Can I retire at age 62 with 710,000?

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 $710,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.6%
1 years$58,631$58,109$57,599$57,102$56,616$56,236
2 years$29,025$28,485$27,961$27,453$26,960$26,577
3 years$19,158$18,615$18,093$17,589$17,105$16,730
4 years$14,225$13,684$13,167$12,672$12,199$11,836
5 years$11,266$10,728$10,218$9,733$9,274$8,923
6 years$9,295$8,761$8,258$7,784$7,338$7,000
7 years$7,887$7,357$6,862$6,400$5,968$5,643
8 years$6,831$6,306$5,820$5,368$4,951$4,639
9 years$6,011$5,491$5,012$4,573$4,169$3,871
10 years$5,355$4,840$4,370$3,942$3,552$3,267
11 years$4,818$4,309$3,847$3,430$3,055$2,783
12 years$4,372$3,867$3,414$3,009$2,648$2,388
13 years$3,994$3,495$3,050$2,656$2,309$2,061
14 years$3,670$3,177$2,741$2,358$2,024$1,788
15 years$3,390$2,902$2,475$2,103$1,782$1,558
16 years$3,146$2,663$2,244$1,883$1,575$1,362
17 years$2,930$2,452$2,042$1,692$1,396$1,195
18 years$2,738$2,266$1,864$1,525$1,242$1,050
19 years$2,567$2,100$1,706$1,378$1,107$926
20 years$2,413$1,951$1,566$1,248$989$817
21 years$2,274$1,818$1,440$1,132$885$723
22 years$2,148$1,697$1,327$1,030$793$641
23 years$2,033$1,587$1,226$938$712$568
24 years$1,927$1,487$1,133$855$640$505
25 years$1,830$1,395$1,050$781$576$448
26 years$1,741$1,311$974$714$519$399
27 years$1,659$1,234$904$654$468$355
28 years$1,582$1,163$841$599$422$317
29 years$1,511$1,097$782$549$381$282
30 years$1,445$1,036$729$504$344$252
31 years$1,383$979$679$463$311$225
32 years$1,326$927$634$425$281$201
33 years$1,272$878$592$391$255$179
34 years$1,221$832$553$360$231$160
35 years$1,173$789$517$331$209$143
36 years$1,128$749$484$305$189$128
37 years$1,085$711$453$281$172$114
38 years$1,045$676$424$259$156$102
39 years$1,007$643$397$239$141$92
40 years$971$612$372$220$128$82
41 years$936$582$349$203$116$73
42 years$904$554$327$188$105$66
43 years$873$528$307$173$96$59
44 years$844$503$288$160$87$53
45 years$816$480$271$148$79$47
46 years$789$458$254$136$72$42
47 years$763$437$239$126$65$38
48 years$739$417$225$117$59$34
49 years$716$398$211$108$54$30
50 years$693$381$198$100$49$27

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $710,000, adding $2,837 every year, while hoping to spend $31,982 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: 75/10/15 Blend
61$710,000$710,000$710,000$710,000
62$785,346$747,716$736,711$841,480
63$831,423$750,326$727,363$881,581
64$881,128$751,991$716,629$921,265
65$934,797$752,633$704,430$963,894
66$992,799$752,165$690,681$1,009,751
67$1,055,542$750,498$675,296$1,059,150
68$1,123,470$747,536$658,182$1,112,434
69$1,197,076$743,177$639,243$1,169,984
70$1,276,898$737,313$618,378$1,232,219
71$1,363,531$729,830$595,483$1,299,601
72$1,457,626$720,607$570,446$1,372,641
73$1,559,902$709,515$543,154$1,451,900
74$1,671,148$696,418$513,486$1,537,998
75$1,792,234$681,171$481,317$1,631,619
76$1,924,115$663,621$446,514$1,733,518
77$2,067,845$643,608$408,942$1,844,524
78$2,224,579$620,960$368,456$1,965,556
79$2,395,594$595,494$324,907$2,097,625
80$2,582,292$567,021$278,138$2,241,846
81$2,786,217$535,336$227,987$2,399,448
82$3,009,068$500,225$174,282$2,571,788
83$3,252,719$461,461$116,846$2,760,362
84$3,519,229$418,805$55,493$2,966,819
85$3,810,866$372,003$0$3,192,977
86$4,130,130$320,787$0$3,442,439
87$4,479,772$264,874$0$3,725,403
88$4,862,821$203,965$0$4,035,448
89$5,282,613$137,743$0$4,375,300
90$5,742,823$65,876$0$4,747,960
91$6,247,498$0$0$5,156,736
92$6,801,095$0$0$5,606,592
93$7,408,525$0$0$6,108,176
94$8,075,194$0$0$6,658,706
95$8,807,060$0$0$7,263,108
96$9,610,685$0$0$7,926,802
97$10,493,297$0$0$8,655,763
98$11,462,858$0$0$9,456,571
99$12,528,141$0$0$10,336,476
100$13,698,808$0$0$11,303,465