Can I retire at age 62 with 744,000?

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 $744,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.7%
1 years$61,439$60,892$60,358$59,836$59,328$57,245
2 years$30,415$29,849$29,300$28,768$28,251$26,175
3 years$20,075$19,507$18,959$18,432$17,924$15,919
4 years$14,907$14,339$13,797$13,279$12,783$10,866
5 years$11,806$11,242$10,707$10,200$9,718$7,892
6 years$9,740$9,180$8,653$8,157$7,689$5,957
7 years$8,264$7,709$7,191$6,706$6,253$4,614
8 years$7,158$6,608$6,098$5,626$5,188$3,640
9 years$6,298$5,754$5,252$4,792$4,369$2,911
10 years$5,611$5,072$4,579$4,130$3,723$2,351
11 years$5,049$4,515$4,031$3,595$3,202$1,915
12 years$4,581$4,052$3,578$3,153$2,774$1,569
13 years$4,185$3,662$3,197$2,784$2,419$1,292
14 years$3,846$3,329$2,872$2,471$2,121$1,068
15 years$3,553$3,041$2,593$2,204$1,867$886
16 years$3,296$2,790$2,351$1,973$1,650$737
17 years$3,070$2,570$2,139$1,773$1,463$614
18 years$2,869$2,374$1,953$1,598$1,301$513
19 years$2,690$2,201$1,788$1,444$1,160$429
20 years$2,529$2,045$1,641$1,308$1,036$359
21 years$2,383$1,905$1,509$1,187$927$301
22 years$2,251$1,778$1,391$1,079$831$252
23 years$2,130$1,663$1,284$983$746$212
24 years$2,020$1,558$1,188$896$670$178
25 years$1,918$1,462$1,100$818$603$149
26 years$1,825$1,374$1,020$748$543$126
27 years$1,738$1,293$947$685$490$106
28 years$1,658$1,219$881$628$442$89
29 years$1,584$1,150$820$576$399$75
30 years$1,514$1,086$763$528$361$63
31 years$1,450$1,026$712$485$326$53
32 years$1,389$971$664$446$295$45
33 years$1,332$920$620$410$267$38
34 years$1,279$872$579$377$242$32
35 years$1,229$827$542$347$219$27
36 years$1,182$785$507$320$198$22
37 years$1,137$745$474$295$180$19
38 years$1,095$708$444$272$163$16
39 years$1,055$674$416$250$148$13
40 years$1,017$641$390$231$134$11
41 years$981$610$366$213$122$9
42 years$947$581$343$197$110$8
43 years$915$553$322$182$100$7
44 years$884$528$302$168$91$6
45 years$855$503$284$155$83$5
46 years$827$480$266$143$75$4
47 years$800$458$250$132$68$3
48 years$774$437$235$122$62$3
49 years$750$418$221$113$56$2
50 years$726$399$208$104$51$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $744,000, adding $3,103 every year, while hoping to spend $30,188 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: 72/7/21 Blend
61$744,000$744,000$744,000$744,000
62$823,089$783,657$772,125$877,925
63$874,924$789,936$765,871$921,121
64$931,035$795,511$758,396$964,513
65$991,825$800,316$749,627$1,011,284
66$1,057,739$804,280$739,488$1,061,764
67$1,129,267$807,328$727,899$1,116,318
68$1,206,944$809,379$714,776$1,175,349
69$1,291,364$810,350$700,032$1,239,301
70$1,383,175$810,149$683,575$1,308,664
71$1,483,094$808,681$665,310$1,383,977
72$1,591,908$805,845$645,136$1,465,836
73$1,710,483$801,533$622,949$1,554,899
74$1,839,774$795,629$598,639$1,651,890
75$1,980,829$788,013$572,092$1,757,607
76$2,134,804$778,556$543,187$1,872,932
77$2,302,970$767,121$511,800$1,998,837
78$2,486,726$753,564$477,799$2,136,393
79$2,687,616$737,731$441,048$2,286,783
80$2,907,333$719,461$401,404$2,451,309
81$3,147,748$698,582$358,718$2,631,411
82$3,410,917$674,911$312,834$2,828,671
83$3,699,106$648,256$263,589$3,044,839
84$4,014,808$618,414$210,813$3,281,842
85$4,360,771$585,170$154,328$3,541,806
86$4,740,021$548,294$93,949$3,827,074
87$5,155,890$507,547$29,483$4,140,230
88$5,612,047$462,673$0$4,484,125
89$6,112,535$413,404$0$4,870,709
90$6,661,807$359,454$0$5,302,260
91$7,264,768$300,523$0$5,776,034
92$7,926,819$236,294$0$6,296,295
93$8,653,912$166,430$0$6,867,739
94$9,452,603$90,577$0$7,495,541
95$10,330,115$8,361$0$8,185,404
96$11,294,403$0$0$8,943,612
97$12,354,233$0$0$9,783,298
98$13,519,262$0$0$10,707,078
99$14,800,127$0$0$11,722,750
100$16,208,551$0$0$12,839,611