Can I retire at age 62 with 713,000?

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 $713,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.4%
1 years$58,879$58,354$57,843$57,343$56,856$56,285
2 years$29,148$28,605$28,079$27,569$27,074$26,500
3 years$19,239$18,694$18,169$17,664$17,177$16,616
4 years$14,285$13,742$13,222$12,726$12,251$11,708
5 years$11,314$10,774$10,261$9,775$9,313$8,790
6 years$9,334$8,798$8,292$7,817$7,369$6,866
7 years$7,920$7,388$6,891$6,427$5,993$5,511
8 years$6,860$6,333$5,844$5,391$4,972$4,510
9 years$6,036$5,514$5,034$4,592$4,187$3,745
10 years$5,377$4,860$4,388$3,958$3,567$3,146
11 years$4,839$4,327$3,863$3,445$3,068$2,666
12 years$4,390$3,884$3,429$3,022$2,659$2,276
13 years$4,011$3,510$3,063$2,668$2,318$1,955
14 years$3,686$3,190$2,752$2,368$2,032$1,687
15 years$3,405$2,914$2,485$2,112$1,789$1,462
16 years$3,159$2,674$2,253$1,891$1,582$1,271
17 years$2,942$2,462$2,050$1,699$1,402$1,109
18 years$2,750$2,275$1,872$1,531$1,247$969
19 years$2,578$2,109$1,713$1,384$1,111$849
20 years$2,423$1,960$1,572$1,253$993$746
21 years$2,284$1,825$1,446$1,137$888$656
22 years$2,157$1,704$1,333$1,034$796$577
23 years$2,041$1,594$1,231$942$715$509
24 years$1,935$1,493$1,138$859$642$449
25 years$1,838$1,401$1,054$784$578$397
26 years$1,749$1,317$978$717$521$351
27 years$1,666$1,239$908$656$469$310
28 years$1,589$1,168$844$601$424$275
29 years$1,518$1,102$785$552$383$243
30 years$1,451$1,040$732$506$346$216
31 years$1,389$984$682$465$312$191
32 years$1,331$931$636$427$283$170
33 years$1,277$881$594$393$256$151
34 years$1,226$835$555$361$232$134
35 years$1,178$792$519$333$210$119
36 years$1,132$752$486$306$190$105
37 years$1,090$714$454$282$172$94
38 years$1,049$679$426$260$156$83
39 years$1,011$645$399$240$142$74
40 years$975$614$374$221$128$66
41 years$940$585$350$204$117$58
42 years$908$557$329$188$106$52
43 years$877$530$308$174$96$46
44 years$847$506$290$161$87$41
45 years$819$482$272$148$79$36
46 years$792$460$255$137$72$32
47 years$766$439$240$127$65$29
48 years$742$419$225$117$59$26
49 years$719$400$212$108$54$23
50 years$696$382$199$100$49$20

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $713,000, adding $3,499 every year, while hoping to spend $20,645 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: 57/30/13 Blend
61$713,000$713,000$713,000$713,000
62$789,335$751,546$740,495$831,535
63$847,881$766,406$743,335$875,343
64$911,707$781,302$745,579$920,477
65$981,329$796,214$747,184$969,173
66$1,057,317$811,120$748,107$1,021,776
67$1,140,296$825,998$748,301$1,078,665
68$1,230,956$840,821$747,718$1,140,258
69$1,330,054$855,562$746,308$1,207,018
70$1,438,428$870,193$744,017$1,279,453
71$1,556,995$884,680$740,790$1,358,122
72$1,686,770$898,991$736,568$1,443,644
73$1,828,867$913,088$731,289$1,536,698
74$1,984,515$926,933$724,891$1,638,037
75$2,155,065$940,482$717,304$1,748,486
76$2,342,008$953,692$708,460$1,868,959
77$2,546,983$966,513$698,284$2,000,459
78$2,771,798$978,894$686,699$2,144,097
79$3,018,442$990,781$673,623$2,301,092
80$3,289,107$1,002,113$658,974$2,472,794
81$3,586,207$1,012,828$642,661$2,660,685
82$3,912,403$1,022,859$624,593$2,866,404
83$4,270,623$1,032,134$604,671$3,091,755
84$4,664,095$1,040,577$582,796$3,338,728
85$5,096,374$1,048,107$558,861$3,609,516
86$5,571,376$1,054,637$532,756$3,906,537
87$6,093,417$1,060,074$504,363$4,232,457
88$6,667,249$1,064,321$473,563$4,590,215
89$7,298,110$1,067,274$440,229$4,983,051
90$7,991,769$1,068,822$404,228$5,414,536
91$8,754,582$1,068,848$365,423$5,888,607
92$9,593,554$1,067,225$323,668$6,409,605
93$10,516,399$1,063,823$278,815$6,982,316
94$11,531,621$1,058,499$230,704$7,612,013
95$12,648,585$1,051,104$179,171$8,304,512
96$13,877,613$1,041,481$124,046$9,066,223
97$15,230,077$1,029,460$65,148$9,904,212
98$16,718,505$1,014,864$2,291$10,826,268
99$18,356,705$997,504$0$11,840,978
100$20,159,887$977,180$0$12,966,795