Can I retire at age 62 with 704,000?

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 $704,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.7%
1 years$58,136$57,618$57,113$56,619$56,138$55,737
2 years$28,780$28,244$27,725$27,221$26,732$26,329
3 years$18,996$18,458$17,940$17,441$16,960$16,565
4 years$14,105$13,568$13,055$12,565$12,096$11,714
5 years$11,171$10,638$10,132$9,651$9,195$8,826
6 years$9,216$8,687$8,188$7,718$7,276$6,921
7 years$7,820$7,295$6,804$6,345$5,917$5,576
8 years$6,773$6,253$5,770$5,323$4,909$4,581
9 years$5,960$5,444$4,970$4,534$4,134$3,820
10 years$5,309$4,799$4,333$3,908$3,522$3,223
11 years$4,777$4,272$3,815$3,401$3,029$2,743
12 years$4,335$3,835$3,385$2,984$2,625$2,352
13 years$3,960$3,465$3,025$2,634$2,289$2,029
14 years$3,639$3,150$2,718$2,338$2,007$1,759
15 years$3,362$2,877$2,454$2,085$1,767$1,532
16 years$3,119$2,640$2,225$1,867$1,562$1,338
17 years$2,905$2,431$2,024$1,678$1,385$1,173
18 years$2,715$2,247$1,848$1,512$1,231$1,031
19 years$2,545$2,082$1,692$1,366$1,097$908
20 years$2,393$1,935$1,553$1,237$980$801
21 years$2,255$1,802$1,428$1,123$877$708
22 years$2,130$1,682$1,316$1,021$786$627
23 years$2,015$1,573$1,215$930$706$555
24 years$1,911$1,474$1,124$848$634$493
25 years$1,815$1,384$1,041$774$571$438
26 years$1,727$1,300$965$708$514$389
27 years$1,645$1,224$897$648$464$346
28 years$1,569$1,153$833$594$418$308
29 years$1,499$1,088$776$545$378$275
30 years$1,433$1,027$722$500$341$245
31 years$1,372$971$673$459$309$218
32 years$1,314$919$628$422$279$195
33 years$1,261$870$587$388$253$174
34 years$1,210$825$548$357$229$155
35 years$1,163$782$513$329$207$139
36 years$1,118$743$479$303$188$124
37 years$1,076$705$449$279$170$111
38 years$1,036$670$420$257$154$99
39 years$998$637$394$237$140$88
40 years$962$606$369$219$127$79
41 years$929$577$346$202$115$71
42 years$896$550$325$186$104$63
43 years$866$524$305$172$95$56
44 years$836$499$286$159$86$51
45 years$809$476$268$146$78$45
46 years$782$454$252$135$71$40
47 years$757$433$237$125$64$36
48 years$733$414$223$116$58$32
49 years$709$395$209$107$53$29
50 years$687$377$197$99$48$26

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $704,000, adding $3,762 every year, while hoping to spend $45,848 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: 73/11/16 Blend
61$704,000$704,000$704,000$704,000
62$779,689$742,377$731,465$833,515
63$810,435$729,971$707,187$857,291
64$842,781$715,421$680,559$877,361
65$876,841$698,573$651,454$898,139
66$912,740$679,265$619,739$919,685
67$950,614$657,324$585,275$942,067
68$990,612$632,568$547,918$965,358
69$1,032,896$604,805$507,514$989,641
70$1,077,641$573,830$463,906$1,015,010
71$1,125,042$539,429$416,927$1,041,566
72$1,175,307$501,372$366,406$1,069,425
73$1,228,669$459,420$312,161$1,098,715
74$1,285,378$413,316$254,003$1,129,576
75$1,345,710$362,792$191,735$1,162,169
76$1,409,966$307,563$125,152$1,196,667
77$1,478,477$247,328$54,039$1,233,268
78$1,551,604$181,769$0$1,272,187
79$1,629,743$110,551$0$1,317,397
80$1,713,328$33,319$0$1,375,524
81$1,802,835$0$0$1,437,672
82$1,898,787$0$0$1,510,303
83$2,001,756$0$0$1,592,595
84$2,112,370$0$0$1,681,021
85$2,231,320$0$0$1,776,135
86$2,359,362$0$0$1,878,546
87$2,497,329$0$0$1,988,921
88$2,646,133$0$0$2,107,996
89$2,806,779$0$0$2,236,577
90$2,980,370$0$0$2,375,551
91$3,168,116$0$0$2,525,891
92$3,371,351$0$0$2,688,669
93$3,591,539$0$0$2,865,063
94$3,830,289$0$0$3,056,366
95$4,089,373$0$0$3,264,003
96$4,370,738$0$0$3,489,539
97$4,676,526$0$0$3,734,697
98$5,009,093$0$0$4,001,372
99$5,371,033$0$0$4,291,648
100$5,765,197$0$0$4,607,819