Can I retire at age 62 with 714,000?

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 $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%20%
1 years$58,961$58,436$57,924$57,424$56,935$54,655
2 years$29,189$28,645$28,118$27,608$27,112$24,843
3 years$19,266$18,720$18,194$17,688$17,201$15,015
4 years$14,305$13,761$13,241$12,744$12,268$10,182
5 years$11,330$10,789$10,275$9,788$9,326$7,344
6 years$9,347$8,810$8,304$7,828$7,379$5,504
7 years$7,931$7,399$6,901$6,436$6,001$4,232
8 years$6,870$6,342$5,852$5,399$4,979$3,313
9 years$6,044$5,522$5,041$4,598$4,193$2,628
10 years$5,385$4,867$4,395$3,964$3,572$2,105
11 years$4,845$4,333$3,869$3,450$3,072$1,700
12 years$4,396$3,889$3,434$3,026$2,662$1,381
13 years$4,016$3,515$3,068$2,671$2,322$1,127
14 years$3,691$3,195$2,756$2,371$2,035$923
15 years$3,409$2,918$2,489$2,115$1,792$759
16 years$3,163$2,678$2,256$1,894$1,584$625
17 years$2,946$2,466$2,053$1,701$1,404$516
18 years$2,754$2,279$1,874$1,533$1,249$427
19 years$2,581$2,112$1,716$1,385$1,113$353
20 years$2,427$1,962$1,575$1,255$994$293
21 years$2,287$1,828$1,448$1,139$890$243
22 years$2,160$1,706$1,335$1,035$797$202
23 years$2,044$1,596$1,233$943$716$168
24 years$1,938$1,495$1,140$860$643$139
25 years$1,841$1,403$1,056$785$579$116
26 years$1,751$1,319$979$718$521$96
27 years$1,668$1,241$909$657$470$80
28 years$1,591$1,169$845$602$424$67
29 years$1,520$1,103$787$552$383$56
30 years$1,453$1,042$733$507$346$46
31 years$1,391$985$683$466$313$39
32 years$1,333$932$637$428$283$32
33 years$1,279$883$595$393$256$27
34 years$1,227$837$556$362$232$22
35 years$1,179$793$520$333$210$19
36 years$1,134$753$486$307$190$15
37 years$1,091$715$455$283$173$13
38 years$1,051$680$426$261$156$11
39 years$1,012$646$399$240$142$9
40 years$976$615$374$222$129$7
41 years$942$585$351$205$117$6
42 years$909$557$329$189$106$5
43 years$878$531$309$174$96$4
44 years$848$506$290$161$87$4
45 years$820$483$272$149$79$3
46 years$793$461$256$137$72$2
47 years$768$440$240$127$65$2
48 years$743$420$226$117$59$2
49 years$720$401$212$108$54$1
50 years$697$383$200$100$49$1

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $714,000, adding $5,942 every year, while hoping to spend $27,338 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: 72/15/13 Blend
61$714,000$714,000$714,000$714,000
62$792,957$755,115$744,048$847,426
63$844,751$763,028$739,886$892,206
64$900,912$770,413$734,669$937,306
65$961,857$777,215$728,332$985,960
66$1,028,042$783,374$720,807$1,038,516
67$1,099,973$788,830$712,025$1,095,353
68$1,178,204$793,517$701,911$1,156,891
69$1,263,344$797,362$690,389$1,223,593
70$1,356,065$800,293$677,376$1,295,969
71$1,457,106$802,229$662,790$1,374,580
72$1,567,277$803,085$646,541$1,460,046
73$1,687,476$802,772$628,536$1,553,051
74$1,818,685$801,195$608,678$1,654,348
75$1,961,988$798,251$586,866$1,764,766
76$2,118,579$793,834$562,995$1,885,223
77$2,289,772$787,829$536,952$2,016,727
78$2,477,011$780,115$508,623$2,160,390
79$2,681,890$770,564$477,885$2,317,441
80$2,906,161$759,040$444,613$2,489,232
81$3,151,756$745,400$408,674$2,677,254
82$3,420,800$729,489$369,930$2,883,151
83$3,715,635$711,148$328,236$3,108,738
84$4,038,840$690,204$283,441$3,356,012
85$4,393,253$666,476$235,389$3,627,179
86$4,782,005$639,773$183,914$3,924,666
87$5,208,539$609,891$128,845$4,251,154
88$5,676,651$576,617$70,002$4,609,595
89$6,190,521$539,722$7,198$5,003,246
90$6,754,753$498,968$0$5,435,696
91$7,374,420$454,100$0$5,919,201
92$8,055,110$404,849$0$6,451,431
93$8,802,977$350,934$0$7,036,224
94$9,624,804$292,053$0$7,678,916
95$10,528,061$227,890$0$8,385,382
96$11,520,979$158,112$0$9,162,101
97$12,612,624$82,365$0$10,016,212
98$13,812,987$276$0$10,955,581
99$15,133,074$0$0$11,988,881
100$16,585,011$0$0$13,140,283