Can I retire at age 62 with 677,000?

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 $677,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.6%
1 years$55,906$55,408$54,922$54,448$53,985$53,178
2 years$27,676$27,161$26,661$26,177$25,707$24,896
3 years$18,268$17,750$17,252$16,772$16,310$15,520
4 years$13,564$13,048$12,555$12,083$11,632$10,869
5 years$10,743$10,230$9,743$9,281$8,843$8,109
6 years$8,863$8,353$7,874$7,422$6,997$6,293
7 years$7,520$7,015$6,543$6,102$5,690$5,017
8 years$6,514$6,013$5,549$5,119$4,721$4,078
9 years$5,731$5,236$4,779$4,360$3,975$3,363
10 years$5,106$4,615$4,167$3,759$3,387$2,804
11 years$4,594$4,108$3,668$3,271$2,913$2,359
12 years$4,168$3,688$3,256$2,869$2,525$1,998
13 years$3,808$3,332$2,909$2,533$2,201$1,703
14 years$3,500$3,029$2,613$2,249$1,930$1,458
15 years$3,233$2,767$2,360$2,005$1,699$1,253
16 years$2,999$2,539$2,139$1,796$1,502$1,081
17 years$2,794$2,338$1,947$1,613$1,331$935
18 years$2,611$2,161$1,777$1,454$1,184$810
19 years$2,448$2,002$1,627$1,314$1,055$704
20 years$2,301$1,861$1,493$1,190$943$612
21 years$2,168$1,733$1,373$1,080$843$534
22 years$2,048$1,618$1,266$982$756$466
23 years$1,938$1,513$1,169$894$679$407
24 years$1,838$1,418$1,081$816$610$356
25 years$1,745$1,330$1,001$745$549$311
26 years$1,660$1,250$928$681$494$273
27 years$1,582$1,177$862$623$446$239
28 years$1,509$1,109$801$571$402$209
29 years$1,441$1,046$746$524$363$184
30 years$1,378$988$695$481$328$161
31 years$1,319$934$648$441$297$142
32 years$1,264$884$604$406$268$124
33 years$1,212$837$564$373$243$109
34 years$1,164$793$527$343$220$96
35 years$1,118$752$493$316$199$84
36 years$1,075$714$461$291$180$74
37 years$1,035$678$432$268$164$65
38 years$996$645$404$247$148$57
39 years$960$613$379$228$134$50
40 years$926$583$355$210$122$44
41 years$893$555$333$194$111$39
42 years$862$529$312$179$100$34
43 years$832$504$293$165$91$30
44 years$804$480$275$153$83$27
45 years$778$458$258$141$75$23
46 years$752$437$242$130$68$21
47 years$728$417$228$120$62$18
48 years$705$398$214$111$56$16
49 years$682$380$201$103$51$14
50 years$661$363$189$95$46$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $677,000, adding $6,873 every year, while hoping to spend $51,142 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: 47/43/10 Blend
61$677,000$677,000$677,000$677,000
62$753,143$717,262$706,769$786,150
63$775,549$697,994$676,031$790,337
64$798,527$676,067$642,549$789,011
65$822,080$651,297$606,178$786,406
66$846,211$623,490$566,764$782,421
67$870,923$592,439$524,149$776,946
68$896,215$557,927$478,166$769,866
69$922,085$519,721$428,641$761,058
70$948,529$477,579$375,392$750,392
71$975,541$431,242$318,229$737,728
72$1,003,112$380,438$256,955$722,918
73$1,031,228$324,879$191,362$705,804
74$1,059,875$264,260$121,235$686,220
75$1,089,034$198,260$46,347$663,986
76$1,118,679$126,539$0$638,913
77$1,148,783$48,738$0$614,382
78$1,179,312$0$0$592,105
79$1,210,225$0$0$583,739
80$1,241,476$0$0$598,568
81$1,273,010$0$0$613,501
82$1,304,766$0$0$628,504
83$1,336,671$0$0$643,540
84$1,368,642$0$0$658,563
85$1,400,588$0$0$673,524
86$1,432,400$0$0$688,366
87$1,463,960$0$0$703,025
88$1,495,130$0$0$717,430
89$1,525,758$0$0$731,500
90$1,555,670$0$0$745,142
91$1,584,674$0$0$758,255
92$1,612,552$0$0$770,725
93$1,639,059$0$0$782,423
94$1,663,925$0$0$793,207
95$1,686,843$0$0$802,916
96$1,707,475$0$0$811,373
97$1,725,441$0$0$818,379
98$1,740,320$0$0$823,714
99$1,751,641$0$0$827,131
100$1,758,882$0$0$828,358