Can I retire at age 62 with 693,000?

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 $693,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.4%
1 years$57,227$56,718$56,220$55,735$55,261$53,816
2 years$28,330$27,803$27,291$26,796$26,315$24,869
3 years$18,699$18,169$17,659$17,168$16,695$15,293
4 years$13,885$13,356$12,851$12,369$11,907$10,560
5 years$10,997$10,472$9,973$9,500$9,052$7,764
6 years$9,072$8,551$8,060$7,598$7,162$5,934
7 years$7,698$7,181$6,698$6,246$5,825$4,657
8 years$6,668$6,155$5,680$5,240$4,832$3,724
9 years$5,867$5,359$4,892$4,463$4,069$3,020
10 years$5,226$4,724$4,265$3,847$3,467$2,475
11 years$4,703$4,206$3,755$3,348$2,982$2,045
12 years$4,267$3,775$3,333$2,937$2,584$1,702
13 years$3,898$3,411$2,977$2,593$2,253$1,423
14 years$3,583$3,101$2,675$2,302$1,975$1,196
15 years$3,309$2,833$2,415$2,053$1,739$1,008
16 years$3,070$2,599$2,190$1,838$1,537$852
17 years$2,860$2,393$1,993$1,651$1,363$722
18 years$2,673$2,212$1,819$1,488$1,212$613
19 years$2,506$2,050$1,665$1,345$1,080$522
20 years$2,355$1,905$1,528$1,218$965$445
21 years$2,220$1,774$1,406$1,105$863$379
22 years$2,096$1,656$1,296$1,005$774$324
23 years$1,984$1,549$1,196$915$695$277
24 years$1,881$1,451$1,106$835$624$237
25 years$1,787$1,362$1,025$762$562$203
26 years$1,700$1,280$950$697$506$174
27 years$1,619$1,205$882$638$456$149
28 years$1,545$1,135$820$585$412$127
29 years$1,475$1,071$763$536$372$109
30 years$1,411$1,011$711$492$336$94
31 years$1,350$956$663$452$304$80
32 years$1,294$905$619$415$275$69
33 years$1,241$857$578$382$249$59
34 years$1,191$812$540$351$225$51
35 years$1,145$770$505$323$204$44
36 years$1,101$731$472$298$185$37
37 years$1,059$694$442$274$167$32
38 years$1,020$660$414$253$152$28
39 years$983$627$388$233$138$24
40 years$947$597$363$215$125$20
41 years$914$568$341$198$113$17
42 years$882$541$320$183$103$15
43 years$852$516$300$169$93$13
44 years$823$491$281$156$85$11
45 years$796$469$264$144$77$10
46 years$770$447$248$133$70$8
47 years$745$427$233$123$63$7
48 years$721$407$219$114$58$6
49 years$698$389$206$105$52$5
50 years$677$372$194$97$47$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $693,000, adding $4,125 every year, while hoping to spend $28,898 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: 50/20/30 Blend
61$693,000$693,000$693,000$693,000
62$767,941$731,212$720,470$799,624
63$815,524$736,294$713,859$827,338
64$866,991$740,657$706,057$854,262
65$922,710$744,234$696,996$882,975
66$983,081$746,956$686,600$913,660
67$1,048,546$748,749$674,792$946,522
68$1,119,593$749,533$661,493$981,788
69$1,196,756$749,224$646,617$1,019,707
70$1,280,623$747,733$630,077$1,060,560
71$1,371,841$744,967$611,778$1,104,652
72$1,471,121$740,823$591,626$1,152,326
73$1,579,248$735,196$569,518$1,203,959
74$1,697,083$727,972$545,348$1,259,971
75$1,825,575$719,032$519,007$1,320,824
76$1,965,768$708,249$490,378$1,387,031
77$2,118,811$695,488$459,341$1,459,160
78$2,285,970$680,607$425,768$1,537,839
79$2,468,636$663,454$389,529$1,623,763
80$2,668,344$643,870$350,484$1,717,700
81$2,886,780$621,685$308,491$1,820,500
82$3,125,805$596,720$263,399$1,933,104
83$3,387,464$568,787$215,050$2,056,551
84$3,674,011$537,683$163,280$2,191,989
85$3,987,929$503,198$107,918$2,340,690
86$4,331,950$465,107$48,786$2,504,055
87$4,709,084$423,173$0$2,683,638
88$5,122,648$377,145$0$2,885,734
89$5,576,291$326,759$0$3,124,618
90$6,074,038$271,735$0$3,386,813
91$6,620,316$211,776$0$3,674,698
92$7,220,007$146,572$0$3,990,896
93$7,878,486$75,792$0$4,338,298
94$8,601,674$0$0$4,720,095
95$9,396,093$0$0$5,140,002
96$10,268,931$0$0$5,619,763
97$11,228,103$0$0$6,147,056
98$12,282,330$0$0$6,726,687
99$13,441,220$0$0$7,363,948
100$14,715,360$0$0$8,064,671