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%12.6%
1 years$58,796$58,273$57,762$57,263$56,776$56,160
2 years$29,107$28,565$28,040$27,530$27,036$26,416
3 years$19,212$18,668$18,143$17,639$17,153$16,547
4 years$14,265$13,723$13,204$12,708$12,234$11,648
5 years$11,298$10,759$10,247$9,761$9,300$8,735
6 years$9,321$8,785$8,281$7,806$7,359$6,816
7 years$7,909$7,378$6,881$6,418$5,984$5,464
8 years$6,850$6,324$5,836$5,384$4,965$4,467
9 years$6,028$5,506$5,027$4,586$4,181$3,705
10 years$5,370$4,854$4,382$3,953$3,562$3,109
11 years$4,832$4,321$3,858$3,440$3,064$2,631
12 years$4,384$3,878$3,424$3,017$2,655$2,244
13 years$4,005$3,505$3,059$2,664$2,315$1,924
14 years$3,681$3,186$2,749$2,365$2,030$1,658
15 years$3,400$2,910$2,482$2,109$1,787$1,435
16 years$3,154$2,670$2,250$1,888$1,579$1,246
17 years$2,938$2,459$2,047$1,697$1,400$1,085
18 years$2,746$2,272$1,869$1,529$1,245$948
19 years$2,574$2,106$1,711$1,382$1,110$829
20 years$2,420$1,957$1,570$1,251$991$727
21 years$2,280$1,823$1,444$1,136$887$638
22 years$2,154$1,701$1,331$1,033$795$561
23 years$2,038$1,591$1,229$940$714$494
24 years$1,933$1,491$1,137$858$642$435
25 years$1,836$1,399$1,053$783$577$384
26 years$1,746$1,315$976$716$520$339
27 years$1,664$1,238$907$656$469$299
28 years$1,587$1,166$843$601$423$265
29 years$1,516$1,100$784$551$382$234
30 years$1,449$1,039$731$505$345$207
31 years$1,387$982$681$464$312$183
32 years$1,329$929$636$427$282$162
33 years$1,275$880$593$392$255$144
34 years$1,224$834$554$361$231$127
35 years$1,176$791$518$332$209$113
36 years$1,131$751$485$306$190$100
37 years$1,088$713$454$282$172$89
38 years$1,048$678$425$260$156$79
39 years$1,010$645$398$240$141$70
40 years$973$613$373$221$128$62
41 years$939$584$350$204$116$55
42 years$906$556$328$188$106$49
43 years$875$530$308$174$96$43
44 years$846$505$289$160$87$38
45 years$818$481$272$148$79$34
46 years$791$459$255$137$72$30
47 years$765$438$240$126$65$27
48 years$741$418$225$117$59$24
49 years$718$400$212$108$54$21
50 years$695$382$199$100$49$19

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $712,000, adding $6,636 every year, while hoping to spend $31,508 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: 57/31/12 Blend
61$712,000$712,000$712,000$712,000
62$791,469$753,733$742,697$833,840
63$838,675$757,142$734,053$866,650
64$889,639$759,661$724,064$898,325
65$944,713$761,215$712,650$932,093
66$1,004,280$761,722$699,731$968,159
67$1,068,765$761,094$685,220$1,006,751
68$1,138,631$759,240$669,027$1,048,118
69$1,214,391$756,062$651,059$1,092,539
70$1,296,606$751,456$631,216$1,140,321
71$1,385,895$745,312$609,397$1,191,805
72$1,482,938$737,515$585,494$1,247,366
73$1,588,483$727,939$559,393$1,307,420
74$1,703,354$716,453$530,979$1,372,428
75$1,828,457$702,920$500,127$1,442,897
76$1,964,788$687,191$466,710$1,519,392
77$2,113,444$669,111$430,592$1,602,532
78$2,275,633$648,515$391,635$1,693,006
79$2,452,683$625,229$349,691$1,791,574
80$2,646,059$599,067$304,607$1,899,076
81$2,857,369$569,833$256,223$2,016,440
82$3,088,388$537,322$204,374$2,144,692
83$3,341,066$501,314$148,884$2,284,966
84$3,617,555$461,578$89,571$2,438,514
85$3,920,220$417,870$26,246$2,606,719
86$4,251,667$369,930$0$2,791,111
87$4,614,767$317,487$0$2,998,670
88$5,012,680$260,251$0$3,229,898
89$5,448,887$197,917$0$3,483,520
90$5,927,223$130,163$0$3,761,839
91$6,451,908$56,650$0$4,067,395
92$7,027,595$0$0$4,402,995
93$7,659,407$0$0$4,779,570
94$8,352,985$0$0$5,214,239
95$9,114,547$0$0$5,691,579
96$9,950,939$0$0$6,215,891
97$10,869,704$0$0$6,791,911
98$11,879,152$0$0$7,424,859
99$12,988,437$0$0$8,120,482
100$14,207,643$0$0$8,885,115