Can I retire at age 62 with 488,000?

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 $488,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.2%
1 years$40,299$39,940$39,589$39,248$38,914$37,623
2 years$19,950$19,578$19,218$18,869$18,530$17,242
3 years$13,168$12,795$12,435$12,090$11,756$10,512
4 years$9,777$9,405$9,050$8,710$8,385$7,193
5 years$7,744$7,374$7,023$6,690$6,374$5,238
6 years$6,388$6,021$5,676$5,350$5,044$3,965
7 years$5,421$5,057$4,716$4,399$4,102$3,080
8 years$4,695$4,335$4,000$3,690$3,403$2,437
9 years$4,131$3,774$3,445$3,143$2,866$1,954
10 years$3,680$3,327$3,004$2,709$2,442$1,584
11 years$3,312$2,961$2,644$2,358$2,100$1,294
12 years$3,005$2,658$2,347$2,068$1,820$1,064
13 years$2,745$2,402$2,097$1,826$1,587$879
14 years$2,523$2,183$1,884$1,621$1,391$729
15 years$2,330$1,995$1,701$1,445$1,225$607
16 years$2,162$1,830$1,542$1,294$1,082$507
17 years$2,014$1,685$1,403$1,163$960$424
18 years$1,882$1,557$1,281$1,048$853$355
19 years$1,764$1,443$1,173$947$761$298
20 years$1,659$1,341$1,076$858$679$250
21 years$1,563$1,249$990$778$608$211
22 years$1,476$1,166$912$708$545$177
23 years$1,397$1,091$842$645$489$150
24 years$1,325$1,022$779$588$440$126
25 years$1,258$959$722$537$396$106
26 years$1,197$901$669$491$356$90
27 years$1,140$848$621$449$321$76
28 years$1,088$799$578$412$290$64
29 years$1,039$754$538$378$262$54
30 years$993$712$501$346$237$46
31 years$951$673$467$318$214$39
32 years$911$637$436$292$193$33
33 years$874$603$407$269$175$28
34 years$839$572$380$247$159$23
35 years$806$542$355$228$144$20
36 years$775$515$332$210$130$17
37 years$746$489$311$193$118$14
38 years$718$465$291$178$107$12
39 years$692$442$273$164$97$10
40 years$667$420$256$152$88$9
41 years$644$400$240$140$80$7
42 years$621$381$225$129$72$6
43 years$600$363$211$119$66$5
44 years$580$346$198$110$60$4
45 years$561$330$186$102$54$4
46 years$542$315$175$94$49$3
47 years$525$300$164$87$45$3
48 years$508$287$154$80$41$2
49 years$492$274$145$74$37$2
50 years$476$262$136$68$33$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $488,000, adding $5,120 every year, while hoping to spend $54,080 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: 34/44/22 Blend
61$488,000$488,000$488,000$488,000
62$543,057$517,193$509,629$557,727
63$540,908$484,995$469,161$536,855
64$536,728$449,407$425,525$509,056
65$530,251$410,205$378,557$477,975
66$521,185$367,153$328,087$443,355
67$509,206$320,003$273,938$404,919
68$493,952$268,491$215,922$362,367
69$475,026$212,338$153,846$315,378
70$451,986$151,250$87,508$263,605
71$424,345$84,917$16,695$206,674
72$391,560$13,010$0$144,181
73$353,036$0$0$89,510
74$308,111$0$0$64,833
75$256,054$0$0$43,734
76$196,057$0$0$19,610
77$127,228$0$0$0
78$48,580$0$0$0
79$0$0$0$0
80$0$0$0$0
81$0$0$0$0
82$0$0$0$0
83$0$0$0$0
84$0$0$0$0
85$0$0$0$0
86$0$0$0$0
87$0$0$0$0
88$0$0$0$0
89$0$0$0$0
90$0$0$0$0
91$0$0$0$0
92$0$0$0$0
93$0$0$0$0
94$0$0$0$0
95$0$0$0$0
96$0$0$0$0
97$0$0$0$0
98$0$0$0$0
99$0$0$0$0
100$0$0$0$0