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%19.5%
1 years$58,961$58,436$57,924$57,424$56,935$54,763
2 years$29,189$28,645$28,118$27,608$27,112$24,949
3 years$19,266$18,720$18,194$17,688$17,201$15,115
4 years$14,305$13,761$13,241$12,744$12,268$10,275
5 years$11,330$10,789$10,275$9,788$9,326$7,432
6 years$9,347$8,810$8,304$7,828$7,379$5,585
7 years$7,931$7,399$6,901$6,436$6,001$4,306
8 years$6,870$6,342$5,852$5,399$4,979$3,381
9 years$6,044$5,522$5,041$4,598$4,193$2,690
10 years$5,385$4,867$4,395$3,964$3,572$2,162
11 years$4,845$4,333$3,869$3,450$3,072$1,752
12 years$4,396$3,889$3,434$3,026$2,662$1,428
13 years$4,016$3,515$3,068$2,671$2,322$1,169
14 years$3,691$3,195$2,756$2,371$2,035$961
15 years$3,409$2,918$2,489$2,115$1,792$793
16 years$3,163$2,678$2,256$1,894$1,584$655
17 years$2,946$2,466$2,053$1,701$1,404$543
18 years$2,754$2,279$1,874$1,533$1,249$451
19 years$2,581$2,112$1,716$1,385$1,113$375
20 years$2,427$1,962$1,575$1,255$994$312
21 years$2,287$1,828$1,448$1,139$890$260
22 years$2,160$1,706$1,335$1,035$797$216
23 years$2,044$1,596$1,233$943$716$180
24 years$1,938$1,495$1,140$860$643$151
25 years$1,841$1,403$1,056$785$579$126
26 years$1,751$1,319$979$718$521$105
27 years$1,668$1,241$909$657$470$88
28 years$1,591$1,169$845$602$424$73
29 years$1,520$1,103$787$552$383$61
30 years$1,453$1,042$733$507$346$51
31 years$1,391$985$683$466$313$43
32 years$1,333$932$637$428$283$36
33 years$1,279$883$595$393$256$30
34 years$1,227$837$556$362$232$25
35 years$1,179$793$520$333$210$21
36 years$1,134$753$486$307$190$18
37 years$1,091$715$455$283$173$15
38 years$1,051$680$426$261$156$12
39 years$1,012$646$399$240$142$10
40 years$976$615$374$222$129$9
41 years$942$585$351$205$117$7
42 years$909$557$329$189$106$6
43 years$878$531$309$174$96$5
44 years$848$506$290$161$87$4
45 years$820$483$272$149$79$4
46 years$793$461$256$137$72$3
47 years$768$440$240$127$65$2
48 years$743$420$226$117$59$2
49 years$720$401$212$108$54$2
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 $4,355 every year, while hoping to spend $49,212 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: 78/15/7 Blend
61$714,000$714,000$714,000$714,000
62$791,320$753,478$742,411$852,056
63$819,674$738,037$714,921$877,083
64$849,270$720,191$684,860$897,687
65$880,183$699,768$652,091$918,827
66$912,495$676,590$616,469$940,534
67$946,293$650,466$577,844$962,841
68$981,670$621,194$536,057$985,788
69$1,018,731$588,563$490,945$1,009,417
70$1,057,584$552,345$442,335$1,033,776
71$1,098,351$512,304$390,047$1,058,917
72$1,141,163$468,187$333,893$1,084,901
73$1,186,161$419,727$273,678$1,111,793
74$1,233,500$366,644$209,196$1,139,666
75$1,283,347$308,640$140,235$1,168,604
76$1,335,886$245,401$66,570$1,198,698
77$1,391,315$176,594$0$1,230,050
78$1,449,852$101,870$0$1,263,674
79$1,511,733$20,858$0$1,304,161
80$1,577,217$0$0$1,346,696
81$1,646,586$0$0$1,402,488
82$1,720,147$0$0$1,465,314
83$1,798,239$0$0$1,532,021
84$1,881,230$0$0$1,602,926
85$1,969,522$0$0$1,678,374
86$2,063,556$0$0$1,758,744
87$2,163,816$0$0$1,844,450
88$2,270,831$0$0$1,935,948
89$2,385,180$0$0$2,033,735
90$2,507,498$0$0$2,138,356
91$2,638,482$0$0$2,250,409
92$2,778,895$0$0$2,370,551
93$2,929,577$0$0$2,499,501
94$3,091,446$0$0$2,638,050
95$3,265,511$0$0$2,787,064
96$3,452,882$0$0$2,947,495
97$3,654,774$0$0$3,120,389
98$3,872,525$0$0$3,306,894
99$4,107,603$0$0$3,508,272
100$4,361,621$0$0$3,725,909