Can I retire at age 62 with 721,000?

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 $721,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.3%
1 years$59,540$59,009$58,492$57,987$57,494$56,013
2 years$29,475$28,926$28,394$27,878$27,378$25,896
3 years$19,455$18,903$18,373$17,862$17,370$15,933
4 years$14,446$13,896$13,371$12,868$12,388$11,007
5 years$11,441$10,895$10,376$9,884$9,417$8,097
6 years$9,439$8,896$8,386$7,904$7,452$6,192
7 years$8,009$7,471$6,968$6,499$6,060$4,862
8 years$6,937$6,404$5,910$5,452$5,027$3,890
9 years$6,104$5,576$5,090$4,644$4,234$3,157
10 years$5,438$4,915$4,438$4,003$3,607$2,589
11 years$4,893$4,375$3,907$3,484$3,103$2,141
12 years$4,439$3,927$3,467$3,056$2,689$1,782
13 years$4,056$3,549$3,098$2,698$2,345$1,492
14 years$3,727$3,226$2,783$2,395$2,055$1,254
15 years$3,443$2,947$2,513$2,136$1,810$1,058
16 years$3,194$2,704$2,278$1,912$1,599$895
17 years$2,975$2,490$2,073$1,718$1,418$759
18 years$2,781$2,301$1,893$1,548$1,261$645
19 years$2,607$2,133$1,733$1,399$1,124$549
20 years$2,450$1,982$1,590$1,267$1,004$468
21 years$2,309$1,846$1,463$1,150$898$400
22 years$2,181$1,723$1,348$1,046$805$342
23 years$2,064$1,611$1,245$952$723$292
24 years$1,957$1,510$1,151$869$650$250
25 years$1,859$1,417$1,066$793$585$214
26 years$1,768$1,332$989$725$527$184
27 years$1,685$1,253$918$664$475$157
28 years$1,607$1,181$854$608$428$135
29 years$1,535$1,114$794$558$387$116
30 years$1,468$1,052$740$512$350$99
31 years$1,405$995$690$470$316$85
32 years$1,346$941$644$432$286$73
33 years$1,291$891$601$397$259$63
34 years$1,240$845$561$366$234$54
35 years$1,191$801$525$337$212$46
36 years$1,145$760$491$310$192$40
37 years$1,102$722$460$286$174$34
38 years$1,061$686$430$263$158$30
39 years$1,022$653$403$243$143$25
40 years$986$621$378$224$130$22
41 years$951$591$354$207$118$19
42 years$918$563$332$191$107$16
43 years$887$536$312$176$97$14
44 years$857$511$293$162$88$12
45 years$828$488$275$150$80$10
46 years$801$465$258$139$73$9
47 years$775$444$243$128$66$8
48 years$750$424$228$118$60$7
49 years$727$405$214$109$54$6
50 years$704$387$201$101$49$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $721,000, adding $6,586 every year, while hoping to spend $58,470 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: 60/14/26 Blend
61$721,000$721,000$721,000$721,000
62$801,335$763,122$751,947$843,449
63$820,860$738,304$714,926$848,064
64$840,416$710,309$674,704$846,226
65$859,946$678,922$631,114$842,971
66$879,383$643,911$583,979$838,175
67$898,652$605,034$533,114$831,704
68$917,667$562,034$478,326$823,410
69$936,334$514,638$419,414$813,137
70$954,544$462,560$356,169$800,716
71$972,177$405,495$288,370$785,963
72$989,097$343,122$215,788$768,680
73$1,005,152$275,102$138,184$748,652
74$1,020,172$201,077$55,308$725,647
75$1,033,968$120,668$0$699,416
76$1,046,328$33,476$0$678,878
77$1,057,016$0$0$671,519
78$1,065,769$0$0$671,124
79$1,072,294$0$0$674,381
80$1,076,266$0$0$675,917
81$1,077,324$0$0$675,491
82$1,075,064$0$0$672,837
83$1,069,041$0$0$667,658
84$1,058,760$0$0$659,625
85$1,043,671$0$0$648,375
86$1,023,166$0$0$633,504
87$996,571$0$0$614,564
88$963,138$0$0$591,060
89$922,039$0$0$562,444
90$872,359$0$0$528,109
91$813,085$0$0$487,383
92$743,094$0$0$439,523
93$661,147$0$0$383,707
94$565,873$0$0$319,029
95$455,755$0$0$244,482
96$329,119$0$0$158,959
97$184,112$0$0$61,233
98$18,689$0$0$0
99$0$0$0$0
100$0$0$0$0