Can I retire at age 62 with 688,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $688,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.7%
1 years$56,814$56,308$55,815$55,333$54,862$53,798
2 years$28,126$27,602$27,094$26,602$26,125$25,057
3 years$18,564$18,038$17,532$17,044$16,575$15,537
4 years$13,785$13,260$12,759$12,279$11,821$10,821
5 years$10,917$10,396$9,901$9,432$8,986$8,027
6 years$9,007$8,489$8,002$7,543$7,111$6,192
7 years$7,642$7,129$6,649$6,201$5,783$4,906
8 years$6,619$6,111$5,639$5,202$4,797$3,963
9 years$5,824$5,321$4,857$4,431$4,040$3,246
10 years$5,189$4,690$4,235$3,820$3,442$2,689
11 years$4,669$4,175$3,728$3,324$2,961$2,246
12 years$4,236$3,747$3,309$2,916$2,566$1,890
13 years$3,870$3,387$2,956$2,574$2,237$1,599
14 years$3,557$3,078$2,656$2,285$1,961$1,358
15 years$3,285$2,812$2,398$2,038$1,727$1,159
16 years$3,048$2,580$2,174$1,825$1,526$992
17 years$2,839$2,376$1,978$1,639$1,353$851
18 years$2,653$2,196$1,806$1,477$1,203$732
19 years$2,487$2,035$1,653$1,335$1,072$631
20 years$2,338$1,891$1,517$1,209$958$544
21 years$2,204$1,761$1,396$1,097$857$470
22 years$2,081$1,644$1,286$998$768$407
23 years$1,970$1,538$1,188$909$690$352
24 years$1,868$1,441$1,098$829$620$306
25 years$1,774$1,352$1,017$757$558$265
26 years$1,687$1,271$944$692$502$230
27 years$1,607$1,196$876$633$453$200
28 years$1,533$1,127$814$580$409$174
29 years$1,465$1,063$758$532$369$151
30 years$1,400$1,004$706$488$334$131
31 years$1,341$949$658$449$302$114
32 years$1,285$898$614$412$273$99
33 years$1,232$850$573$379$247$87
34 years$1,183$806$536$349$223$75
35 years$1,136$765$501$321$202$66
36 years$1,093$726$469$296$183$57
37 years$1,051$689$439$272$166$50
38 years$1,012$655$411$251$151$43
39 years$976$623$385$232$137$38
40 years$941$593$361$214$124$33
41 years$907$564$338$197$112$29
42 years$876$537$317$182$102$25
43 years$846$512$298$168$93$22
44 years$817$488$279$155$84$19
45 years$790$465$262$143$76$17
46 years$764$444$246$132$69$14
47 years$740$424$232$122$63$13
48 years$716$404$218$113$57$11
49 years$693$386$204$104$52$10
50 years$672$369$192$96$47$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $688,000, adding $4,650 every year, while hoping to spend $44,388 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: 49/44/7 Blend
61$688,000$688,000$688,000$688,000
62$762,972$726,508$715,844$798,751
63$793,567$714,879$692,597$812,065
64$825,795$701,192$667,083$821,414
65$859,775$685,299$639,179$830,522
66$895,639$667,045$608,758$839,379
67$933,527$646,264$575,685$847,974
68$973,597$622,781$539,820$856,301
69$1,016,016$596,409$501,016$864,356
70$1,060,969$566,953$459,120$872,136
71$1,108,660$534,206$413,972$879,643
72$1,159,308$497,947$365,406$886,884
73$1,213,156$457,945$313,245$893,869
74$1,270,468$413,954$257,309$900,615
75$1,331,533$365,715$197,406$907,145
76$1,396,668$312,954$133,338$913,488
77$1,466,221$255,381$64,897$919,685
78$1,540,571$192,690$0$925,784
79$1,620,136$124,559$0$932,452
80$1,705,373$50,645$0$944,366
81$1,796,784$0$0$956,780
82$1,894,918$0$0$984,053
83$2,000,381$0$0$1,039,767
84$2,113,835$0$0$1,099,757
85$2,236,007$0$0$1,164,415
86$2,367,698$0$0$1,234,172
87$2,509,785$0$0$1,309,499
88$2,663,233$0$0$1,390,918
89$2,829,103$0$0$1,478,998
90$3,008,559$0$0$1,574,368
91$3,202,883$0$0$1,677,718
92$3,413,482$0$0$1,789,806
93$3,641,906$0$0$1,911,468
94$3,889,856$0$0$2,043,621
95$4,159,207$0$0$2,187,275
96$4,452,018$0$0$2,343,541
97$4,770,556$0$0$2,513,640
98$5,117,314$0$0$2,698,918
99$5,495,036$0$0$2,900,855
100$5,906,742$0$0$3,121,078