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%15%
1 years$58,714$58,191$57,680$57,182$56,696$55,529
2 years$29,066$28,525$28,000$27,492$26,998$25,827
3 years$19,185$18,641$18,118$17,614$17,129$15,991
4 years$14,245$13,703$13,185$12,690$12,216$11,120
5 years$11,282$10,744$10,232$9,747$9,287$8,236
6 years$9,308$8,773$8,269$7,795$7,348$6,343
7 years$7,898$7,368$6,872$6,409$5,976$5,018
8 years$6,841$6,315$5,828$5,376$4,958$4,045
9 years$6,019$5,499$5,019$4,579$4,175$3,308
10 years$5,362$4,847$4,376$3,947$3,557$2,735
11 years$4,825$4,315$3,853$3,435$3,060$2,281
12 years$4,378$3,873$3,419$3,013$2,651$1,915
13 years$3,999$3,500$3,055$2,660$2,312$1,616
14 years$3,676$3,181$2,745$2,361$2,027$1,371
15 years$3,395$2,906$2,478$2,106$1,784$1,167
16 years$3,150$2,666$2,247$1,886$1,577$997
17 years$2,934$2,456$2,044$1,694$1,398$853
18 years$2,742$2,269$1,866$1,527$1,243$732
19 years$2,571$2,103$1,709$1,380$1,108$629
20 years$2,416$1,954$1,568$1,250$990$542
21 years$2,277$1,820$1,442$1,134$886$467
22 years$2,151$1,699$1,329$1,031$794$403
23 years$2,035$1,589$1,227$939$713$349
24 years$1,930$1,489$1,135$856$641$302
25 years$1,833$1,397$1,051$782$576$261
26 years$1,744$1,313$975$715$519$226
27 years$1,661$1,236$905$655$468$196
28 years$1,585$1,165$842$600$422$170
29 years$1,514$1,099$783$550$381$147
30 years$1,447$1,038$730$505$345$128
31 years$1,385$981$680$464$312$111
32 years$1,328$928$635$426$282$96
33 years$1,273$879$593$392$255$84
34 years$1,222$833$554$360$231$73
35 years$1,174$790$518$332$209$63
36 years$1,129$750$484$306$190$55
37 years$1,087$712$453$282$172$48
38 years$1,046$677$424$260$156$41
39 years$1,008$644$398$239$141$36
40 years$972$612$373$221$128$31
41 years$938$583$349$204$116$27
42 years$905$555$328$188$105$24
43 years$874$529$308$173$96$20
44 years$845$504$289$160$87$18
45 years$817$481$271$148$79$15
46 years$790$459$255$137$72$13
47 years$764$438$239$126$65$12
48 years$740$418$225$117$59$10
49 years$717$399$211$108$54$9
50 years$694$381$199$100$49$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $711,000, adding $2,484 every year, while hoping to spend $54,009 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: 63/24/13 Blend
61$711,000$711,000$711,000$711,000
62$786,084$748,401$737,381$833,029
63$808,800$727,608$704,618$843,987
64$832,022$703,985$668,947$849,516
65$855,746$677,338$630,214$854,223
66$879,963$647,459$588,258$858,032
67$904,664$614,129$542,910$860,857
68$929,836$577,117$493,993$862,607
69$955,461$536,178$441,323$863,184
70$981,519$491,052$384,709$862,483
71$1,007,987$441,466$323,949$860,392
72$1,034,834$387,131$258,834$856,789
73$1,062,027$327,740$189,145$851,545
74$1,089,525$262,970$114,652$844,519
75$1,117,281$192,481$35,118$835,562
76$1,145,243$115,911$0$824,512
77$1,173,347$32,880$0$818,097
78$1,201,524$0$0$814,877
79$1,229,692$0$0$824,868
80$1,257,761$0$0$843,446
81$1,285,625$0$0$861,854
82$1,313,168$0$0$880,008
83$1,340,258$0$0$897,818
84$1,366,745$0$0$915,178
85$1,392,461$0$0$931,970
86$1,417,220$0$0$948,064
87$1,440,809$0$0$963,312
88$1,462,994$0$0$977,549
89$1,483,512$0$0$990,592
90$1,502,068$0$0$1,002,235
91$1,518,335$0$0$1,012,250
92$1,531,948$0$0$1,020,382
93$1,542,499$0$0$1,026,347
94$1,549,537$0$0$1,029,830
95$1,552,558$0$0$1,030,480
96$1,551,004$0$0$1,027,908
97$1,544,254$0$0$1,021,681
98$1,531,619$0$0$1,011,321
99$1,512,337$0$0$996,295
100$1,485,558$0$0$976,014