Can I retire at age 62 with 711,000?

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 $711,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.9%
1 years$58,714$58,191$57,680$57,182$56,696$56,011
2 years$29,066$28,525$28,000$27,492$26,998$26,309
3 years$19,185$18,641$18,118$17,614$17,129$16,456
4 years$14,245$13,703$13,185$12,690$12,216$11,566
5 years$11,282$10,744$10,232$9,747$9,287$8,660
6 years$9,308$8,773$8,269$7,795$7,348$6,747
7 years$7,898$7,368$6,872$6,409$5,976$5,400
8 years$6,841$6,315$5,828$5,376$4,958$4,407
9 years$6,019$5,499$5,019$4,579$4,175$3,649
10 years$5,362$4,847$4,376$3,947$3,557$3,056
11 years$4,825$4,315$3,853$3,435$3,060$2,582
12 years$4,378$3,873$3,419$3,013$2,651$2,197
13 years$3,999$3,500$3,055$2,660$2,312$1,881
14 years$3,676$3,181$2,745$2,361$2,027$1,618
15 years$3,395$2,906$2,478$2,106$1,784$1,397
16 years$3,150$2,666$2,247$1,886$1,577$1,211
17 years$2,934$2,456$2,044$1,694$1,398$1,052
18 years$2,742$2,269$1,866$1,527$1,243$917
19 years$2,571$2,103$1,709$1,380$1,108$800
20 years$2,416$1,954$1,568$1,250$990$700
21 years$2,277$1,820$1,442$1,134$886$613
22 years$2,151$1,699$1,329$1,031$794$538
23 years$2,035$1,589$1,227$939$713$473
24 years$1,930$1,489$1,135$856$641$415
25 years$1,833$1,397$1,051$782$576$366
26 years$1,744$1,313$975$715$519$322
27 years$1,661$1,236$905$655$468$284
28 years$1,585$1,165$842$600$422$250
29 years$1,514$1,099$783$550$381$221
30 years$1,447$1,038$730$505$345$195
31 years$1,385$981$680$464$312$172
32 years$1,328$928$635$426$282$152
33 years$1,273$879$593$392$255$134
34 years$1,222$833$554$360$231$119
35 years$1,174$790$518$332$209$105
36 years$1,129$750$484$306$190$93
37 years$1,087$712$453$282$172$82
38 years$1,046$677$424$260$156$73
39 years$1,008$644$398$239$141$64
40 years$972$612$373$221$128$57
41 years$938$583$349$204$116$50
42 years$905$555$328$188$105$45
43 years$874$529$308$173$96$39
44 years$845$504$289$160$87$35
45 years$817$481$271$148$79$31
46 years$790$459$255$137$72$27
47 years$764$438$239$126$65$24
48 years$740$418$225$117$59$21
49 years$717$399$211$108$54$19
50 years$694$381$199$100$49$17

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $711,000, adding $3,923 every year, while hoping to spend $46,489 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: 62/11/27 Blend
61$711,000$711,000$711,000$711,000
62$787,569$749,886$738,865$830,490
63$818,437$737,166$714,153$847,373
64$850,895$722,265$687,055$860,390
65$885,057$705,027$657,442$873,603
66$921,046$685,286$625,180$887,041
67$958,996$662,868$590,126$900,734
68$999,052$637,588$552,134$914,720
69$1,041,375$609,249$511,050$929,044
70$1,086,138$577,645$466,713$943,755
71$1,133,531$542,556$418,955$958,910
72$1,183,761$503,751$367,600$974,577
73$1,237,055$460,985$312,464$990,829
74$1,293,660$413,999$253,357$1,007,754
75$1,353,847$362,519$190,079$1,025,448
76$1,417,912$306,256$122,420$1,044,024
77$1,486,181$244,904$50,162$1,063,606
78$1,559,007$178,140$0$1,084,338
79$1,636,781$105,624$0$1,114,142
80$1,719,929$26,995$0$1,161,363
81$1,808,917$0$0$1,211,810
82$1,904,260$0$0$1,272,822
83$2,006,519$0$0$1,341,800
84$2,116,311$0$0$1,415,896
85$2,234,313$0$0$1,495,573
86$2,361,269$0$0$1,581,338
87$2,497,994$0$0$1,673,747
88$2,645,386$0$0$1,773,412
89$2,804,428$0$0$1,881,005
90$2,976,203$0$0$1,997,263
91$3,161,899$0$0$2,122,998
92$3,362,824$0$0$2,259,101
93$3,580,412$0$0$2,406,553
94$3,816,244$0$0$2,566,431
95$4,072,055$0$0$2,739,921
96$4,349,755$0$0$2,928,325
97$4,651,445$0$0$3,133,078
98$4,979,435$0$0$3,355,757
99$5,336,267$0$0$3,598,098
100$5,724,736$0$0$3,862,008