Can I retire at age 62 with 671,000?

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 $671,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.3%
1 years$55,411$54,917$54,435$53,965$53,506$52,555
2 years$27,431$26,920$26,425$25,945$25,479$24,524
3 years$18,106$17,593$17,099$16,623$16,165$15,236
4 years$13,444$12,932$12,443$11,976$11,529$10,633
5 years$10,648$10,139$9,657$9,199$8,764$7,904
6 years$8,784$8,279$7,804$7,356$6,935$6,111
7 years$7,453$6,953$6,485$6,048$5,640$4,853
8 years$6,456$5,960$5,500$5,074$4,679$3,928
9 years$5,680$5,189$4,737$4,322$3,940$3,226
10 years$5,060$4,574$4,130$3,725$3,357$2,678
11 years$4,554$4,072$3,636$3,242$2,887$2,243
12 years$4,131$3,655$3,227$2,844$2,502$1,892
13 years$3,774$3,303$2,883$2,511$2,182$1,605
14 years$3,469$3,002$2,590$2,229$1,913$1,367
15 years$3,204$2,743$2,339$1,988$1,684$1,170
16 years$2,973$2,516$2,120$1,780$1,488$1,004
17 years$2,769$2,317$1,929$1,599$1,320$864
18 years$2,588$2,141$1,761$1,441$1,173$745
19 years$2,426$1,985$1,612$1,302$1,046$644
20 years$2,281$1,844$1,480$1,179$934$557
21 years$2,149$1,718$1,361$1,070$836$483
22 years$2,030$1,604$1,254$973$749$419
23 years$1,921$1,500$1,158$886$673$364
24 years$1,821$1,405$1,071$808$605$317
25 years$1,730$1,319$992$738$544$276
26 years$1,646$1,239$920$675$490$240
27 years$1,568$1,166$854$618$442$209
28 years$1,496$1,099$794$566$399$182
29 years$1,428$1,037$739$519$360$159
30 years$1,366$979$689$476$325$139
31 years$1,307$926$642$438$294$121
32 years$1,253$876$599$402$266$106
33 years$1,202$829$559$370$241$92
34 years$1,154$786$522$340$218$81
35 years$1,108$746$488$313$197$71
36 years$1,066$708$457$288$179$62
37 years$1,025$672$428$266$162$54
38 years$987$639$401$245$147$47
39 years$951$607$375$226$133$41
40 years$917$578$352$208$121$36
41 years$885$550$330$192$110$31
42 years$854$524$309$177$100$28
43 years$825$499$290$164$90$24
44 years$797$476$273$151$82$21
45 years$771$454$256$140$74$18
46 years$745$433$240$129$68$16
47 years$721$413$226$119$61$14
48 years$698$394$212$110$56$12
49 years$676$377$199$102$51$11
50 years$655$360$187$94$46$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $671,000, adding $6,949 every year, while hoping to spend $33,609 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: 37/41/22 Blend
61$671,000$671,000$671,000$671,000
62$746,610$711,047$700,646$769,076
63$787,004$710,128$688,358$785,156
64$830,393$708,039$674,532$798,878
65$877,045$704,684$659,081$813,020
66$927,257$699,967$641,914$827,639
67$981,354$693,783$622,935$842,803
68$1,039,694$686,020$602,045$858,585
69$1,102,669$676,562$579,140$875,072
70$1,170,711$665,283$554,111$892,363
71$1,244,294$652,052$526,844$910,566
72$1,323,939$636,729$497,220$929,809
73$1,410,218$619,167$465,114$950,232
74$1,503,762$599,207$430,397$971,996
75$1,605,262$576,685$392,932$995,280
76$1,715,482$551,426$352,578$1,020,288
77$1,835,258$523,242$309,187$1,047,248
78$1,965,512$491,939$262,602$1,076,417
79$2,107,259$457,309$212,664$1,108,081
80$2,261,614$419,131$159,202$1,142,562
81$2,429,804$377,174$102,041$1,180,223
82$2,613,181$331,193$40,997$1,221,466
83$2,813,232$280,928$0$1,266,742
84$3,031,594$226,105$0$1,322,225
85$3,270,068$166,436$0$1,393,447
86$3,530,638$101,614$0$1,471,451
87$3,815,487$31,318$0$1,556,988
88$4,127,019$0$0$1,650,893
89$4,467,882$0$0$1,774,299
90$4,840,991$0$0$1,924,935
91$5,249,553$0$0$2,089,982
92$5,697,105$0$0$2,270,877
93$6,187,539$0$0$2,469,206
94$6,725,140$0$0$2,686,716
95$7,314,630$0$0$2,925,330
96$7,961,210$0$0$3,187,166
97$8,670,606$0$0$3,474,559
98$9,449,127$0$0$3,790,078
99$10,303,722$0$0$4,136,555
100$11,242,045$0$0$4,517,110