Can I retire at age 62 with 712,000?

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 $712,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.7%
1 years$58,796$58,273$57,762$57,263$56,776$56,371
2 years$29,107$28,565$28,040$27,530$27,036$26,628
3 years$19,212$18,668$18,143$17,639$17,153$16,754
4 years$14,265$13,723$13,204$12,708$12,234$11,847
5 years$11,298$10,759$10,247$9,761$9,300$8,926
6 years$9,321$8,785$8,281$7,806$7,359$6,999
7 years$7,909$7,378$6,881$6,418$5,984$5,639
8 years$6,850$6,324$5,836$5,384$4,965$4,634
9 years$6,028$5,506$5,027$4,586$4,181$3,864
10 years$5,370$4,854$4,382$3,953$3,562$3,259
11 years$4,832$4,321$3,858$3,440$3,064$2,774
12 years$4,384$3,878$3,424$3,017$2,655$2,379
13 years$4,005$3,505$3,059$2,664$2,315$2,052
14 years$3,681$3,186$2,749$2,365$2,030$1,779
15 years$3,400$2,910$2,482$2,109$1,787$1,549
16 years$3,154$2,670$2,250$1,888$1,579$1,353
17 years$2,938$2,459$2,047$1,697$1,400$1,186
18 years$2,746$2,272$1,869$1,529$1,245$1,042
19 years$2,574$2,106$1,711$1,382$1,110$918
20 years$2,420$1,957$1,570$1,251$991$810
21 years$2,280$1,823$1,444$1,136$887$716
22 years$2,154$1,701$1,331$1,033$795$634
23 years$2,038$1,591$1,229$940$714$562
24 years$1,933$1,491$1,137$858$642$498
25 years$1,836$1,399$1,053$783$577$443
26 years$1,746$1,315$976$716$520$394
27 years$1,664$1,238$907$656$469$350
28 years$1,587$1,166$843$601$423$312
29 years$1,516$1,100$784$551$382$278
30 years$1,449$1,039$731$505$345$248
31 years$1,387$982$681$464$312$221
32 years$1,329$929$636$427$282$197
33 years$1,275$880$593$392$255$176
34 years$1,224$834$554$361$231$157
35 years$1,176$791$518$332$209$140
36 years$1,131$751$485$306$190$125
37 years$1,088$713$454$282$172$112
38 years$1,048$678$425$260$156$100
39 years$1,010$645$398$240$141$89
40 years$973$613$373$221$128$80
41 years$939$584$350$204$116$71
42 years$906$556$328$188$106$64
43 years$875$530$308$174$96$57
44 years$846$505$289$160$87$51
45 years$818$481$272$148$79$46
46 years$791$459$255$137$72$41
47 years$765$438$240$126$65$37
48 years$741$418$225$117$59$33
49 years$718$400$212$108$54$29
50 years$695$382$199$100$49$26

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $712,000, adding $2,499 every year, while hoping to spend $27,083 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: 59/22/19 Blend
61$712,000$712,000$712,000$712,000
62$787,202$749,466$738,430$829,587
63$838,680$757,373$734,351$866,509
64$894,502$764,761$729,228$903,572
65$955,081$771,574$722,997$943,380
66$1,020,873$777,755$715,591$986,204
67$1,092,380$783,243$706,942$1,032,342
68$1,170,153$787,972$696,975$1,082,122
69$1,254,799$791,873$685,613$1,135,908
70$1,346,986$794,872$672,778$1,194,102
71$1,447,447$796,890$658,386$1,257,147
72$1,556,993$797,844$642,348$1,325,532
73$1,676,512$797,644$624,572$1,399,797
74$1,806,984$796,196$604,963$1,480,539
75$1,949,488$793,401$583,421$1,568,416
76$2,105,210$789,152$559,840$1,664,154
77$2,275,458$783,337$534,111$1,768,556
78$2,461,669$775,835$506,118$1,882,507
79$2,665,428$766,520$475,742$2,006,985
80$2,888,480$755,258$442,858$2,143,068
81$3,132,746$741,906$407,334$2,291,946
82$3,400,340$726,314$369,034$2,454,934
83$3,693,593$708,321$327,815$2,633,481
84$4,015,069$687,759$283,526$2,829,187
85$4,367,595$664,448$236,014$3,043,818
86$4,754,283$638,199$185,113$3,279,321
87$5,178,561$608,812$130,655$3,537,845
88$5,644,204$576,074$72,462$3,821,762
89$6,155,372$539,760$10,349$4,133,689
90$6,716,646$499,635$0$4,476,510
91$7,333,073$455,446$0$4,864,751
92$8,010,212$406,928$0$5,293,559
93$8,754,189$353,802$0$5,764,751
94$9,571,749$295,771$0$6,282,646
95$10,470,326$232,523$0$6,852,004
96$11,458,109$163,727$0$7,478,073
97$12,544,121$89,034$0$8,166,637
98$13,738,299$8,075$0$8,924,074
99$15,051,597$0$0$9,757,415
100$16,496,078$0$0$10,693,663