Can I retire at age 62 with 696,000?

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 $696,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.3%
1 years$57,475$56,963$56,464$55,976$55,500$54,071
2 years$28,453$27,923$27,410$26,912$26,429$24,998
3 years$18,780$18,248$17,736$17,243$16,767$15,380
4 years$13,945$13,414$12,907$12,422$11,959$10,626
5 years$11,044$10,517$10,016$9,541$9,091$7,816
6 years$9,111$8,588$8,095$7,630$7,193$5,977
7 years$7,731$7,212$6,727$6,273$5,850$4,694
8 years$6,696$6,182$5,705$5,263$4,853$3,755
9 years$5,892$5,383$4,914$4,483$4,087$3,047
10 years$5,249$4,745$4,284$3,864$3,482$2,499
11 years$4,723$4,224$3,771$3,363$2,995$2,067
12 years$4,285$3,791$3,347$2,950$2,595$1,720
13 years$3,915$3,426$2,990$2,604$2,263$1,440
14 years$3,598$3,114$2,687$2,312$1,984$1,210
15 years$3,324$2,845$2,426$2,062$1,747$1,021
16 years$3,084$2,610$2,199$1,846$1,544$864
17 years$2,872$2,404$2,001$1,659$1,369$733
18 years$2,684$2,221$1,827$1,495$1,217$623
19 years$2,516$2,059$1,673$1,351$1,085$530
20 years$2,365$1,913$1,535$1,223$969$452
21 years$2,229$1,782$1,412$1,110$867$386
22 years$2,105$1,663$1,301$1,009$777$330
23 years$1,993$1,556$1,201$919$698$282
24 years$1,889$1,458$1,111$838$627$242
25 years$1,794$1,368$1,029$766$564$207
26 years$1,707$1,286$954$700$508$177
27 years$1,626$1,210$886$641$458$152
28 years$1,551$1,140$824$587$414$130
29 years$1,482$1,075$767$538$373$112
30 years$1,417$1,016$714$494$337$96
31 years$1,356$960$666$454$305$82
32 years$1,300$908$621$417$276$71
33 years$1,246$860$580$384$250$61
34 years$1,197$815$542$353$226$52
35 years$1,150$773$507$325$205$45
36 years$1,105$734$474$299$186$39
37 years$1,064$697$444$276$168$33
38 years$1,024$663$415$254$152$28
39 years$987$630$389$234$138$24
40 years$952$599$365$216$125$21
41 years$918$571$342$199$114$18
42 years$886$543$321$184$103$16
43 years$856$518$301$170$94$13
44 years$827$494$283$157$85$11
45 years$799$471$265$145$77$10
46 years$773$449$249$134$70$8
47 years$748$428$234$124$64$7
48 years$724$409$220$114$58$6
49 years$701$391$207$106$52$5
50 years$680$373$194$98$48$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $696,000, adding $5,086 every year, while hoping to spend $32,596 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: 29/44/27 Blend
61$696,000$696,000$696,000$696,000
62$772,238$735,350$724,562$788,070
63$816,325$736,700$714,153$802,281
64$863,815$737,024$702,303$814,366
65$915,023$736,237$688,929$826,704
66$970,292$734,249$673,944$839,338
67$1,029,999$730,965$657,259$852,319
68$1,094,560$726,283$638,777$865,708
69$1,164,429$720,095$618,401$879,572
70$1,240,110$712,289$596,027$893,990
71$1,322,153$702,743$571,545$909,054
72$1,411,164$691,329$544,843$924,865
73$1,507,810$677,911$515,803$941,541
74$1,612,824$662,346$484,300$959,216
75$1,727,013$644,482$450,205$978,042
76$1,851,264$624,157$413,382$998,189
77$1,986,554$601,202$373,691$1,019,852
78$2,133,956$575,435$330,984$1,043,251
79$2,294,655$546,666$285,107$1,068,631
80$2,469,950$514,693$235,898$1,096,271
81$2,661,274$479,302$183,190$1,126,483
82$2,870,204$440,268$126,807$1,159,617
83$3,098,476$397,352$66,566$1,196,069
84$3,347,999$350,301$2,275$1,236,277
85$3,620,879$298,850$0$1,280,737
86$3,919,432$242,716$0$1,349,110
87$4,246,207$181,602$0$1,424,845
88$4,604,013$115,194$0$1,508,038
89$4,995,943$43,160$0$1,599,524
90$5,425,404$0$0$1,700,228
91$5,896,145$0$0$1,828,054
92$6,412,299$0$0$1,991,235
93$6,978,415$0$0$2,170,327
94$7,599,505$0$0$2,366,930
95$8,281,088$0$0$2,582,806
96$9,029,246$0$0$2,819,897
97$9,850,675$0$0$3,080,341
98$10,752,755$0$0$3,366,493
99$11,743,611$0$0$3,680,950
100$12,832,199$0$0$4,026,571