Can I retire at age 60 with 712,000?

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 $712,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.6%
1 years$58,796$58,273$57,762$57,263$56,776$55,025
2 years$29,107$28,565$28,040$27,530$27,036$25,287
3 years$19,212$18,668$18,143$17,639$17,153$15,461
4 years$14,265$13,723$13,204$12,708$12,234$10,612
5 years$11,298$10,759$10,247$9,761$9,300$7,752
6 years$9,321$8,785$8,281$7,806$7,359$5,887
7 years$7,909$7,378$6,881$6,418$5,984$4,588
8 years$6,850$6,324$5,836$5,384$4,965$3,643
9 years$6,028$5,506$5,027$4,586$4,181$2,933
10 years$5,370$4,854$4,382$3,953$3,562$2,386
11 years$4,832$4,321$3,858$3,440$3,064$1,957
12 years$4,384$3,878$3,424$3,017$2,655$1,615
13 years$4,005$3,505$3,059$2,664$2,315$1,340
14 years$3,681$3,186$2,749$2,365$2,030$1,116
15 years$3,400$2,910$2,482$2,109$1,787$933
16 years$3,154$2,670$2,250$1,888$1,579$782
17 years$2,938$2,459$2,047$1,697$1,400$657
18 years$2,746$2,272$1,869$1,529$1,245$553
19 years$2,574$2,106$1,711$1,382$1,110$466
20 years$2,420$1,957$1,570$1,251$991$394
21 years$2,280$1,823$1,444$1,136$887$333
22 years$2,154$1,701$1,331$1,033$795$282
23 years$2,038$1,591$1,229$940$714$238
24 years$1,933$1,491$1,137$858$642$202
25 years$1,836$1,399$1,053$783$577$171
26 years$1,746$1,315$976$716$520$145
27 years$1,664$1,238$907$656$469$123
28 years$1,587$1,166$843$601$423$105
29 years$1,516$1,100$784$551$382$89
30 years$1,449$1,039$731$505$345$75
31 years$1,387$982$681$464$312$64
32 years$1,329$929$636$427$282$54
33 years$1,275$880$593$392$255$46
34 years$1,224$834$554$361$231$39
35 years$1,176$791$518$332$209$33
36 years$1,131$751$485$306$190$28
37 years$1,088$713$454$282$172$24
38 years$1,048$678$425$260$156$20
39 years$1,010$645$398$240$141$17
40 years$973$613$373$221$128$15
41 years$939$584$350$204$116$13
42 years$906$556$328$188$106$11
43 years$875$530$308$174$96$9
44 years$846$505$289$160$87$8
45 years$818$481$272$148$79$7
46 years$791$459$255$137$72$6
47 years$765$438$240$126$65$5
48 years$741$418$225$117$59$4
49 years$718$400$212$108$54$3
50 years$695$382$199$100$49$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $712,000, adding $6,505 every year, while hoping to spend $41,015 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: 74/21/5 Blend
59$712,000$712,000$712,000$712,000
60$791,334$753,598$742,562$849,112
61$828,410$746,885$723,798$881,302
62$867,894$738,468$703,031$910,693
63$909,987$728,220$680,150$941,703
64$954,911$716,008$655,041$974,477
65$1,002,908$701,689$627,581$1,009,177
66$1,054,245$685,112$597,645$1,045,978
67$1,109,213$666,118$565,101$1,085,078
68$1,168,132$644,537$529,811$1,126,692
69$1,231,352$620,190$491,631$1,171,061
70$1,299,260$592,889$450,410$1,218,448
71$1,372,277$562,433$405,991$1,269,146
72$1,450,867$528,610$358,210$1,323,478
73$1,535,539$491,196$306,894$1,381,802
74$1,626,854$449,954$251,865$1,444,513
75$1,725,426$404,634$192,935$1,512,048
76$1,831,929$354,972$129,908$1,584,888
77$1,947,108$300,687$62,582$1,663,568
78$2,071,776$241,484$0$1,748,676
79$2,206,832$177,052$0$1,841,358
80$2,353,261$107,060$0$1,945,436
81$2,512,148$31,160$0$2,058,373
82$2,684,685$0$0$2,181,063
83$2,872,185$0$0$2,326,278
84$3,076,090$0$0$2,492,057
85$3,297,987$0$0$2,672,492
86$3,539,625$0$0$2,869,009
87$3,802,925$0$0$3,083,174
88$4,090,002$0$0$3,316,711
89$4,403,186$0$0$3,571,520
90$4,745,038$0$0$3,849,690
91$5,118,380$0$0$4,153,519
92$5,526,318$0$0$4,485,541
93$5,972,269$0$0$4,848,542
94$6,460,000$0$0$5,245,592
95$6,993,653$0$0$5,680,070
96$7,577,793$0$0$6,155,697
97$8,217,446$0$0$6,676,569
98$8,918,144$0$0$7,247,200
99$9,685,983$0$0$7,872,558
100$10,527,675$0$0$8,558,117