Can I retire at age 62 with 662,000?

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 $662,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.9%
1 years$54,667$54,180$53,705$53,242$52,789$51,099
2 years$27,063$26,559$26,071$25,597$25,138$23,451
3 years$17,863$17,357$16,869$16,400$15,948$14,317
4 years$13,264$12,759$12,277$11,815$11,374$9,812
5 years$10,505$10,003$9,527$9,075$8,647$7,157
6 years$8,666$8,168$7,699$7,258$6,842$5,426
7 years$7,353$6,860$6,398$5,967$5,564$4,222
8 years$6,369$5,880$5,426$5,005$4,616$3,346
9 years$5,604$5,120$4,674$4,264$3,887$2,689
10 years$4,993$4,513$4,075$3,675$3,312$2,183
11 years$4,492$4,017$3,587$3,199$2,849$1,787
12 years$4,076$3,606$3,183$2,806$2,469$1,472
13 years$3,724$3,259$2,844$2,477$2,153$1,219
14 years$3,422$2,962$2,556$2,199$1,887$1,013
15 years$3,161$2,706$2,307$1,961$1,661$845
16 years$2,933$2,483$2,092$1,756$1,468$707
17 years$2,732$2,286$1,904$1,578$1,302$593
18 years$2,553$2,113$1,738$1,422$1,158$498
19 years$2,393$1,958$1,591$1,285$1,032$419
20 years$2,250$1,819$1,460$1,163$922$353
21 years$2,120$1,695$1,343$1,056$825$297
22 years$2,003$1,582$1,238$960$739$251
23 years$1,895$1,480$1,143$874$664$212
24 years$1,797$1,386$1,057$797$597$179
25 years$1,707$1,301$979$728$537$152
26 years$1,624$1,223$908$666$483$128
27 years$1,547$1,151$843$610$436$109
28 years$1,475$1,084$784$558$393$92
29 years$1,409$1,023$729$512$355$78
30 years$1,348$966$679$470$321$66
31 years$1,290$913$633$432$290$56
32 years$1,236$864$591$397$262$47
33 years$1,186$818$552$365$238$40
34 years$1,138$776$515$336$215$34
35 years$1,093$736$482$309$195$29
36 years$1,051$698$451$285$176$24
37 years$1,012$663$422$262$160$21
38 years$974$630$395$242$145$18
39 years$939$599$370$223$131$15
40 years$905$570$347$206$119$13
41 years$873$543$325$190$108$11
42 years$843$517$305$175$98$9
43 years$814$492$286$162$89$8
44 years$787$469$269$149$81$7
45 years$760$448$252$138$73$6
46 years$735$427$237$127$67$5
47 years$712$408$223$118$61$4
48 years$689$389$209$109$55$3
49 years$667$372$197$100$50$3
50 years$646$355$185$93$45$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $662,000, adding $6,708 every year, while hoping to spend $39,581 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: 86/7/7 Blend
61$662,000$662,000$662,000$662,000
62$736,443$701,357$691,096$798,793
63$769,447$693,610$672,134$832,715
64$804,490$684,156$651,210$863,842
65$841,739$672,871$628,217$896,779
66$881,376$659,622$603,042$931,682
67$923,600$644,267$575,567$968,720
68$968,629$626,658$545,671$1,008,079
69$1,016,702$606,637$513,224$1,049,966
70$1,068,081$584,037$478,092$1,094,607
71$1,123,052$558,681$440,134$1,142,250
72$1,181,929$530,383$399,205$1,193,170
73$1,245,059$498,945$355,152$1,247,667
74$1,312,819$464,157$307,813$1,306,075
75$1,385,624$425,799$257,023$1,368,757
76$1,463,931$383,636$202,606$1,436,117
77$1,548,240$337,422$144,381$1,508,598
78$1,639,100$286,896$82,158$1,586,689
79$1,737,116$231,781$15,738$1,670,925
80$1,842,951$171,787$0$1,761,901
81$1,957,333$106,606$0$1,864,388
82$2,081,064$35,912$0$1,976,508
83$2,215,023$0$0$2,097,894
84$2,360,180$0$0$2,232,567
85$2,517,599$0$0$2,381,623
86$2,688,450$0$0$2,543,404
87$2,874,020$0$0$2,719,131
88$3,075,726$0$0$2,910,146
89$3,295,125$0$0$3,117,925
90$3,533,932$0$0$3,344,091
91$3,794,032$0$0$3,590,433
92$4,077,501$0$0$3,858,917
93$4,386,623$0$0$4,151,708
94$4,723,912$0$0$4,471,188
95$5,092,135$0$0$4,819,978
96$5,494,338$0$0$5,200,967
97$5,933,873$0$0$5,617,330
98$6,414,434$0$0$6,072,568
99$6,940,083$0$0$6,570,531
100$7,515,297$0$0$7,115,461