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%16.1%
1 years$55,411$54,917$54,435$53,965$53,506$52,171
2 years$27,431$26,920$26,425$25,945$25,479$24,142
3 years$18,106$17,593$17,099$16,623$16,165$14,868
4 years$13,444$12,932$12,443$11,976$11,529$10,282
5 years$10,648$10,139$9,657$9,199$8,764$7,571
6 years$8,784$8,279$7,804$7,356$6,935$5,797
7 years$7,453$6,953$6,485$6,048$5,640$4,557
8 years$6,456$5,960$5,500$5,074$4,679$3,650
9 years$5,680$5,189$4,737$4,322$3,940$2,965
10 years$5,060$4,574$4,130$3,725$3,357$2,435
11 years$4,554$4,072$3,636$3,242$2,887$2,016
12 years$4,131$3,655$3,227$2,844$2,502$1,681
13 years$3,774$3,303$2,883$2,511$2,182$1,409
14 years$3,469$3,002$2,590$2,229$1,913$1,186
15 years$3,204$2,743$2,339$1,988$1,684$1,002
16 years$2,973$2,516$2,120$1,780$1,488$849
17 years$2,769$2,317$1,929$1,599$1,320$721
18 years$2,588$2,141$1,761$1,441$1,173$614
19 years$2,426$1,985$1,612$1,302$1,046$523
20 years$2,281$1,844$1,480$1,179$934$447
21 years$2,149$1,718$1,361$1,070$836$382
22 years$2,030$1,604$1,254$973$749$327
23 years$1,921$1,500$1,158$886$673$280
24 years$1,821$1,405$1,071$808$605$240
25 years$1,730$1,319$992$738$544$206
26 years$1,646$1,239$920$675$490$177
27 years$1,568$1,166$854$618$442$152
28 years$1,496$1,099$794$566$399$131
29 years$1,428$1,037$739$519$360$112
30 years$1,366$979$689$476$325$96
31 years$1,307$926$642$438$294$83
32 years$1,253$876$599$402$266$71
33 years$1,202$829$559$370$241$61
34 years$1,154$786$522$340$218$53
35 years$1,108$746$488$313$197$45
36 years$1,066$708$457$288$179$39
37 years$1,025$672$428$266$162$34
38 years$987$639$401$245$147$29
39 years$951$607$375$226$133$25
40 years$917$578$352$208$121$21
41 years$885$550$330$192$110$18
42 years$854$524$309$177$100$16
43 years$825$499$290$164$90$14
44 years$797$476$273$151$82$12
45 years$771$454$256$140$74$10
46 years$745$433$240$129$68$9
47 years$721$413$226$119$61$8
48 years$698$394$212$110$56$6
49 years$676$377$199$102$51$6
50 years$655$360$187$94$46$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $671,000, adding $6,815 every year, while hoping to spend $36,462 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: 24/47/29 Blend
61$671,000$671,000$671,000$671,000
62$746,472$710,909$700,508$757,477
63$783,816$706,948$685,180$763,429
64$823,748$701,571$668,116$766,295
65$866,493$694,670$649,220$768,606
66$912,297$686,131$628,391$770,342
67$961,432$675,832$605,523$771,482
68$1,014,195$663,645$580,505$772,010
69$1,070,913$649,434$553,222$771,908
70$1,131,945$633,054$523,553$771,166
71$1,197,683$614,353$491,372$769,775
72$1,268,560$593,170$456,546$767,728
73$1,345,051$569,334$418,939$765,027
74$1,427,678$542,663$378,405$761,678
75$1,517,014$512,966$334,794$757,692
76$1,613,689$480,041$287,950$753,089
77$1,718,397$443,674$237,707$747,898
78$1,831,897$403,638$183,894$742,157
79$1,955,029$359,695$126,333$735,917
80$2,088,713$311,591$64,836$729,241
81$2,233,963$259,060$0$722,206
82$2,391,892$201,819$0$715,152
83$2,563,727$139,570$0$729,374
84$2,750,817$71,999$0$744,990
85$2,954,646$0$0$762,228
86$3,176,848$0$0$781,980
87$3,419,221$0$0$844,249
88$3,683,743$0$0$912,317
89$3,972,593$0$0$986,761
90$4,288,169$0$0$1,068,211
91$4,633,110$0$0$1,157,364
92$5,010,322$0$0$1,254,988
93$5,423,007$0$0$1,361,925
94$5,874,686$0$0$1,479,106
95$6,369,241$0$0$1,607,555
96$6,910,943$0$0$1,748,399
97$7,504,499$0$0$1,902,882
98$8,155,089$0$0$2,072,370
99$8,868,421$0$0$2,258,370
100$9,650,780$0$0$2,462,543