Can I retire at age 62 with 716,000?

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 $716,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.6%
1 years$59,127$58,600$58,086$57,585$57,095$55,334
2 years$29,271$28,725$28,197$27,685$27,188$25,429
3 years$19,320$18,772$18,245$17,738$17,249$15,548
4 years$14,346$13,800$13,278$12,779$12,302$10,671
5 years$11,362$10,819$10,304$9,816$9,352$7,796
6 years$9,373$8,835$8,327$7,850$7,400$5,920
7 years$7,953$7,419$6,920$6,454$6,018$4,614
8 years$6,889$6,360$5,869$5,414$4,993$3,664
9 years$6,061$5,537$5,055$4,611$4,204$2,949
10 years$5,400$4,881$4,407$3,975$3,582$2,399
11 years$4,859$4,345$3,880$3,459$3,081$1,968
12 years$4,408$3,900$3,443$3,034$2,670$1,624
13 years$4,028$3,524$3,076$2,679$2,328$1,347
14 years$3,701$3,204$2,764$2,378$2,041$1,122
15 years$3,419$2,927$2,496$2,121$1,797$938
16 years$3,172$2,685$2,263$1,899$1,588$787
17 years$2,955$2,473$2,059$1,706$1,408$661
18 years$2,761$2,285$1,879$1,538$1,252$556
19 years$2,589$2,118$1,721$1,389$1,116$469
20 years$2,433$1,968$1,579$1,258$997$396
21 years$2,293$1,833$1,452$1,142$892$335
22 years$2,166$1,711$1,339$1,038$800$283
23 years$2,050$1,600$1,236$946$718$240
24 years$1,944$1,499$1,143$862$645$203
25 years$1,846$1,407$1,059$788$581$172
26 years$1,756$1,322$982$720$523$146
27 years$1,673$1,245$912$659$471$124
28 years$1,596$1,173$848$604$425$105
29 years$1,524$1,106$789$554$384$89
30 years$1,457$1,045$735$508$347$76
31 years$1,395$988$685$467$314$64
32 years$1,337$935$639$429$284$55
33 years$1,282$885$597$395$257$46
34 years$1,231$839$558$363$233$39
35 years$1,183$796$521$334$211$34
36 years$1,137$755$488$308$191$29
37 years$1,094$717$456$284$173$24
38 years$1,054$682$427$261$157$21
39 years$1,015$648$400$241$142$18
40 years$979$617$375$222$129$15
41 years$944$587$352$205$117$13
42 years$912$559$330$189$106$11
43 years$880$533$310$175$96$9
44 years$851$508$291$161$87$8
45 years$822$484$273$149$79$7
46 years$795$462$256$138$72$6
47 years$770$441$241$127$65$5
48 years$745$421$226$117$59$4
49 years$722$402$213$109$54$3
50 years$699$384$200$100$49$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $716,000, adding $6,320 every year, while hoping to spend $45,113 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: 58/31/11 Blend
61$716,000$716,000$716,000$716,000
62$795,551$757,603$746,505$839,207
63$828,697$746,726$723,513$858,496
64$863,713$733,803$698,239$873,919
65$900,740$718,688$670,558$889,645
66$939,935$701,224$640,342$905,708
67$981,469$681,244$607,454$922,148
68$1,025,527$658,574$571,752$939,011
69$1,072,314$633,027$533,089$956,350
70$1,122,052$604,407$491,309$974,226
71$1,174,984$572,506$446,251$992,709
72$1,231,378$537,104$397,746$1,011,878
73$1,291,525$497,969$345,617$1,031,825
74$1,355,745$454,854$289,680$1,052,653
75$1,424,389$407,500$229,742$1,074,480
76$1,497,841$355,632$165,603$1,097,440
77$1,576,523$298,959$97,052$1,121,684
78$1,660,896$237,176$23,870$1,147,383
79$1,751,467$169,957$0$1,174,730
80$1,848,793$96,961$0$1,210,306
81$1,953,484$17,827$0$1,251,395
82$2,066,212$0$0$1,295,498
83$2,187,712$0$0$1,366,092
84$2,318,793$0$0$1,448,859
85$2,460,345$0$0$1,538,287
86$2,613,344$0$0$1,634,999
87$2,778,864$0$0$1,739,678
88$2,958,083$0$0$1,853,080
89$3,152,299$0$0$1,976,031
90$3,362,940$0$0$2,109,441
91$3,591,572$0$0$2,254,314
92$3,839,922$0$0$2,411,748
93$4,109,886$0$0$2,582,958
94$4,403,553$0$0$2,769,275
95$4,723,220$0$0$2,972,166
96$5,071,413$0$0$3,193,245
97$5,450,915$0$0$3,434,289
98$5,864,786$0$0$3,697,253
99$6,316,394$0$0$3,984,288
100$6,809,449$0$0$4,297,762