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%13.3%
1 years$58,714$58,191$57,680$57,182$56,696$55,918
2 years$29,066$28,525$28,000$27,492$26,998$26,216
3 years$19,185$18,641$18,118$17,614$17,129$16,366
4 years$14,245$13,703$13,185$12,690$12,216$11,480
5 years$11,282$10,744$10,232$9,747$9,287$8,578
6 years$9,308$8,773$8,269$7,795$7,348$6,668
7 years$7,898$7,368$6,872$6,409$5,976$5,325
8 years$6,841$6,315$5,828$5,376$4,958$4,335
9 years$6,019$5,499$5,019$4,579$4,175$3,581
10 years$5,362$4,847$4,376$3,947$3,557$2,992
11 years$4,825$4,315$3,853$3,435$3,060$2,522
12 years$4,378$3,873$3,419$3,013$2,651$2,140
13 years$3,999$3,500$3,055$2,660$2,312$1,827
14 years$3,676$3,181$2,745$2,361$2,027$1,568
15 years$3,395$2,906$2,478$2,106$1,784$1,350
16 years$3,150$2,666$2,247$1,886$1,577$1,167
17 years$2,934$2,456$2,044$1,694$1,398$1,011
18 years$2,742$2,269$1,866$1,527$1,243$879
19 years$2,571$2,103$1,709$1,380$1,108$765
20 years$2,416$1,954$1,568$1,250$990$667
21 years$2,277$1,820$1,442$1,134$886$583
22 years$2,151$1,699$1,329$1,031$794$509
23 years$2,035$1,589$1,227$939$713$446
24 years$1,930$1,489$1,135$856$641$391
25 years$1,833$1,397$1,051$782$576$343
26 years$1,744$1,313$975$715$519$301
27 years$1,661$1,236$905$655$468$264
28 years$1,585$1,165$842$600$422$232
29 years$1,514$1,099$783$550$381$204
30 years$1,447$1,038$730$505$345$180
31 years$1,385$981$680$464$312$158
32 years$1,328$928$635$426$282$139
33 years$1,273$879$593$392$255$123
34 years$1,222$833$554$360$231$108
35 years$1,174$790$518$332$209$95
36 years$1,129$750$484$306$190$84
37 years$1,087$712$453$282$172$74
38 years$1,046$677$424$260$156$65
39 years$1,008$644$398$239$141$58
40 years$972$612$373$221$128$51
41 years$938$583$349$204$116$45
42 years$905$555$328$188$105$39
43 years$874$529$308$173$96$35
44 years$845$504$289$160$87$31
45 years$817$481$271$148$79$27
46 years$790$459$255$137$72$24
47 years$764$438$239$126$65$21
48 years$740$418$225$117$59$19
49 years$717$399$211$108$54$16
50 years$694$381$199$100$49$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $711,000, adding $5,798 every year, while hoping to spend $45,621 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: 63/12/25 Blend
61$711,000$711,000$711,000$711,000
62$789,503$751,820$740,799$833,694
63$821,492$740,118$717,076$852,580
64$855,214$726,315$691,028$867,645
65$890,799$710,258$662,531$883,090
66$928,388$691,787$631,452$898,959
67$968,132$670,733$597,654$915,300
68$1,010,198$646,916$560,993$932,171
69$1,054,771$620,147$521,318$949,635
70$1,102,047$590,224$478,473$967,765
71$1,152,247$556,936$432,292$986,644
72$1,205,607$520,056$382,605$1,006,363
73$1,262,388$479,349$329,231$1,027,028
74$1,322,876$434,561$271,985$1,048,757
75$1,387,383$385,429$210,671$1,071,684
76$1,456,252$331,670$145,083$1,095,958
77$1,529,857$272,989$75,011$1,121,746
78$1,608,609$209,072$230$1,149,239
79$1,692,959$139,589$0$1,178,647
80$1,783,401$64,189$0$1,231,433
81$1,880,478$0$0$1,288,081
82$1,984,785$0$0$1,351,204
83$2,096,974$0$0$1,428,250
84$2,217,764$0$0$1,511,240
85$2,347,942$0$0$1,600,720
86$2,488,372$0$0$1,697,291
87$2,640,006$0$0$1,801,610
88$2,803,889$0$0$1,914,403
89$2,981,167$0$0$2,036,465
90$3,173,103$0$0$2,168,672
91$3,381,084$0$0$2,311,984
92$3,606,635$0$0$2,467,462
93$3,851,434$0$0$2,636,266
94$4,117,325$0$0$2,819,679
95$4,406,338$0$0$3,019,106
96$4,720,706$0$0$3,236,098
97$5,062,884$0$0$3,472,358
98$5,435,575$0$0$3,729,760
99$5,841,753$0$0$4,010,369
100$6,284,691$0$0$4,316,456