Can I retire at age 62 with 723,000?

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 $723,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.4%
1 years$59,705$59,173$58,654$58,148$57,653$56,145
2 years$29,557$29,006$28,473$27,956$27,454$25,945
3 years$19,509$18,956$18,424$17,911$17,418$15,955
4 years$14,486$13,935$13,408$12,904$12,423$11,018
5 years$11,473$10,925$10,405$9,912$9,443$8,100
6 years$9,465$8,921$8,409$7,926$7,472$6,191
7 years$8,031$7,492$6,988$6,517$6,077$4,859
8 years$6,956$6,422$5,926$5,467$5,041$3,885
9 years$6,121$5,591$5,104$4,656$4,246$3,151
10 years$5,453$4,929$4,450$4,014$3,617$2,582
11 years$4,906$4,388$3,918$3,493$3,111$2,134
12 years$4,452$3,938$3,477$3,064$2,696$1,775
13 years$4,067$3,559$3,106$2,705$2,351$1,485
14 years$3,738$3,235$2,791$2,401$2,061$1,247
15 years$3,452$2,955$2,520$2,142$1,815$1,052
16 years$3,203$2,711$2,285$1,918$1,604$889
17 years$2,983$2,497$2,079$1,723$1,422$754
18 years$2,788$2,307$1,898$1,553$1,264$640
19 years$2,614$2,138$1,737$1,403$1,127$545
20 years$2,457$1,987$1,594$1,271$1,007$464
21 years$2,316$1,851$1,467$1,153$901$396
22 years$2,187$1,728$1,352$1,049$807$338
23 years$2,070$1,616$1,248$955$725$289
24 years$1,963$1,514$1,154$871$651$247
25 years$1,864$1,421$1,069$795$586$211
26 years$1,773$1,335$992$727$528$181
27 years$1,689$1,257$921$666$476$155
28 years$1,611$1,184$856$610$430$133
29 years$1,539$1,117$796$559$388$114
30 years$1,472$1,055$742$513$350$98
31 years$1,409$997$692$471$317$84
32 years$1,350$944$645$433$287$72
33 years$1,295$894$603$398$259$62
34 years$1,243$847$563$367$235$53
35 years$1,194$803$526$337$213$45
36 years$1,148$763$492$311$193$39
37 years$1,105$724$461$286$175$34
38 years$1,064$688$432$264$158$29
39 years$1,025$655$404$243$144$25
40 years$988$623$379$224$130$21
41 years$954$593$355$207$118$18
42 years$920$565$333$191$107$16
43 years$889$538$313$176$97$13
44 years$859$513$294$163$88$12
45 years$830$489$276$150$80$10
46 years$803$466$259$139$73$9
47 years$777$445$243$128$66$7
48 years$752$425$229$119$60$6
49 years$729$406$215$110$55$5
50 years$706$388$202$101$50$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $723,000, adding $5,415 every year, while hoping to spend $25,299 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: 50/39/11 Blend
61$723,000$723,000$723,000$723,000
62$802,332$764,013$752,806$839,820
63$857,251$774,531$751,107$876,590
64$916,925$784,717$748,503$913,404
65$981,811$794,528$744,938$952,829
66$1,052,413$803,917$740,351$995,117
67$1,129,286$812,836$734,679$1,040,547
68$1,213,040$821,232$727,858$1,089,425
69$1,304,347$829,049$719,818$1,142,092
70$1,403,946$836,228$710,487$1,198,923
71$1,512,650$842,705$699,790$1,260,330
72$1,631,355$848,412$687,648$1,326,772
73$1,761,048$853,279$673,979$1,398,752
74$1,902,813$857,227$658,695$1,476,828
75$2,057,845$860,177$641,706$1,561,614
76$2,227,461$862,041$622,919$1,653,790
77$2,413,108$862,727$602,233$1,754,104
78$2,616,382$862,138$579,545$1,863,384
79$2,839,040$860,170$554,747$1,982,544
80$3,083,016$856,712$527,725$2,112,591
81$3,350,442$851,649$498,361$2,254,639
82$3,643,663$844,856$466,532$2,409,916
83$3,965,264$836,201$432,109$2,579,776
84$4,318,091$825,546$394,955$2,765,718
85$4,705,281$812,742$354,931$2,969,391
86$5,130,287$797,633$311,888$3,192,618
87$5,596,912$780,054$265,672$3,437,411
88$6,109,349$759,828$216,124$3,705,988
89$6,672,213$736,770$163,075$4,000,798
90$7,290,590$710,683$106,349$4,324,542
91$7,970,083$681,359$45,764$4,680,203
92$8,716,863$648,577$0$5,071,069
93$9,537,731$612,105$0$5,502,985
94$10,440,177$571,696$0$5,983,615
95$11,432,455$527,088$0$6,512,023
96$12,523,657$478,008$0$7,093,105
97$13,723,803$424,163$0$7,732,263
98$15,043,930$365,246$0$8,435,452
99$16,496,199$300,931$0$9,209,240
100$18,094,010$230,875$0$10,060,870