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%19%
1 years$57,310$56,799$56,301$55,815$55,341$53,335
2 years$28,371$27,843$27,331$26,834$26,353$24,354
3 years$18,726$18,196$17,685$17,193$16,719$14,790
4 years$13,905$13,376$12,870$12,387$11,924$10,080
5 years$11,013$10,487$9,988$9,514$9,065$7,310
6 years$9,085$8,563$8,072$7,608$7,173$5,508
7 years$7,709$7,191$6,707$6,255$5,833$4,259
8 years$6,677$6,164$5,688$5,247$4,839$3,354
9 years$5,875$5,367$4,899$4,470$4,075$2,677
10 years$5,234$4,731$4,271$3,853$3,472$2,159
11 years$4,710$4,212$3,761$3,353$2,986$1,754
12 years$4,273$3,780$3,337$2,941$2,588$1,434
13 years$3,904$3,416$2,982$2,597$2,257$1,179
14 years$3,588$3,105$2,679$2,305$1,978$973
15 years$3,314$2,837$2,419$2,056$1,742$805
16 years$3,075$2,603$2,193$1,841$1,539$668
17 years$2,864$2,397$1,996$1,654$1,365$555
18 years$2,676$2,215$1,822$1,490$1,214$463
19 years$2,509$2,053$1,668$1,347$1,082$386
20 years$2,359$1,907$1,531$1,220$966$322
21 years$2,223$1,777$1,408$1,107$865$270
22 years$2,099$1,658$1,297$1,006$775$226
23 years$1,987$1,551$1,198$917$696$189
24 years$1,884$1,453$1,108$836$625$158
25 years$1,789$1,364$1,026$763$563$133
26 years$1,702$1,282$952$698$507$111
27 years$1,621$1,206$884$639$457$93
28 years$1,547$1,137$822$585$412$78
29 years$1,477$1,072$765$537$372$66
30 years$1,413$1,013$712$493$336$55
31 years$1,352$957$664$453$304$46
32 years$1,296$906$619$416$275$39
33 years$1,243$858$578$382$249$33
34 years$1,193$813$540$352$225$27
35 years$1,146$771$505$324$204$23
36 years$1,102$732$473$298$185$19
37 years$1,061$695$442$275$168$16
38 years$1,021$661$414$253$152$14
39 years$984$628$388$234$138$11
40 years$949$598$364$215$125$10
41 years$915$569$341$199$113$8
42 years$884$542$320$183$103$7
43 years$853$516$300$169$93$6
44 years$825$492$282$156$85$5
45 years$797$469$265$144$77$4
46 years$771$448$249$133$70$3
47 years$746$427$234$123$63$3
48 years$722$408$219$114$58$2
49 years$699$389$206$105$52$2
50 years$678$372$194$97$48$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $694,000, adding $2,854 every year, while hoping to spend $47,559 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: 68/7/25 Blend
61$694,000$694,000$694,000$694,000
62$767,732$730,950$720,193$814,822
63$795,438$716,164$693,717$832,004
64$824,376$699,060$664,760$845,081
65$854,622$679,473$633,189$858,284
66$886,257$657,231$598,864$871,625
67$919,369$632,149$561,640$885,121
68$954,055$604,034$521,365$898,788
69$990,417$572,680$477,879$912,649
70$1,028,567$537,869$431,016$926,730
71$1,068,629$499,373$380,603$941,059
72$1,110,734$456,947$326,458$955,671
73$1,155,026$410,335$268,392$970,608
74$1,201,663$359,265$206,207$985,915
75$1,250,815$303,452$139,697$1,001,646
76$1,302,668$242,590$68,646$1,017,864
77$1,357,424$176,361$0$1,034,637
78$1,415,304$104,426$0$1,053,961
79$1,476,550$26,428$0$1,093,679
80$1,541,425$0$0$1,135,630
81$1,610,217$0$0$1,184,467
82$1,683,240$0$0$1,238,489
83$1,760,838$0$0$1,295,918
84$1,843,387$0$0$1,357,034
85$1,931,298$0$0$1,422,145
86$2,025,023$0$0$1,491,588
87$2,125,055$0$0$1,565,733
88$2,231,935$0$0$1,644,983
89$2,346,255$0$0$1,729,783
90$2,468,666$0$0$1,820,618
91$2,599,881$0$0$1,918,022
92$2,740,680$0$0$2,022,580
93$2,891,923$0$0$2,134,933
94$3,054,552$0$0$2,255,787
95$3,229,599$0$0$2,385,916
96$3,418,201$0$0$2,526,169
97$3,621,604$0$0$2,677,479
98$3,841,180$0$0$2,840,873
99$4,078,432$0$0$3,017,478
100$4,335,016$0$0$3,208,531