Can I retire at age 62 with 694,000?

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 $694,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.1%
1 years$57,310$56,799$56,301$55,815$55,341$55,084
2 years$28,371$27,843$27,331$26,834$26,353$26,094
3 years$18,726$18,196$17,685$17,193$16,719$16,466
4 years$13,905$13,376$12,870$12,387$11,924$11,679
5 years$11,013$10,487$9,988$9,514$9,065$8,827
6 years$9,085$8,563$8,072$7,608$7,173$6,944
7 years$7,709$7,191$6,707$6,255$5,833$5,613
8 years$6,677$6,164$5,688$5,247$4,839$4,628
9 years$5,875$5,367$4,899$4,470$4,075$3,873
10 years$5,234$4,731$4,271$3,853$3,472$3,278
11 years$4,710$4,212$3,761$3,353$2,986$2,801
12 years$4,273$3,780$3,337$2,941$2,588$2,411
13 years$3,904$3,416$2,982$2,597$2,257$2,088
14 years$3,588$3,105$2,679$2,305$1,978$1,817
15 years$3,314$2,837$2,419$2,056$1,742$1,588
16 years$3,075$2,603$2,193$1,841$1,539$1,393
17 years$2,864$2,397$1,996$1,654$1,365$1,226
18 years$2,676$2,215$1,822$1,490$1,214$1,082
19 years$2,509$2,053$1,668$1,347$1,082$957
20 years$2,359$1,907$1,531$1,220$966$848
21 years$2,223$1,777$1,408$1,107$865$753
22 years$2,099$1,658$1,297$1,006$775$670
23 years$1,987$1,551$1,198$917$696$596
24 years$1,884$1,453$1,108$836$625$531
25 years$1,789$1,364$1,026$763$563$474
26 years$1,702$1,282$952$698$507$424
27 years$1,621$1,206$884$639$457$379
28 years$1,547$1,137$822$585$412$339
29 years$1,477$1,072$765$537$372$303
30 years$1,413$1,013$712$493$336$272
31 years$1,352$957$664$453$304$243
32 years$1,296$906$619$416$275$218
33 years$1,243$858$578$382$249$196
34 years$1,193$813$540$352$225$176
35 years$1,146$771$505$324$204$158
36 years$1,102$732$473$298$185$141
37 years$1,061$695$442$275$168$127
38 years$1,021$661$414$253$152$114
39 years$984$628$388$234$138$102
40 years$949$598$364$215$125$92
41 years$915$569$341$199$113$83
42 years$884$542$320$183$103$74
43 years$853$516$300$169$93$67
44 years$825$492$282$156$85$60
45 years$797$469$265$144$77$54
46 years$771$448$249$133$70$49
47 years$746$427$234$123$63$44
48 years$722$408$219$114$58$39
49 years$699$389$206$105$52$35
50 years$678$372$194$97$48$32

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $694,000, adding $2,814 every year, while hoping to spend $59,530 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: 33/47/20 Blend
61$694,000$694,000$694,000$694,000
62$767,691$730,909$720,152$788,210
63$782,656$703,384$680,937$776,175
64$797,152$672,515$638,414$757,564
65$811,069$638,075$592,408$736,266
66$824,282$599,826$542,738$712,081
67$836,654$557,512$489,215$684,793
68$848,028$510,866$431,639$654,175
69$858,233$459,604$369,805$619,979
70$867,076$403,428$303,497$581,944
71$874,341$342,020$232,488$539,790
72$879,791$275,045$156,543$493,216
73$883,159$202,152$75,416$441,900
74$884,150$122,966$0$385,499
75$882,435$37,093$0$326,025
76$877,651$0$0$278,031
77$869,393$0$0$253,943
78$857,213$0$0$247,554
79$840,613$0$0$239,495
80$819,042$0$0$229,566
81$791,892$0$0$217,541
82$758,485$0$0$203,173
83$718,073$0$0$186,189
84$669,830$0$0$166,284
85$612,840$0$0$143,123
86$546,089$0$0$116,337
87$468,457$0$0$85,514
88$378,707$0$0$50,203
89$275,471$0$0$9,904
90$157,235$0$0$0
91$22,330$0$0$0
92$0$0$0$0
93$0$0$0$0
94$0$0$0$0
95$0$0$0$0
96$0$0$0$0
97$0$0$0$0
98$0$0$0$0
99$0$0$0$0
100$0$0$0$0