Can I retire at age 62 with 701,000?

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 $701,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.9%
1 years$57,888$57,372$56,869$56,378$55,899$55,454
2 years$28,657$28,124$27,606$27,105$26,618$26,170
3 years$18,915$18,379$17,863$17,366$16,888$16,449
4 years$14,045$13,511$13,000$12,511$12,045$11,620
5 years$11,124$10,592$10,088$9,610$9,156$8,746
6 years$9,177$8,650$8,153$7,685$7,245$6,851
7 years$7,787$7,264$6,775$6,318$5,892$5,513
8 years$6,745$6,226$5,746$5,300$4,888$4,525
9 years$5,934$5,421$4,949$4,515$4,116$3,769
10 years$5,287$4,779$4,315$3,892$3,507$3,175
11 years$4,757$4,254$3,798$3,387$3,016$2,699
12 years$4,316$3,818$3,371$2,971$2,614$2,312
13 years$3,943$3,451$3,012$2,623$2,279$1,992
14 years$3,624$3,136$2,706$2,328$1,998$1,725
15 years$3,347$2,865$2,443$2,076$1,759$1,500
16 years$3,106$2,629$2,215$1,859$1,555$1,308
17 years$2,893$2,421$2,016$1,670$1,379$1,145
18 years$2,703$2,237$1,840$1,505$1,226$1,005
19 years$2,534$2,073$1,685$1,360$1,093$884
20 years$2,382$1,927$1,546$1,232$976$779
21 years$2,245$1,795$1,422$1,118$873$687
22 years$2,121$1,675$1,311$1,017$783$607
23 years$2,007$1,567$1,210$926$703$538
24 years$1,903$1,468$1,119$844$632$476
25 years$1,807$1,378$1,037$771$568$422
26 years$1,719$1,295$961$705$512$375
27 years$1,638$1,219$893$645$462$333
28 years$1,562$1,148$830$591$417$296
29 years$1,492$1,083$772$542$376$263
30 years$1,427$1,023$719$498$340$234
31 years$1,366$967$671$457$307$209
32 years$1,309$915$626$420$278$186
33 years$1,255$867$584$386$252$166
34 years$1,205$821$546$355$228$148
35 years$1,158$779$510$327$206$132
36 years$1,113$739$477$301$187$117
37 years$1,071$702$447$278$169$105
38 years$1,032$667$418$256$154$93
39 years$994$635$392$236$139$83
40 years$958$604$367$218$126$74
41 years$925$575$345$201$115$66
42 years$892$547$323$185$104$59
43 years$862$522$303$171$94$53
44 years$833$497$285$158$86$47
45 years$805$474$267$146$78$42
46 years$779$452$251$135$71$38
47 years$754$432$236$124$64$34
48 years$729$412$222$115$58$30
49 years$706$393$208$106$53$27
50 years$684$376$196$98$48$24

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $701,000, adding $4,944 every year, while hoping to spend $58,922 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: 54/34/12 Blend
61$701,000$701,000$701,000$701,000
62$777,602$740,449$729,583$816,920
63$794,225$714,038$691,332$817,785
64$810,568$684,359$649,824$811,927
65$826,542$651,188$604,889$804,183
66$842,043$614,290$556,347$794,387
67$856,959$573,418$504,012$782,359
68$871,160$528,307$447,687$767,904
69$884,504$478,679$387,170$750,814
70$896,830$424,241$322,247$730,861
71$907,959$364,682$252,695$707,802
72$917,693$299,673$178,283$681,372
73$925,809$228,868$98,766$651,284
74$932,060$151,902$13,894$617,231
75$936,171$68,385$0$578,878
76$937,836$0$0$545,682
77$936,716$0$0$518,233
78$932,432$0$0$514,449
79$924,567$0$0$508,496
80$912,656$0$0$500,094
81$896,185$0$0$488,937
82$874,582$0$0$474,685
83$847,215$0$0$456,958
84$813,385$0$0$435,339
85$772,317$0$0$409,367
86$723,153$0$0$378,528
87$664,944$0$0$342,257
88$596,640$0$0$299,928
89$517,082$0$0$250,848
90$424,985$0$0$194,252
91$318,933$0$0$129,295
92$197,356$0$0$55,042
93$58,525$0$0$0
94$0$0$0$0
95$0$0$0$0
96$0$0$0$0
97$0$0$0$0
98$0$0$0$0
99$0$0$0$0
100$0$0$0$0