Can I retire at age 62 with 723,000?

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 $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%11.2%
1 years$59,705$59,173$58,654$58,148$57,653$57,362
2 years$29,557$29,006$28,473$27,956$27,454$27,160
3 years$19,509$18,956$18,424$17,911$17,418$17,130
4 years$14,486$13,935$13,408$12,904$12,423$12,144
5 years$11,473$10,925$10,405$9,912$9,443$9,174
6 years$9,465$8,921$8,409$7,926$7,472$7,213
7 years$8,031$7,492$6,988$6,517$6,077$5,827
8 years$6,956$6,422$5,926$5,467$5,041$4,802
9 years$6,121$5,591$5,104$4,656$4,246$4,016
10 years$5,453$4,929$4,450$4,014$3,617$3,397
11 years$4,906$4,388$3,918$3,493$3,111$2,901
12 years$4,452$3,938$3,477$3,064$2,696$2,495
13 years$4,067$3,559$3,106$2,705$2,351$2,159
14 years$3,738$3,235$2,791$2,401$2,061$1,878
15 years$3,452$2,955$2,520$2,142$1,815$1,641
16 years$3,203$2,711$2,285$1,918$1,604$1,439
17 years$2,983$2,497$2,079$1,723$1,422$1,265
18 years$2,788$2,307$1,898$1,553$1,264$1,116
19 years$2,614$2,138$1,737$1,403$1,127$986
20 years$2,457$1,987$1,594$1,271$1,007$873
21 years$2,316$1,851$1,467$1,153$901$775
22 years$2,187$1,728$1,352$1,049$807$688
23 years$2,070$1,616$1,248$955$725$612
24 years$1,963$1,514$1,154$871$651$545
25 years$1,864$1,421$1,069$795$586$486
26 years$1,773$1,335$992$727$528$434
27 years$1,689$1,257$921$666$476$388
28 years$1,611$1,184$856$610$430$347
29 years$1,539$1,117$796$559$388$310
30 years$1,472$1,055$742$513$350$277
31 years$1,409$997$692$471$317$248
32 years$1,350$944$645$433$287$222
33 years$1,295$894$603$398$259$199
34 years$1,243$847$563$367$235$179
35 years$1,194$803$526$337$213$160
36 years$1,148$763$492$311$193$144
37 years$1,105$724$461$286$175$129
38 years$1,064$688$432$264$158$116
39 years$1,025$655$404$243$144$104
40 years$988$623$379$224$130$93
41 years$954$593$355$207$118$84
42 years$920$565$333$191$107$75
43 years$889$538$313$176$97$68
44 years$859$513$294$163$88$61
45 years$830$489$276$150$80$55
46 years$803$466$259$139$73$49
47 years$777$445$243$128$66$44
48 years$752$425$229$119$60$40
49 years$729$406$215$110$55$36
50 years$706$388$202$101$50$32

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $723,000, adding $3,028 every year, while hoping to spend $24,905 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: 60/17/23 Blend
61$723,000$723,000$723,000$723,000
62$799,869$761,550$750,344$842,800
63$854,957$772,368$748,982$883,117
64$914,830$782,880$746,739$924,111
65$979,948$793,047$743,560$968,291
66$1,050,820$802,824$739,387$1,015,972
67$1,128,005$812,163$734,158$1,067,500
68$1,212,118$821,016$727,809$1,123,258
69$1,303,835$829,327$720,272$1,183,667
70$1,403,903$837,040$711,477$1,249,194
71$1,513,140$844,094$701,351$1,320,353
72$1,632,450$850,424$689,815$1,397,710
73$1,762,825$855,961$676,790$1,481,891
74$1,905,361$860,631$662,190$1,573,586
75$2,061,262$864,355$645,927$1,673,556
76$2,231,853$867,051$627,908$1,782,642
77$2,418,595$868,630$608,037$1,901,771
78$2,623,097$868,998$586,211$2,031,964
79$2,847,128$868,054$562,324$2,174,350
80$3,092,640$865,694$536,267$2,330,173
81$3,361,779$861,803$507,922$2,500,806
82$3,656,912$856,263$477,169$2,687,763
83$3,980,644$848,947$443,881$2,892,713
84$4,335,845$839,720$407,926$3,117,499
85$4,725,675$828,440$369,165$3,364,154
86$5,153,616$814,956$327,455$3,634,916
87$5,623,504$799,108$282,643$3,932,260
88$6,139,563$780,726$234,574$4,258,909
89$6,706,448$759,631$183,081$4,617,872
90$7,329,286$735,633$127,995$5,012,462
91$8,013,724$708,530$69,134$5,446,337
92$8,765,986$678,110$6,312$5,923,529
93$9,592,927$644,148$0$6,448,483
94$10,502,100$606,405$0$7,041,007
95$11,501,825$564,630$0$7,694,225
96$12,601,270$518,556$0$8,412,600
97$13,810,535$467,901$0$9,202,761
98$15,140,750$412,368$0$10,072,011
99$16,604,175$351,643$0$11,028,402
100$18,214,320$285,393$0$12,080,806