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%11.6%
1 years$58,961$58,436$57,924$57,424$56,935$56,553
2 years$29,189$28,645$28,118$27,608$27,112$26,726
3 years$19,266$18,720$18,194$17,688$17,201$16,824
4 years$14,305$13,761$13,241$12,744$12,268$11,902
5 years$11,330$10,789$10,275$9,788$9,326$8,973
6 years$9,347$8,810$8,304$7,828$7,379$7,040
7 years$7,931$7,399$6,901$6,436$6,001$5,675
8 years$6,870$6,342$5,852$5,399$4,979$4,665
9 years$6,044$5,522$5,041$4,598$4,193$3,893
10 years$5,385$4,867$4,395$3,964$3,572$3,286
11 years$4,845$4,333$3,869$3,450$3,072$2,798
12 years$4,396$3,889$3,434$3,026$2,662$2,401
13 years$4,016$3,515$3,068$2,671$2,322$2,073
14 years$3,691$3,195$2,756$2,371$2,035$1,798
15 years$3,409$2,918$2,489$2,115$1,792$1,567
16 years$3,163$2,678$2,256$1,894$1,584$1,370
17 years$2,946$2,466$2,053$1,701$1,404$1,201
18 years$2,754$2,279$1,874$1,533$1,249$1,056
19 years$2,581$2,112$1,716$1,385$1,113$931
20 years$2,427$1,962$1,575$1,255$994$822
21 years$2,287$1,828$1,448$1,139$890$727
22 years$2,160$1,706$1,335$1,035$797$644
23 years$2,044$1,596$1,233$943$716$571
24 years$1,938$1,495$1,140$860$643$507
25 years$1,841$1,403$1,056$785$579$451
26 years$1,751$1,319$979$718$521$401
27 years$1,668$1,241$909$657$470$357
28 years$1,591$1,169$845$602$424$318
29 years$1,520$1,103$787$552$383$284
30 years$1,453$1,042$733$507$346$253
31 years$1,391$985$683$466$313$226
32 years$1,333$932$637$428$283$202
33 years$1,279$883$595$393$256$180
34 years$1,227$837$556$362$232$161
35 years$1,179$793$520$333$210$144
36 years$1,134$753$486$307$190$129
37 years$1,091$715$455$283$173$115
38 years$1,051$680$426$261$156$103
39 years$1,012$646$399$240$142$92
40 years$976$615$374$222$129$82
41 years$942$585$351$205$117$74
42 years$909$557$329$189$106$66
43 years$878$531$309$174$96$59
44 years$848$506$290$161$87$53
45 years$820$483$272$149$79$47
46 years$793$461$256$137$72$42
47 years$768$440$240$127$65$38
48 years$743$420$226$117$59$34
49 years$720$401$212$108$54$30
50 years$697$383$200$100$49$27

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $714,000, adding $6,940 every year, while hoping to spend $33,597 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: 50/29/21 Blend
61$714,000$714,000$714,000$714,000
62$793,987$756,145$745,078$828,704
63$839,226$757,449$734,291$854,787
64$887,954$757,691$722,017$879,127
65$940,491$756,783$708,170$904,877
66$997,189$754,633$692,661$932,184
67$1,058,434$751,142$675,396$961,210
68$1,124,651$746,204$656,279$992,137
69$1,196,307$739,710$635,206$1,025,165
70$1,273,916$731,542$612,071$1,060,520
71$1,358,042$721,574$586,762$1,098,449
72$1,449,306$709,674$559,162$1,139,229
73$1,548,390$695,703$529,149$1,183,168
74$1,656,045$679,512$496,595$1,230,606
75$1,773,097$660,944$461,367$1,281,922
76$1,900,455$639,832$423,324$1,337,535
77$2,039,118$616,000$382,322$1,397,911
78$2,190,186$589,263$338,208$1,463,568
79$2,354,871$559,422$290,824$1,535,076
80$2,534,503$526,269$240,002$1,613,072
81$2,730,551$489,585$185,570$1,698,258
82$2,944,627$449,134$127,347$1,791,415
83$3,178,509$404,672$65,143$1,893,404
84$3,434,154$355,938$0$2,005,183
85$3,713,714$302,656$0$2,128,087
86$4,019,562$244,535$0$2,278,606
87$4,354,308$181,268$0$2,443,472
88$4,720,829$112,531$0$2,624,171
89$5,122,289$37,980$0$2,822,343
90$5,562,176$0$0$3,039,798
91$6,044,330$0$0$3,292,176
92$6,572,980$0$0$3,582,258
93$7,152,785$0$0$3,900,488
94$7,788,875$0$0$4,249,691
95$8,486,901$0$0$4,632,981
96$9,253,088$0$0$5,053,786
97$10,094,292$0$0$5,515,882
98$11,018,066$0$0$6,023,431
99$12,032,732$0$0$6,581,015
100$13,147,455$0$0$7,193,683