Can I retire at age 62 with 703,000?

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 $703,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.8%
1 years$58,053$57,536$57,031$56,539$56,058$54,069
2 years$28,739$28,204$27,685$27,182$26,694$24,712
3 years$18,969$18,432$17,914$17,416$16,936$15,022
4 years$14,085$13,549$13,037$12,547$12,079$10,248
5 years$11,155$10,623$10,117$9,637$9,182$7,439
6 years$9,203$8,674$8,176$7,707$7,266$5,612
7 years$7,809$7,285$6,794$6,336$5,909$4,344
8 years$6,764$6,244$5,762$5,316$4,902$3,425
9 years$5,951$5,437$4,963$4,528$4,128$2,737
10 years$5,302$4,792$4,327$3,903$3,517$2,210
11 years$4,771$4,266$3,809$3,397$3,025$1,798
12 years$4,328$3,829$3,381$2,979$2,621$1,473
13 years$3,954$3,460$3,020$2,630$2,286$1,212
14 years$3,634$3,145$2,714$2,335$2,004$1,001
15 years$3,357$2,873$2,450$2,082$1,764$830
16 years$3,115$2,636$2,221$1,864$1,559$690
17 years$2,901$2,428$2,021$1,675$1,383$574
18 years$2,711$2,244$1,845$1,510$1,229$479
19 years$2,542$2,079$1,689$1,364$1,096$400
20 years$2,389$1,932$1,550$1,236$979$335
21 years$2,252$1,800$1,426$1,121$876$280
22 years$2,127$1,680$1,314$1,020$785$235
23 years$2,013$1,571$1,214$928$705$197
24 years$1,908$1,472$1,122$847$633$165
25 years$1,812$1,382$1,039$773$570$139
26 years$1,724$1,298$964$707$513$117
27 years$1,643$1,222$895$647$463$98
28 years$1,567$1,151$832$593$418$82
29 years$1,497$1,086$774$544$377$69
30 years$1,431$1,026$721$499$341$58
31 years$1,370$970$673$458$308$49
32 years$1,313$918$627$421$279$41
33 years$1,259$869$586$387$252$35
34 years$1,209$824$547$356$228$29
35 years$1,161$781$512$328$207$25
36 years$1,117$741$479$302$187$21
37 years$1,074$704$448$278$170$17
38 years$1,035$669$420$257$154$15
39 years$997$636$393$237$140$12
40 years$961$605$369$218$127$10
41 years$927$576$346$201$115$9
42 years$895$549$324$186$104$7
43 years$864$523$304$172$95$6
44 years$835$499$286$158$86$5
45 years$807$475$268$146$78$4
46 years$781$454$252$135$71$4
47 years$756$433$237$125$64$3
48 years$732$413$222$115$58$3
49 years$708$395$209$107$53$2
50 years$686$377$196$99$48$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $703,000, adding $2,689 every year, while hoping to spend $47,406 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: 37/37/26 Blend
61$703,000$703,000$703,000$703,000
62$777,480$740,221$729,324$800,109
63$806,343$726,052$703,317$802,827
64$836,562$709,600$674,850$801,215
65$868,223$690,703$643,790$798,551
66$901,424$669,190$609,999$794,767
67$936,268$644,878$573,332$789,798
68$972,867$617,577$533,638$783,575
69$1,011,344$587,082$490,760$776,025
70$1,051,831$553,180$444,530$767,076
71$1,094,474$515,642$394,779$756,653
72$1,139,431$474,229$341,324$744,677
73$1,186,873$428,686$283,978$731,071
74$1,236,987$378,744$222,544$715,753
75$1,289,978$324,121$156,818$698,641
76$1,346,068$264,516$86,584$679,654
77$1,405,503$199,613$11,620$658,706
78$1,468,546$129,076$0$635,715
79$1,535,490$52,553$0$629,567
80$1,606,653$0$0$625,881
81$1,682,383$0$0$633,768
82$1,763,060$0$0$665,018
83$1,849,102$0$0$698,405
84$1,940,966$0$0$734,112
85$2,039,153$0$0$772,342
86$2,144,211$0$0$813,316
87$2,256,743$0$0$857,280
88$2,377,409$0$0$904,499
89$2,506,932$0$0$955,268
90$2,646,108$0$0$1,009,908
91$2,795,810$0$0$1,068,773
92$2,956,994$0$0$1,132,252
93$3,130,714$0$0$1,200,771
94$3,318,125$0$0$1,274,800
95$3,520,496$0$0$1,354,854
96$3,739,222$0$0$1,441,498
97$3,975,837$0$0$1,535,357
98$4,232,026$0$0$1,637,114
99$4,509,642$0$0$1,747,523
100$4,810,722$0$0$1,867,412