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%11.8%
1 years$58,136$57,618$57,113$56,619$56,138$55,714
2 years$28,780$28,244$27,725$27,221$26,732$26,305
3 years$18,996$18,458$17,940$17,441$16,960$16,543
4 years$14,105$13,568$13,055$12,565$12,096$11,692
5 years$11,171$10,638$10,132$9,651$9,195$8,805
6 years$9,216$8,687$8,188$7,718$7,276$6,900
7 years$7,820$7,295$6,804$6,345$5,917$5,556
8 years$6,773$6,253$5,770$5,323$4,909$4,563
9 years$5,960$5,444$4,970$4,534$4,134$3,803
10 years$5,309$4,799$4,333$3,908$3,522$3,206
11 years$4,777$4,272$3,815$3,401$3,029$2,727
12 years$4,335$3,835$3,385$2,984$2,625$2,337
13 years$3,960$3,465$3,025$2,634$2,289$2,015
14 years$3,639$3,150$2,718$2,338$2,007$1,746
15 years$3,362$2,877$2,454$2,085$1,767$1,519
16 years$3,119$2,640$2,225$1,867$1,562$1,326
17 years$2,905$2,431$2,024$1,678$1,385$1,161
18 years$2,715$2,247$1,848$1,512$1,231$1,020
19 years$2,545$2,082$1,692$1,366$1,097$897
20 years$2,393$1,935$1,553$1,237$980$791
21 years$2,255$1,802$1,428$1,123$877$699
22 years$2,130$1,682$1,316$1,021$786$618
23 years$2,015$1,573$1,215$930$706$548
24 years$1,911$1,474$1,124$848$634$485
25 years$1,815$1,384$1,041$774$571$431
26 years$1,727$1,300$965$708$514$383
27 years$1,645$1,224$897$648$464$340
28 years$1,569$1,153$833$594$418$303
29 years$1,499$1,088$776$545$378$269
30 years$1,433$1,027$722$500$341$240
31 years$1,372$971$673$459$309$214
32 years$1,314$919$628$422$279$191
33 years$1,261$870$587$388$253$170
34 years$1,210$825$548$357$229$152
35 years$1,163$782$513$329$207$135
36 years$1,118$743$479$303$188$121
37 years$1,076$705$449$279$170$108
38 years$1,036$670$420$257$154$96
39 years$998$637$394$237$140$86
40 years$962$606$369$219$127$77
41 years$929$577$346$202$115$69
42 years$896$550$325$186$104$61
43 years$866$524$305$172$95$55
44 years$836$499$286$159$86$49
45 years$809$476$268$146$78$44
46 years$782$454$252$135$71$39
47 years$757$433$237$125$64$35
48 years$733$414$223$116$58$31
49 years$709$395$209$107$53$28
50 years$687$377$197$99$48$25

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $704,000, adding $4,544 every year, while hoping to spend $38,162 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: 76/11/13 Blend
61$704,000$704,000$704,000$704,000
62$780,495$743,183$732,271$837,411
63$819,502$738,995$716,198$871,390
64$861,208$733,323$698,308$903,373
65$905,848$726,053$678,499$937,375
66$953,682$717,066$656,665$973,585
67$1,004,990$706,236$632,696$1,012,209
68$1,060,084$693,426$606,477$1,053,477
69$1,119,304$678,495$577,885$1,097,641
70$1,183,024$661,293$546,795$1,144,980
71$1,251,654$641,658$513,074$1,195,801
72$1,325,645$619,421$476,585$1,250,445
73$1,405,493$594,404$437,182$1,309,286
74$1,491,740$566,418$394,715$1,372,737
75$1,584,986$535,261$349,026$1,441,256
76$1,685,888$500,721$299,951$1,515,346
77$1,795,167$462,575$247,318$1,595,563
78$1,913,618$420,585$190,948$1,682,522
79$2,042,114$374,502$130,652$1,776,899
80$2,181,617$324,059$66,235$1,879,443
81$2,333,181$268,977$0$1,990,979
82$2,497,970$208,962$0$2,112,765
83$2,677,262$143,699$0$2,255,287
84$2,872,463$72,861$0$2,410,485
85$3,085,122$0$0$2,579,618
86$3,316,941$0$0$2,764,541
87$3,569,795$0$0$2,975,887
88$3,845,748$0$0$3,206,566
89$4,147,072$0$0$3,458,479
90$4,476,265$0$0$3,733,720
91$4,836,082$0$0$4,034,593
92$5,229,551$0$0$4,363,636
93$5,660,011$0$0$4,723,644
94$6,131,134$0$0$5,117,692
95$6,646,966$0$0$5,549,169
96$7,211,963$0$0$6,021,804
97$7,831,030$0$0$6,539,707
98$8,509,571$0$0$7,107,402
99$9,253,536$0$0$7,729,872
100$10,069,479$0$0$8,412,606