Can I retire at age 62 with 720,000?

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 $720,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.7%
1 years$59,457$58,927$58,411$57,906$57,414$55,179
2 years$29,434$28,886$28,355$27,840$27,340$25,116
3 years$19,428$18,877$18,347$17,837$17,346$15,202
4 years$14,426$13,877$13,352$12,851$12,371$10,324
5 years$11,425$10,880$10,362$9,870$9,404$7,459
6 years$9,425$8,884$8,374$7,894$7,441$5,599
7 years$7,998$7,461$6,959$6,490$6,052$4,312
8 years$6,927$6,395$5,902$5,444$5,020$3,382
9 years$6,095$5,568$5,083$4,637$4,228$2,687
10 years$5,430$4,908$4,431$3,997$3,602$2,157
11 years$4,886$4,369$3,901$3,479$3,098$1,745
12 years$4,433$3,922$3,462$3,051$2,685$1,421
13 years$4,050$3,544$3,093$2,694$2,341$1,162
14 years$3,722$3,221$2,779$2,391$2,052$954
15 years$3,438$2,943$2,509$2,133$1,807$785
16 years$3,190$2,700$2,275$1,910$1,597$648
17 years$2,971$2,487$2,070$1,716$1,416$536
18 years$2,777$2,298$1,890$1,546$1,259$445
19 years$2,603$2,130$1,730$1,397$1,122$369
20 years$2,447$1,979$1,588$1,265$1,002$307
21 years$2,306$1,843$1,461$1,148$897$255
22 years$2,178$1,721$1,346$1,044$804$212
23 years$2,061$1,609$1,243$951$722$177
24 years$1,954$1,508$1,149$867$649$147
25 years$1,856$1,415$1,065$792$584$123
26 years$1,766$1,330$987$724$526$102
27 years$1,682$1,252$917$663$474$85
28 years$1,605$1,179$852$607$428$71
29 years$1,533$1,113$793$557$386$59
30 years$1,466$1,051$739$511$349$50
31 years$1,403$993$689$469$316$41
32 years$1,344$940$643$431$285$35
33 years$1,289$890$600$397$258$29
34 years$1,238$844$561$365$234$24
35 years$1,189$800$524$336$212$20
36 years$1,144$759$490$309$192$17
37 years$1,100$721$459$285$174$14
38 years$1,060$685$430$263$158$12
39 years$1,021$652$403$242$143$10
40 years$984$620$377$224$130$8
41 years$950$590$354$206$118$7
42 years$917$562$332$190$107$6
43 years$885$536$312$176$97$5
44 years$855$511$292$162$88$4
45 years$827$487$275$150$80$3
46 years$800$464$258$138$73$3
47 years$774$443$242$128$66$2
48 years$749$423$228$118$60$2
49 years$726$404$214$109$54$2
50 years$703$386$201$101$49$1

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $720,000, adding $2,892 every year, while hoping to spend $45,311 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: 37/48/15 Blend
61$720,000$720,000$720,000$720,000
62$796,423$758,263$747,103$822,156
63$829,448$747,207$723,920$829,854
64$864,322$734,091$698,443$833,621
65$901,187$718,766$670,545$836,715
66$940,197$701,074$640,097$839,099
67$981,519$680,849$606,962$840,737
68$1,025,336$657,913$570,997$841,594
69$1,071,850$632,080$532,055$841,632
70$1,121,279$603,152$489,979$840,819
71$1,173,862$570,919$444,606$839,121
72$1,229,863$535,161$395,768$836,507
73$1,289,569$495,644$343,285$832,951
74$1,353,293$452,119$286,974$828,425
75$1,421,381$404,325$226,640$822,911
76$1,494,211$351,986$162,081$816,391
77$1,572,197$294,809$93,087$808,854
78$1,655,793$232,487$19,437$800,297
79$1,745,498$164,693$0$790,722
80$1,841,858$91,082$0$789,612
81$1,945,474$11,291$0$791,456
82$2,057,004$0$0$793,215
83$2,177,174$0$0$834,628
84$2,306,777$0$0$885,799
85$2,446,686$0$0$941,121
86$2,597,862$0$0$1,000,982
87$2,761,358$0$0$1,065,810
88$2,938,335$0$0$1,136,077
89$3,130,065$0$0$1,212,301
90$3,337,951$0$0$1,295,049
91$3,563,532$0$0$1,384,950
92$3,808,504$0$0$1,482,691
93$4,074,729$0$0$1,589,031
94$4,364,259$0$0$1,704,804
95$4,679,350$0$0$1,830,926
96$5,022,482$0$0$1,968,409
97$5,396,388$0$0$2,118,362
98$5,804,074$0$0$2,282,010
99$6,248,846$0$0$2,460,698
100$6,734,347$0$0$2,655,910