Can I retire at age 62 with 722,000?

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 $722,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.5%
1 years$59,622$59,091$58,573$58,067$57,573$56,736
2 years$29,516$28,966$28,433$27,917$27,416$26,574
3 years$19,482$18,930$18,398$17,887$17,394$16,574
4 years$14,466$13,915$13,389$12,886$12,405$11,614
5 years$11,457$10,910$10,391$9,898$9,430$8,669
6 years$9,452$8,909$8,397$7,915$7,462$6,732
7 years$8,020$7,481$6,978$6,508$6,069$5,370
8 years$6,947$6,413$5,918$5,459$5,034$4,367
9 years$6,112$5,584$5,097$4,650$4,240$3,603
10 years$5,445$4,922$4,444$4,008$3,612$3,006
11 years$4,900$4,382$3,912$3,488$3,107$2,531
12 years$4,445$3,933$3,472$3,060$2,692$2,145
13 years$4,061$3,554$3,102$2,701$2,348$1,829
14 years$3,732$3,230$2,787$2,398$2,058$1,567
15 years$3,448$2,951$2,516$2,139$1,812$1,348
16 years$3,199$2,708$2,282$1,915$1,601$1,163
17 years$2,979$2,494$2,076$1,720$1,420$1,007
18 years$2,784$2,304$1,895$1,551$1,263$873
19 years$2,610$2,135$1,735$1,401$1,125$759
20 years$2,454$1,984$1,592$1,269$1,005$661
21 years$2,312$1,848$1,465$1,152$900$576
22 years$2,184$1,725$1,350$1,047$806$503
23 years$2,067$1,614$1,246$954$724$440
24 years$1,960$1,512$1,153$870$651$385
25 years$1,861$1,419$1,068$794$585$337
26 years$1,771$1,334$990$726$527$296
27 years$1,687$1,255$919$665$475$259
28 years$1,609$1,183$855$609$429$228
29 years$1,537$1,116$795$559$387$200
30 years$1,470$1,054$741$513$350$175
31 years$1,407$996$691$471$316$154
32 years$1,348$942$644$433$286$136
33 years$1,293$892$602$398$259$119
34 years$1,241$846$562$366$235$105
35 years$1,193$802$526$337$212$92
36 years$1,147$761$492$310$192$81
37 years$1,103$723$460$286$174$71
38 years$1,062$687$431$264$158$63
39 years$1,024$654$404$243$143$55
40 years$987$622$378$224$130$49
41 years$952$592$355$207$118$43
42 years$919$564$333$191$107$38
43 years$888$537$312$176$97$33
44 years$858$512$293$163$88$29
45 years$829$488$275$150$80$26
46 years$802$466$259$139$73$23
47 years$776$444$243$128$66$20
48 years$751$424$228$118$60$18
49 years$728$405$215$109$54$15
50 years$705$387$202$101$49$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $722,000, adding $5,380 every year, while hoping to spend $39,567 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: 58/23/19 Blend
61$722,000$722,000$722,000$722,000
62$801,193$762,927$751,736$843,351
63$840,816$758,212$734,821$867,876
64$883,154$751,939$716,012$889,832
65$928,443$743,991$695,205$912,880
66$976,940$734,243$672,291$937,135
67$1,028,929$722,561$647,153$962,721
68$1,084,719$708,806$619,672$989,780
69$1,144,651$692,828$589,722$1,018,469
70$1,209,099$674,471$557,171$1,048,963
71$1,278,473$653,565$521,882$1,081,457
72$1,353,223$629,936$483,711$1,116,169
73$1,433,845$603,396$442,509$1,153,340
74$1,520,882$573,747$398,118$1,193,239
75$1,614,932$540,781$350,374$1,236,166
76$1,716,650$504,274$299,107$1,282,453
77$1,826,759$463,995$244,138$1,332,471
78$1,946,052$419,694$185,280$1,386,629
79$2,075,402$371,111$122,339$1,445,385
80$2,215,767$317,970$55,112$1,509,245
81$2,368,202$259,977$0$1,578,772
82$2,533,868$196,826$0$1,657,961
83$2,714,042$128,189$0$1,756,275
84$2,910,127$53,724$0$1,863,344
85$3,123,670$0$0$1,980,067
86$3,356,370$0$0$2,114,256
87$3,610,100$0$0$2,275,454
88$3,886,918$0$0$2,451,378
89$4,189,092$0$0$2,643,476
90$4,519,118$0$0$2,853,344
91$4,879,743$0$0$3,082,735
92$5,273,992$0$0$3,333,583
93$5,705,194$0$0$3,608,014
94$6,177,016$0$0$3,908,370
95$6,693,495$0$0$4,237,231
96$7,259,078$0$0$4,597,438
97$7,878,660$0$0$4,992,119
98$8,557,632$0$0$5,424,717
99$9,301,933$0$0$5,899,028
100$10,118,103$0$0$6,419,230