Can I retire at age 62 with 700,000?

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 $700,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.8%
1 years$57,805$57,290$56,788$56,298$55,819$54,939
2 years$28,617$28,084$27,567$27,066$26,580$25,697
3 years$18,888$18,353$17,838$17,342$16,864$16,003
4 years$14,025$13,491$12,981$12,494$12,027$11,197
5 years$11,108$10,577$10,074$9,596$9,143$8,344
6 years$9,164$8,637$8,141$7,674$7,235$6,469
7 years$7,776$7,254$6,765$6,309$5,884$5,152
8 years$6,735$6,218$5,738$5,293$4,881$4,182
9 years$5,926$5,414$4,942$4,508$4,111$3,445
10 years$5,279$4,772$4,308$3,886$3,502$2,869
11 years$4,750$4,248$3,793$3,382$3,012$2,410
12 years$4,310$3,813$3,366$2,967$2,610$2,039
13 years$3,938$3,446$3,008$2,619$2,276$1,736
14 years$3,619$3,132$2,702$2,325$1,995$1,484
15 years$3,343$2,861$2,440$2,073$1,757$1,274
16 years$3,101$2,625$2,212$1,857$1,553$1,097
17 years$2,889$2,418$2,013$1,668$1,377$947
18 years$2,700$2,234$1,837$1,503$1,224$820
19 years$2,531$2,070$1,682$1,358$1,091$711
20 years$2,379$1,924$1,544$1,230$975$618
21 years$2,242$1,792$1,420$1,117$872$538
22 years$2,117$1,673$1,309$1,015$782$468
23 years$2,004$1,565$1,208$925$702$409
24 years$1,900$1,466$1,118$843$631$357
25 years$1,805$1,376$1,035$770$568$312
26 years$1,717$1,293$960$704$511$273
27 years$1,635$1,217$891$645$461$238
28 years$1,560$1,147$829$591$416$209
29 years$1,490$1,082$771$542$376$183
30 years$1,425$1,021$718$497$339$160
31 years$1,364$966$670$456$307$140
32 years$1,307$914$625$419$278$123
33 years$1,254$865$583$386$251$108
34 years$1,203$820$545$355$227$95
35 years$1,156$778$510$327$206$83
36 years$1,112$738$477$301$187$73
37 years$1,070$701$446$277$169$64
38 years$1,030$666$418$256$153$56
39 years$993$634$391$236$139$49
40 years$957$603$367$217$126$43
41 years$923$574$344$201$114$38
42 years$891$547$323$185$104$33
43 years$861$521$303$171$94$29
44 years$832$496$284$158$86$26
45 years$804$473$267$146$78$23
46 years$778$452$251$135$70$20
47 years$753$431$236$124$64$17
48 years$728$411$221$115$58$15
49 years$705$393$208$106$53$13
50 years$683$375$196$98$48$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $700,000, adding $3,495 every year, while hoping to spend $21,952 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: 67/21/12 Blend
61$700,000$700,000$700,000$700,000
62$775,005$737,905$727,055$824,642
63$830,699$750,706$728,055$870,935
64$891,338$763,398$728,352$918,601
65$957,403$775,953$727,900$970,152
66$1,029,424$788,340$726,651$1,025,966
67$1,107,983$800,527$724,552$1,086,461
68$1,193,723$812,478$721,550$1,152,095
69$1,287,349$824,156$717,588$1,223,375
70$1,389,638$835,520$712,607$1,300,858
71$1,501,447$846,526$706,545$1,385,160
72$1,623,718$857,129$699,338$1,476,957
73$1,757,487$867,279$690,916$1,576,996
74$1,903,898$876,922$681,209$1,686,100
75$2,064,208$886,004$670,141$1,805,177
76$2,239,802$894,463$657,636$1,935,225
77$2,432,205$902,235$643,610$2,077,348
78$2,643,098$909,252$627,979$2,232,760
79$2,874,330$915,442$610,653$2,402,800
80$3,127,940$920,727$591,537$2,588,943
81$3,406,171$925,023$570,535$2,792,817
82$3,711,496$928,245$547,544$3,016,215
83$4,046,638$930,298$522,456$3,261,115
84$4,414,596$931,084$495,159$3,529,694
85$4,818,675$930,497$465,537$3,824,355
86$5,262,514$928,426$433,467$4,147,746
87$5,750,124$924,752$398,821$4,502,785
88$6,285,920$919,349$361,466$4,892,691
89$6,874,771$912,084$321,261$5,321,008
90$7,522,036$902,815$278,062$5,791,647
91$8,233,623$891,392$231,716$6,308,916
92$9,016,038$877,655$182,065$6,877,565
93$9,876,451$861,438$128,941$7,502,831
94$10,822,761$842,560$72,172$8,190,485
95$11,863,670$820,833$11,577$8,946,887
96$13,008,767$796,056$0$9,779,051
97$14,268,616$768,017$0$10,701,503
98$15,654,858$736,493$0$11,717,989
99$17,180,318$701,246$0$12,836,442
100$18,859,128$662,025$0$14,067,242