Can I retire at age 62 with 707,000?

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 $707,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.7%
1 years$58,383$57,863$57,356$56,861$56,377$55,512
2 years$28,903$28,364$27,843$27,337$26,846$25,976
3 years$19,077$18,536$18,016$17,515$17,032$16,185
4 years$14,165$13,626$13,111$12,619$12,148$11,330
5 years$11,219$10,683$10,175$9,692$9,234$8,448
6 years$9,255$8,724$8,223$7,751$7,307$6,553
7 years$7,853$7,326$6,833$6,373$5,942$5,221
8 years$6,802$6,280$5,795$5,346$4,930$4,241
9 years$5,985$5,468$4,991$4,553$4,152$3,495
10 years$5,332$4,819$4,351$3,925$3,537$2,913
11 years$4,798$4,291$3,831$3,416$3,042$2,449
12 years$4,353$3,851$3,400$2,996$2,636$2,073
13 years$3,977$3,480$3,038$2,645$2,299$1,766
14 years$3,655$3,163$2,729$2,348$2,015$1,511
15 years$3,376$2,890$2,464$2,094$1,774$1,298
16 years$3,132$2,651$2,234$1,875$1,568$1,118
17 years$2,917$2,442$2,033$1,685$1,390$966
18 years$2,727$2,256$1,856$1,518$1,236$837
19 years$2,556$2,091$1,699$1,372$1,102$727
20 years$2,403$1,943$1,559$1,243$984$632
21 years$2,264$1,810$1,434$1,128$881$550
22 years$2,139$1,690$1,322$1,025$790$480
23 years$2,024$1,580$1,220$934$709$419
24 years$1,919$1,481$1,129$852$637$366
25 years$1,823$1,389$1,045$778$573$320
26 years$1,734$1,306$970$711$516$280
27 years$1,652$1,229$900$651$466$245
28 years$1,576$1,158$837$596$420$215
29 years$1,505$1,092$779$547$379$188
30 years$1,439$1,032$725$502$343$165
31 years$1,378$975$676$461$310$145
32 years$1,320$923$631$424$280$127
33 years$1,266$874$589$390$254$112
34 years$1,215$828$551$358$230$98
35 years$1,168$786$515$330$208$86
36 years$1,123$746$481$304$188$76
37 years$1,080$708$451$280$171$66
38 years$1,040$673$422$258$155$58
39 years$1,003$640$395$238$140$51
40 years$967$609$371$219$127$45
41 years$932$580$348$203$116$40
42 years$900$552$326$187$105$35
43 years$869$526$306$173$95$31
44 years$840$501$287$159$86$27
45 years$812$478$270$147$78$24
46 years$785$456$253$136$71$21
47 years$760$435$238$126$65$18
48 years$736$415$224$116$59$16
49 years$713$397$210$107$53$14
50 years$690$379$198$99$48$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $707,000, adding $6,966 every year, while hoping to spend $47,726 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: 36/39/25 Blend
61$707,000$707,000$707,000$707,000
62$786,299$748,828$737,870$808,480
63$815,722$734,741$711,808$811,377
64$846,546$718,364$683,274$809,635
65$878,864$699,534$652,134$806,813
66$912,776$678,079$618,249$802,844
67$948,393$653,818$581,474$797,659
68$985,831$626,557$541,655$791,187
69$1,025,220$596,093$498,635$783,354
70$1,066,699$562,209$452,246$774,086
71$1,110,423$524,677$402,317$763,305
72$1,156,556$483,256$348,664$750,930
73$1,205,280$437,691$291,100$736,881
74$1,256,793$387,712$229,426$721,076
75$1,311,310$333,034$163,436$703,429
76$1,369,067$273,357$92,915$683,855
77$1,430,321$208,361$17,637$662,270
78$1,495,355$137,711$0$638,585
79$1,564,474$61,052$0$629,440
80$1,638,016$0$0$624,132
81$1,716,350$0$0$627,373
82$1,799,878$0$0$658,824
83$1,889,042$0$0$692,457
84$1,984,327$0$0$728,464
85$2,086,263$0$0$767,054
86$2,195,432$0$0$808,454
87$2,312,472$0$0$852,916
88$2,438,082$0$0$900,717
89$2,573,032$0$0$952,159
90$2,718,163$0$0$1,007,574
91$2,874,403$0$0$1,067,328
92$3,042,767$0$0$1,131,822
93$3,224,373$0$0$1,201,497
94$3,420,446$0$0$1,276,836
95$3,632,335$0$0$1,358,373
96$3,861,522$0$0$1,446,692
97$4,109,634$0$0$1,542,438
98$4,378,462$0$0$1,646,317
99$4,669,974$0$0$1,759,109
100$4,986,335$0$0$1,881,669