Can I retire at age 62 with 720,000?

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 $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%15.5%
1 years$59,457$58,927$58,411$57,906$57,414$56,117
2 years$29,434$28,886$28,355$27,840$27,340$26,040
3 years$19,428$18,877$18,347$17,837$17,346$16,084
4 years$14,426$13,877$13,352$12,851$12,371$11,157
5 years$11,425$10,880$10,362$9,870$9,404$8,241
6 years$9,425$8,884$8,374$7,894$7,441$6,330
7 years$7,998$7,461$6,959$6,490$6,052$4,993
8 years$6,927$6,395$5,902$5,444$5,020$4,014
9 years$6,095$5,568$5,083$4,637$4,228$3,272
10 years$5,430$4,908$4,431$3,997$3,602$2,697
11 years$4,886$4,369$3,901$3,479$3,098$2,242
12 years$4,433$3,922$3,462$3,051$2,685$1,876
13 years$4,050$3,544$3,093$2,694$2,341$1,579
14 years$3,722$3,221$2,779$2,391$2,052$1,334
15 years$3,438$2,943$2,509$2,133$1,807$1,132
16 years$3,190$2,700$2,275$1,910$1,597$963
17 years$2,971$2,487$2,070$1,716$1,416$822
18 years$2,777$2,298$1,890$1,546$1,259$703
19 years$2,603$2,130$1,730$1,397$1,122$602
20 years$2,447$1,979$1,588$1,265$1,002$516
21 years$2,306$1,843$1,461$1,148$897$443
22 years$2,178$1,721$1,346$1,044$804$381
23 years$2,061$1,609$1,243$951$722$328
24 years$1,954$1,508$1,149$867$649$283
25 years$1,856$1,415$1,065$792$584$244
26 years$1,766$1,330$987$724$526$210
27 years$1,682$1,252$917$663$474$181
28 years$1,605$1,179$852$607$428$157
29 years$1,533$1,113$793$557$386$135
30 years$1,466$1,051$739$511$349$117
31 years$1,403$993$689$469$316$101
32 years$1,344$940$643$431$285$87
33 years$1,289$890$600$397$258$76
34 years$1,238$844$561$365$234$65
35 years$1,189$800$524$336$212$56
36 years$1,144$759$490$309$192$49
37 years$1,100$721$459$285$174$42
38 years$1,060$685$430$263$158$37
39 years$1,021$652$403$242$143$32
40 years$984$620$377$224$130$27
41 years$950$590$354$206$118$24
42 years$917$562$332$190$107$21
43 years$885$536$312$176$97$18
44 years$855$511$292$162$88$15
45 years$827$487$275$150$80$13
46 years$800$464$258$138$73$12
47 years$774$443$242$128$66$10
48 years$749$423$228$118$60$9
49 years$726$404$214$109$54$7
50 years$703$386$201$101$49$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $720,000, adding $2,471 every year, while hoping to spend $22,526 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: 36/47/17 Blend
61$720,000$720,000$720,000$720,000
62$795,989$757,829$746,669$820,436
63$853,212$770,995$747,715$851,548
64$915,517$784,051$748,041$882,810
65$983,399$796,969$747,599$916,082
66$1,057,401$809,715$746,339$951,556
67$1,138,123$822,258$744,208$989,444
68$1,226,224$834,561$741,151$1,029,979
69$1,322,429$846,585$737,111$1,073,422
70$1,427,538$858,289$732,025$1,120,057
71$1,542,430$869,629$725,831$1,170,201
72$1,668,074$880,556$718,462$1,224,202
73$1,805,535$891,021$709,848$1,282,447
74$1,955,987$900,969$699,916$1,345,362
75$2,120,724$910,342$688,589$1,413,417
76$2,301,169$919,080$675,788$1,487,134
77$2,498,889$927,116$661,427$1,567,086
78$2,715,611$934,380$645,420$1,653,909
79$2,953,236$940,798$627,675$1,748,305
80$3,213,859$946,290$608,095$1,851,048
81$3,499,787$950,772$586,581$1,962,995
82$3,813,560$954,154$563,026$2,085,091
83$4,157,976$956,342$537,321$2,218,379
84$4,536,120$957,232$509,351$2,364,013
85$4,951,386$956,718$478,996$2,523,265
86$5,407,515$954,685$446,130$2,697,542
87$5,908,629$951,012$410,623$2,888,395
88$6,459,267$945,570$372,337$3,097,539
89$7,064,431$938,222$331,129$3,326,864
90$7,729,631$928,822$286,849$3,578,458
91$8,460,937$917,218$239,342$3,854,628
92$9,265,037$903,246$188,445$4,157,918
93$10,149,299$886,734$133,986$4,491,134
94$11,121,842$867,498$75,789$4,857,378
95$12,191,610$845,345$13,668$5,260,069
96$13,368,457$820,070$0$5,702,982
97$14,663,241$791,455$0$6,199,827
98$16,087,927$759,272$0$6,748,922
99$17,655,695$723,275$0$7,352,893
100$19,381,069$683,209$0$8,017,376