Can I retire at age 62 with 709,000?

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 $709,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.8%
1 years$58,549$58,027$57,518$57,022$56,537$54,969
2 years$28,984$28,445$27,921$27,414$26,922$25,355
3 years$19,131$18,589$18,067$17,565$17,081$15,562
4 years$14,205$13,665$13,148$12,654$12,182$10,724
5 years$11,251$10,713$10,204$9,720$9,261$7,868
6 years$9,281$8,748$8,246$7,773$7,328$6,001
7 years$7,875$7,347$6,852$6,391$5,959$4,698
8 years$6,821$6,298$5,811$5,361$4,944$3,748
9 years$6,002$5,483$5,005$4,566$4,163$3,032
10 years$5,347$4,833$4,364$3,936$3,547$2,479
11 years$4,811$4,303$3,842$3,426$3,051$2,043
12 years$4,365$3,862$3,410$3,005$2,644$1,696
13 years$3,988$3,490$3,046$2,653$2,305$1,414
14 years$3,665$3,172$2,737$2,355$2,021$1,185
15 years$3,386$2,898$2,471$2,100$1,779$996
16 years$3,141$2,659$2,240$1,880$1,573$840
17 years$2,926$2,449$2,039$1,690$1,394$710
18 years$2,734$2,263$1,861$1,523$1,240$601
19 years$2,563$2,097$1,704$1,376$1,105$510
20 years$2,410$1,949$1,564$1,246$987$433
21 years$2,271$1,815$1,438$1,131$883$368
22 years$2,145$1,694$1,326$1,028$792$313
23 years$2,030$1,585$1,224$936$711$267
24 years$1,925$1,485$1,132$854$639$228
25 years$1,828$1,393$1,048$780$575$194
26 years$1,739$1,310$972$713$518$166
27 years$1,657$1,232$903$653$467$142
28 years$1,580$1,161$839$598$421$121
29 years$1,509$1,096$781$548$380$103
30 years$1,443$1,035$728$503$344$88
31 years$1,382$978$678$462$311$76
32 years$1,324$925$633$425$281$65
33 years$1,270$876$591$391$254$55
34 years$1,219$831$552$359$230$47
35 years$1,171$788$516$331$209$40
36 years$1,126$748$483$305$189$35
37 years$1,084$710$452$281$171$30
38 years$1,043$675$423$259$155$25
39 years$1,005$642$397$239$141$22
40 years$969$611$372$220$128$19
41 years$935$581$348$203$116$16
42 years$903$554$327$187$105$14
43 years$872$527$307$173$95$12
44 years$842$503$288$160$87$10
45 years$814$479$270$148$79$9
46 years$788$457$254$136$71$7
47 years$762$436$239$126$65$6
48 years$738$417$224$116$59$5
49 years$715$398$211$108$53$5
50 years$692$380$198$99$49$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $709,000, adding $6,789 every year, while hoping to spend $34,119 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: 60/31/9 Blend
61$709,000$709,000$709,000$709,000
62$788,321$750,744$739,754$833,624
63$832,427$751,228$728,234$865,312
64$879,889$750,592$715,184$895,364
65$931,012$748,746$700,517$927,296
66$986,133$745,592$684,142$961,290
67$1,045,622$741,029$665,964$997,548
68$1,109,883$734,948$645,882$1,036,295
69$1,179,365$727,233$623,792$1,077,779
70$1,254,555$717,763$599,584$1,122,273
71$1,335,995$706,408$573,145$1,170,082
72$1,424,275$693,032$544,355$1,221,542
73$1,520,049$677,488$513,088$1,277,024
74$1,624,032$659,623$479,215$1,336,941
75$1,737,013$639,274$442,598$1,401,749
76$1,859,859$616,269$403,096$1,471,951
77$1,993,524$590,425$360,559$1,548,106
78$2,139,057$561,550$314,832$1,630,829
79$2,297,614$529,439$265,752$1,720,804
80$2,470,466$493,877$213,149$1,818,786
81$2,659,011$454,634$156,847$1,925,607
82$2,864,789$411,470$96,660$2,042,191
83$3,089,495$364,130$32,396$2,169,558
84$3,334,994$312,343$0$2,308,836
85$3,603,342$255,826$0$2,464,744
86$3,896,798$194,277$0$2,638,732
87$4,217,853$127,378$0$2,829,227
88$4,569,249$54,795$0$3,037,933
89$4,954,004$0$0$3,266,732
90$5,375,443$0$0$3,525,828
91$5,837,227$0$0$3,830,264
92$6,343,388$0$0$4,164,015
93$6,898,366$0$0$4,530,014
94$7,507,052$0$0$4,931,495
95$8,174,834$0$0$5,372,019
96$8,907,644$0$0$5,855,508
97$9,712,019$0$0$6,386,282
98$10,595,157$0$0$6,969,101
99$11,564,990$0$0$7,609,207
100$12,630,253$0$0$8,312,376