Can I retire at age 62 with 699,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $699,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.7%
1 years$57,723$57,209$56,707$56,217$55,739$54,436
2 years$28,576$28,043$27,528$27,028$26,542$25,237
3 years$18,861$18,327$17,812$17,317$16,840$15,572
4 years$14,005$13,472$12,963$12,476$12,010$10,791
5 years$11,092$10,562$10,060$9,583$9,130$7,963
6 years$9,151$8,625$8,130$7,663$7,224$6,110
7 years$7,764$7,243$6,756$6,300$5,875$4,814
8 years$6,725$6,209$5,729$5,285$4,874$3,865
9 years$5,917$5,406$4,935$4,502$4,105$3,147
10 years$5,272$4,765$4,302$3,881$3,497$2,591
11 years$4,744$4,242$3,788$3,377$3,008$2,151
12 years$4,304$3,807$3,361$2,962$2,607$1,798
13 years$3,932$3,441$3,003$2,615$2,273$1,511
14 years$3,614$3,128$2,698$2,322$1,992$1,275
15 years$3,338$2,857$2,436$2,070$1,754$1,080
16 years$3,097$2,621$2,209$1,854$1,550$918
17 years$2,884$2,414$2,010$1,666$1,375$782
18 years$2,696$2,231$1,835$1,501$1,222$667
19 years$2,527$2,067$1,680$1,356$1,090$571
20 years$2,376$1,921$1,542$1,228$973$489
21 years$2,239$1,789$1,418$1,115$871$419
22 years$2,114$1,670$1,307$1,014$781$360
23 years$2,001$1,562$1,207$923$701$309
24 years$1,897$1,464$1,116$842$630$266
25 years$1,802$1,374$1,034$769$567$229
26 years$1,714$1,291$959$703$511$197
27 years$1,633$1,215$890$644$460$170
28 years$1,558$1,145$827$590$415$146
29 years$1,488$1,080$770$541$375$126
30 years$1,423$1,020$717$496$339$109
31 years$1,362$964$669$456$306$94
32 years$1,305$912$624$419$277$81
33 years$1,252$864$583$385$251$70
34 years$1,202$819$544$354$227$60
35 years$1,155$777$509$326$206$52
36 years$1,110$737$476$300$186$45
37 years$1,068$700$446$277$169$39
38 years$1,029$665$417$255$153$34
39 years$991$633$391$235$139$29
40 years$956$602$366$217$126$25
41 years$922$573$344$200$114$22
42 years$890$546$322$185$104$19
43 years$859$520$302$171$94$16
44 years$831$496$284$157$85$14
45 years$803$473$267$145$78$12
46 years$777$451$250$134$70$10
47 years$751$430$235$124$64$9
48 years$727$411$221$115$58$8
49 years$704$392$208$106$53$7
50 years$682$375$195$98$48$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $699,000, adding $3,322 every year, while hoping to spend $23,868 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: 75/7/18 Blend
61$699,000$699,000$699,000$699,000
62$773,725$736,678$725,843$828,312
63$827,249$747,379$724,764$875,612
64$885,433$757,806$722,848$924,179
65$948,727$767,918$720,043$976,783
66$1,017,626$777,674$716,293$1,033,820
67$1,092,674$787,031$711,539$1,095,725
68$1,174,471$795,940$705,720$1,162,981
69$1,263,678$804,352$698,772$1,236,116
70$1,361,020$812,212$690,628$1,315,714
71$1,467,298$819,464$681,218$1,402,419
72$1,583,390$826,045$670,466$1,496,941
73$1,710,266$831,892$658,297$1,600,061
74$1,848,993$836,934$644,630$1,712,640
75$2,000,745$841,098$629,380$1,835,628
76$2,166,814$844,306$612,458$1,970,072
77$2,348,626$846,474$593,772$2,117,125
78$2,547,748$847,513$573,225$2,278,059
79$2,765,906$847,329$550,715$2,454,276
80$3,005,002$845,822$526,138$2,647,319
81$3,267,131$842,885$499,383$2,858,892
82$3,554,599$838,407$470,333$3,090,871
83$3,869,947$832,268$438,867$3,345,326
84$4,215,972$824,340$404,860$3,624,536
85$4,595,758$814,490$368,180$3,931,014
86$5,012,700$802,574$328,688$4,267,530
87$5,470,536$788,441$286,241$4,637,138
88$5,973,389$771,933$240,688$5,043,204
89$6,525,795$752,878$191,871$5,489,437
90$7,132,755$731,098$139,628$5,979,925
91$7,799,777$706,403$83,786$6,519,176
92$8,532,929$678,591$24,168$7,112,157
93$9,338,896$647,450$0$7,764,342
94$10,225,043$612,755$0$8,489,346
95$11,199,485$574,267$0$9,291,686
96$12,271,161$531,736$0$10,174,088
97$13,449,923$484,894$0$11,144,672
98$14,746,622$433,461$0$12,212,388
99$16,173,216$377,139$0$13,387,095
100$17,742,879$315,614$0$14,679,659