Can I retire at age 62 with 714,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $714,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.7%
1 years$58,961$58,436$57,924$57,424$56,935$56,061
2 years$29,189$28,645$28,118$27,608$27,112$26,234
3 years$19,266$18,720$18,194$17,688$17,201$16,346
4 years$14,305$13,761$13,241$12,744$12,268$11,442
5 years$11,330$10,789$10,275$9,788$9,326$8,532
6 years$9,347$8,810$8,304$7,828$7,379$6,618
7 years$7,931$7,399$6,901$6,436$6,001$5,273
8 years$6,870$6,342$5,852$5,399$4,979$4,283
9 years$6,044$5,522$5,041$4,598$4,193$3,530
10 years$5,385$4,867$4,395$3,964$3,572$2,942
11 years$4,845$4,333$3,869$3,450$3,072$2,473
12 years$4,396$3,889$3,434$3,026$2,662$2,094
13 years$4,016$3,515$3,068$2,671$2,322$1,783
14 years$3,691$3,195$2,756$2,371$2,035$1,526
15 years$3,409$2,918$2,489$2,115$1,792$1,310
16 years$3,163$2,678$2,256$1,894$1,584$1,129
17 years$2,946$2,466$2,053$1,701$1,404$976
18 years$2,754$2,279$1,874$1,533$1,249$845
19 years$2,581$2,112$1,716$1,385$1,113$734
20 years$2,427$1,962$1,575$1,255$994$638
21 years$2,287$1,828$1,448$1,139$890$556
22 years$2,160$1,706$1,335$1,035$797$484
23 years$2,044$1,596$1,233$943$716$423
24 years$1,938$1,495$1,140$860$643$369
25 years$1,841$1,403$1,056$785$579$323
26 years$1,751$1,319$979$718$521$283
27 years$1,668$1,241$909$657$470$248
28 years$1,591$1,169$845$602$424$217
29 years$1,520$1,103$787$552$383$190
30 years$1,453$1,042$733$507$346$167
31 years$1,391$985$683$466$313$146
32 years$1,333$932$637$428$283$128
33 years$1,279$883$595$393$256$113
34 years$1,227$837$556$362$232$99
35 years$1,179$793$520$333$210$87
36 years$1,134$753$486$307$190$76
37 years$1,091$715$455$283$173$67
38 years$1,051$680$426$261$156$59
39 years$1,012$646$399$240$142$52
40 years$976$615$374$222$129$45
41 years$942$585$351$205$117$40
42 years$909$557$329$189$106$35
43 years$878$531$309$174$96$31
44 years$848$506$290$161$87$27
45 years$820$483$272$149$79$24
46 years$793$461$256$137$72$21
47 years$768$440$240$127$65$18
48 years$743$420$226$117$59$16
49 years$720$401$212$108$54$14
50 years$697$383$200$100$49$13

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $714,000, adding $2,565 every year, while hoping to spend $31,072 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: 73/5/22 Blend
61$714,000$714,000$714,000$714,000
62$789,474$751,632$740,565$842,682
63$836,940$755,401$732,313$882,198
64$888,206$758,314$722,744$921,504
65$943,627$760,296$711,780$963,790
66$1,003,593$761,266$699,341$1,009,346
67$1,068,532$761,141$685,342$1,058,494
68$1,138,917$759,831$669,695$1,111,588
69$1,215,264$757,241$652,307$1,169,020
70$1,298,145$753,269$633,083$1,231,221
71$1,388,185$747,809$611,921$1,298,666
72$1,486,075$740,747$588,716$1,371,880
73$1,592,573$731,962$563,356$1,451,442
74$1,708,514$721,326$535,727$1,537,992
75$1,834,816$708,705$505,707$1,632,233
76$1,972,489$693,954$473,171$1,734,941
77$2,122,647$676,922$437,986$1,846,976
78$2,286,514$657,447$400,015$1,969,280
79$2,465,436$635,360$359,113$2,102,897
80$2,660,898$610,480$315,131$2,248,978
81$2,874,533$582,617$267,911$2,408,789
82$3,108,138$551,568$217,289$2,583,731
83$3,363,694$517,121$163,094$2,775,344
84$3,643,381$479,049$105,148$2,985,332
85$3,949,597$437,115$43,262$3,215,569
86$4,284,988$391,065$0$3,468,125
87$4,652,463$340,634$0$3,750,629
88$5,055,229$285,539$0$4,071,434
89$5,496,815$225,483$0$4,423,199
90$5,981,111$160,152$0$4,809,035
91$6,512,398$89,214$0$5,232,370
92$7,095,396$12,319$0$5,696,980
93$7,735,299$0$0$6,207,025
94$8,437,832$0$0$6,770,990
95$9,209,299$0$0$7,391,072
96$10,056,647$0$0$8,072,180
97$10,987,526$0$0$8,820,469
98$12,010,365$0$0$9,642,717
99$13,134,451$0$0$10,546,396
100$14,370,012$0$0$11,539,734