 years$835$512$302$173$97$15
43 years$807$488$284$160$88$13
44 years$779$465$266$148$80$11
45 years$754$444$250$137$73$10
46 years$729$423$235$126$66$8
47 years$705$404$221$116$60$7
48 years$683$386$207$108$54$6
49 years$661$368$195$99$49$5
50 years$640$352$183$92$45$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $656,000, adding $4,577 every year, while hoping to spend $45,728 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: 37/36/27 Blend
61$656,000$656,000$656,000$656,000
62$727,633$692,865$682,697$748,538
63$753,198$678,161$656,913$749,653
64$779,837$661,204$628,733$746,346
65$807,612$641,836$598,028$741,891
66$836,591$619,887$564,663$736,212
67$866,842$595,181$528,499$729,234
68$898,445$567,530$489,388$720,875
69$931,481$536,733$447,178$711,052
70$966,041$502,582$401,707$699,677
71$1,002,221$464,853$352,809$686,660
72$1,040,128$423,311$300,308$671,904
73$1,079,876$377,708$244,023$655,314
74$1,121,587$327,780$183,762$636,786
75$1,165,398$273,250$119,326$616,215
76$1,211,453$213,824$50,509$593,492
77$1,259,913$149,193$0$568,505
78$1,310,950$79,029$0$547,743
79$1,364,751$2,986$0$540,440
80$1,421,524$0$0$531,974
81$1,481,490$0$0$553,704
82$1,544,895$0$0$577,970
83$1,612,004$0$0$603,697
84$1,683,108$0$0$631,001
85$1,758,526$0$0$660,011
86$1,838,604$0$0$690,866
87$1,923,722$0$0$723,720
88$2,014,296$0$0$758,739
89$2,110,781$0$0$796,109
90$2,213,674$0$0$836,030
91$2,323,522$0$0$878,722
92$2,440,922$0$0$924,428
93$2,566,530$0$0$973,412
94$2,701,063$0$0$1,025,965
95$2,845,310$0$0$1,082,406
96$3,000,136$0$0$1,143,086
97$3,166,489$0$0$1,208,389
98$3,345,411$0$0$1,278,737
99$3,538,045$0$0$1,354,594
100$3,745,647$0$0$1,436,469