Can I retire at age 62 with 698,000?

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 $698,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.8%
1 years$57,640$57,127$56,626$56,137$55,660$54,558
2 years$28,535$28,003$27,488$26,989$26,505$25,399
3 years$18,834$18,300$17,787$17,292$16,816$15,741
4 years$13,985$13,453$12,944$12,458$11,993$10,958
5 years$11,076$10,547$10,045$9,569$9,117$8,124
6 years$9,137$8,613$8,118$7,652$7,214$6,264
7 years$7,753$7,233$6,746$6,291$5,867$4,960
8 years$6,716$6,200$5,721$5,278$4,867$4,004
9 years$5,909$5,398$4,928$4,495$4,099$3,278
10 years$5,264$4,758$4,296$3,875$3,492$2,713
11 years$4,737$4,236$3,782$3,373$3,004$2,265
12 years$4,298$3,802$3,357$2,958$2,603$1,905
13 years$3,926$3,436$2,999$2,612$2,270$1,610
14 years$3,608$3,123$2,695$2,318$1,990$1,367
15 years$3,333$2,853$2,433$2,067$1,752$1,166
16 years$3,092$2,618$2,206$1,851$1,548$997
17 years$2,880$2,411$2,007$1,663$1,373$855
18 years$2,692$2,228$1,832$1,499$1,221$734
19 years$2,524$2,064$1,677$1,354$1,088$632
20 years$2,372$1,918$1,539$1,227$972$545
21 years$2,236$1,787$1,416$1,113$870$471
22 years$2,111$1,668$1,305$1,012$780$407
23 years$1,998$1,560$1,205$922$700$352
24 years$1,895$1,462$1,114$841$629$305
25 years$1,800$1,372$1,032$768$566$265
26 years$1,712$1,289$957$702$510$230
27 years$1,631$1,213$889$643$460$199
28 years$1,556$1,143$826$589$415$173
29 years$1,486$1,079$769$540$374$150
30 years$1,421$1,019$716$496$338$131
31 years$1,360$963$668$455$306$113
32 years$1,303$911$623$418$277$99
33 years$1,250$863$582$385$250$86
34 years$1,200$818$544$354$227$75
35 years$1,153$776$508$326$205$65
36 years$1,109$736$475$300$186$57
37 years$1,067$699$445$276$169$49
38 years$1,027$664$417$255$153$43
39 years$990$632$390$235$139$37
40 years$954$601$366$217$126$32
41 years$921$572$343$200$114$28
42 years$889$545$322$185$104$25
43 years$858$519$302$170$94$21
44 years$829$495$283$157$85$19
45 years$802$472$266$145$77$16
46 years$775$450$250$134$70$14
47 years$750$430$235$124$64$12
48 years$726$410$221$115$58$11
49 years$703$392$207$106$53$9
50 years$681$374$195$98$48$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $698,000, adding $2,801 every year, while hoping to spend $26,605 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: 41/50/9 Blend
61$698,000$698,000$698,000$698,000
62$772,085$735,091$724,272$801,567
63$822,530$742,803$720,228$830,191
64$877,229$750,001$715,156$858,270
65$936,588$756,632$708,995$888,058
66$1,001,052$762,640$701,679$919,721
67$1,071,113$767,963$693,139$953,441
68$1,147,311$772,537$683,303$989,423
69$1,230,239$776,294$672,096$1,027,892
70$1,320,552$779,162$659,441$1,069,099
71$1,418,970$781,061$645,253$1,113,319
72$1,526,283$781,912$629,447$1,160,860
73$1,643,363$781,625$611,933$1,212,062
74$1,771,170$780,108$592,616$1,267,299
75$1,910,758$777,262$571,398$1,326,989
76$2,063,291$772,984$548,175$1,391,592
77$2,230,048$767,161$522,840$1,461,618
78$2,412,437$759,676$495,280$1,537,631
79$2,612,011$750,405$465,376$1,620,257
80$2,830,476$739,215$433,007$1,710,185
81$3,069,714$725,966$398,042$1,808,181
82$3,331,795$710,509$360,347$1,915,090
83$3,619,002$692,688$319,782$2,031,846
84$3,933,846$672,335$276,200$2,159,485
85$4,279,093$649,275$229,448$2,299,150
86$4,657,792$623,320$179,366$2,452,104
87$5,073,298$594,274$125,786$2,619,746
88$5,529,309$561,928$68,534$2,803,620
89$6,029,896$526,061$7,428$3,005,434
90$6,579,547$486,439$0$3,227,074
91$7,183,202$442,815$0$3,476,173
92$7,846,304$394,929$0$3,750,610
93$8,574,851$342,505$0$4,052,233
94$9,375,449$285,251$0$4,383,876
95$10,255,376$222,859$0$4,748,665
96$11,222,650$155,005$0$5,150,052
97$12,286,104$81,344$0$5,591,848
98$13,455,471$1,514$0$6,078,260
99$14,741,473$0$0$6,613,932
100$16,155,924$0$0$7,250,684