Can I retire at age 62 with 708,000?

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 $708,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.3%
1 years$58,466$57,945$57,437$56,941$56,457$54,781
2 years$28,944$28,405$27,882$27,376$26,884$25,210
3 years$19,104$18,563$18,042$17,540$17,056$15,436
4 years$14,185$13,646$13,130$12,636$12,165$10,611
5 years$11,235$10,698$10,189$9,706$9,248$7,764
6 years$9,268$8,736$8,234$7,762$7,317$5,905
7 years$7,864$7,336$6,843$6,382$5,951$4,611
8 years$6,812$6,289$5,803$5,353$4,937$3,667
9 years$5,994$5,475$4,998$4,560$4,158$2,958
10 years$5,339$4,826$4,358$3,931$3,542$2,411
11 years$4,805$4,297$3,836$3,421$3,047$1,981
12 years$4,359$3,856$3,405$3,001$2,640$1,638
13 years$3,983$3,485$3,042$2,649$2,302$1,362
14 years$3,660$3,168$2,733$2,351$2,018$1,137
15 years$3,381$2,894$2,468$2,097$1,777$952
16 years$3,137$2,655$2,237$1,878$1,570$800
17 years$2,922$2,445$2,036$1,687$1,392$674
18 years$2,730$2,259$1,858$1,520$1,238$568
19 years$2,560$2,094$1,701$1,374$1,104$480
20 years$2,406$1,946$1,561$1,244$986$406
21 years$2,268$1,813$1,436$1,129$882$344
22 years$2,142$1,692$1,324$1,027$791$292
23 years$2,027$1,582$1,222$935$710$248
24 years$1,922$1,483$1,130$853$638$210
25 years$1,825$1,391$1,047$779$574$179
26 years$1,736$1,308$971$712$517$152
27 years$1,654$1,231$902$652$466$129
28 years$1,578$1,160$838$597$421$110
29 years$1,507$1,094$780$548$380$94
30 years$1,441$1,033$727$503$343$80
31 years$1,380$977$677$462$310$68
32 years$1,322$924$632$424$281$58
33 years$1,268$875$590$390$254$49
34 years$1,217$829$551$359$230$42
35 years$1,169$787$515$330$208$36
36 years$1,124$747$482$304$189$30
37 years$1,082$709$451$280$171$26
38 years$1,042$674$423$258$155$22
39 years$1,004$641$396$238$141$19
40 years$968$610$371$220$128$16
41 years$934$580$348$203$116$14
42 years$901$553$326$187$105$12
43 years$871$527$306$173$95$10
44 years$841$502$288$160$87$8
45 years$813$479$270$147$79$7
46 years$787$457$254$136$71$6
47 years$761$436$238$126$65$5
48 years$737$416$224$116$59$4
49 years$714$397$210$107$53$4
50 years$691$380$198$99$49$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $708,000, adding $6,782 every year, while hoping to spend $30,436 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: 74/18/8 Blend
61$708,000$708,000$708,000$708,000
62$787,212$749,688$738,714$843,980
63$835,124$754,039$731,077$886,666
64$886,902$757,583$722,164$928,912
65$942,910$760,248$711,901$974,332
66$1,003,546$761,959$700,208$1,023,229
67$1,069,247$762,634$687,004$1,075,940
68$1,140,494$762,188$672,203$1,132,834
69$1,217,818$760,528$655,715$1,194,316
70$1,301,800$757,558$637,446$1,260,837
71$1,393,080$753,176$617,297$1,332,892
72$1,492,364$747,271$595,166$1,411,025
73$1,600,426$739,728$570,945$1,495,838
74$1,718,120$730,425$544,522$1,587,994
75$1,846,383$719,231$515,779$1,688,225
76$1,986,249$706,009$484,593$1,797,337
77$2,138,855$690,612$450,835$1,916,218
78$2,305,453$672,885$414,372$2,045,850
79$2,487,418$652,666$375,063$2,187,313
80$2,686,269$629,781$332,762$2,341,799
81$2,903,674$604,046$287,315$2,510,622
82$3,141,472$575,267$238,563$2,695,232
83$3,401,686$543,240$186,339$2,897,226
84$3,686,546$507,746$130,469$3,118,367
85$3,998,504$468,556$70,770$3,360,597
86$4,340,264$425,428$7,054$3,626,060
87$4,714,802$378,105$0$3,917,117
88$5,125,396$326,316$0$4,241,575
89$5,575,654$269,774$0$4,598,085
90$6,069,555$208,176$0$4,989,230
91$6,611,477$141,204$0$5,418,521
92$7,206,244$68,519$0$5,889,828
93$7,859,169$0$0$6,407,416
94$8,576,107$0$0$6,978,015
95$9,363,504$0$0$7,619,629
96$10,228,463$0$0$8,324,479
97$11,178,810$0$0$9,098,944
98$12,223,164$0$0$9,950,053
99$13,371,022$0$0$10,885,551
100$14,632,845$0$0$11,913,968