Can I retire at age 62 with 692,000?

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 $692,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.7%
1 years$57,145$56,636$56,139$55,654$55,181$54,559
2 years$28,289$27,763$27,252$26,757$26,277$25,651
3 years$18,672$18,143$17,634$17,143$16,671$16,060
4 years$13,865$13,337$12,833$12,351$11,890$11,299
5 years$10,981$10,456$9,959$9,487$9,039$8,470
6 years$9,059$8,539$8,048$7,587$7,152$6,605
7 years$7,687$7,171$6,688$6,237$5,816$5,292
8 years$6,658$6,147$5,672$5,232$4,825$4,324
9 years$5,858$5,352$4,885$4,457$4,064$3,585
10 years$5,219$4,717$4,259$3,842$3,462$3,005
11 years$4,696$4,199$3,750$3,344$2,978$2,542
12 years$4,261$3,769$3,328$2,933$2,580$2,166
13 years$3,893$3,406$2,973$2,589$2,250$1,857
14 years$3,577$3,096$2,671$2,298$1,973$1,599
15 years$3,304$2,828$2,412$2,050$1,737$1,383
16 years$3,066$2,595$2,187$1,835$1,535$1,200
17 years$2,856$2,390$1,990$1,649$1,361$1,045
18 years$2,669$2,208$1,816$1,486$1,210$911
19 years$2,502$2,047$1,663$1,343$1,079$797
20 years$2,352$1,902$1,526$1,216$963$698
21 years$2,216$1,772$1,404$1,104$862$612
22 years$2,093$1,654$1,294$1,004$773$538
23 years$1,981$1,547$1,195$914$694$473
24 years$1,878$1,449$1,105$834$624$417
25 years$1,784$1,360$1,023$761$561$367
26 years$1,697$1,278$949$696$505$324
27 years$1,617$1,203$881$637$456$286
28 years$1,542$1,133$819$584$411$253
29 years$1,473$1,069$762$535$371$223
30 years$1,409$1,010$710$491$335$197
31 years$1,348$955$662$451$303$175
32 years$1,292$903$618$415$274$154
33 years$1,239$855$577$381$248$137
34 years$1,190$811$539$351$225$121
35 years$1,143$769$504$323$204$107
36 years$1,099$730$471$297$184$95
37 years$1,058$693$441$274$167$84
38 years$1,018$659$413$253$152$75
39 years$981$626$387$233$137$66
40 years$946$596$363$215$125$59
41 years$913$567$340$198$113$52
42 years$881$540$319$183$103$46
43 years$851$515$299$169$93$41
44 years$822$491$281$156$85$36
45 years$795$468$264$144$77$32
46 years$769$446$248$133$70$28
47 years$744$426$233$123$63$25
48 years$720$407$219$114$57$22
49 years$697$388$206$105$52$20
50 years$676$371$193$97$47$18

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $692,000, adding $6,044 every year, while hoping to spend $47,080 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: 51/31/18 Blend
61$692,000$692,000$692,000$692,000
62$768,818$732,142$721,416$803,925
63$797,145$717,925$695,491$814,524
64$826,783$701,432$667,119$820,656
65$857,817$682,504$636,170$826,304
66$890,337$660,970$602,504$831,438
67$924,442$636,648$565,979$836,029
68$960,240$609,349$526,444$840,047
69$997,847$578,869$483,742$843,462
70$1,037,388$544,995$437,709$846,245
71$1,079,003$507,500$388,173$848,369
72$1,122,840$466,147$334,955$849,807
73$1,169,062$420,680$277,869$850,532
74$1,217,848$370,835$216,719$850,523
75$1,269,390$316,327$151,300$849,758
76$1,323,900$256,859$81,401$848,220
77$1,381,608$192,116$6,799$845,894
78$1,442,767$121,765$0$842,771
79$1,507,651$45,453$0$852,831
80$1,576,562$0$0$864,394
81$1,649,829$0$0$888,895
82$1,727,811$0$0$931,514
83$1,810,902$0$0$976,968
84$1,899,535$0$0$1,025,496
85$1,994,182$0$0$1,077,364
86$2,095,362$0$0$1,132,862
87$2,203,641$0$0$1,192,306
88$2,319,643$0$0$1,256,047
89$2,444,051$0$0$1,324,466
90$2,577,615$0$0$1,397,984
91$2,721,157$0$0$1,477,061
92$2,875,580$0$0$1,562,202
93$3,041,875$0$0$1,653,965
94$3,221,131$0$0$1,752,958
95$3,414,544$0$0$1,859,853
96$3,623,429$0$0$1,975,385
97$3,849,228$0$0$2,100,366
98$4,093,530$0$0$2,235,685
99$4,358,079$0$0$2,382,320
100$4,644,792$0$0$2,541,348