Can I retire at age 62 with 497,000?

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 $497,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.1%
1 years$41,042$40,676$40,320$39,971$39,631$38,642
2 years$20,318$19,939$19,573$19,217$18,872$17,882
3 years$13,411$13,031$12,665$12,313$11,973$11,013
4 years$9,958$9,579$9,217$8,870$8,539$7,616
5 years$7,887$7,510$7,153$6,813$6,492$5,608
6 years$6,506$6,132$5,780$5,449$5,137$4,293
7 years$5,521$5,150$4,803$4,480$4,177$3,375
8 years$4,782$4,415$4,074$3,758$3,466$2,704
9 years$4,207$3,844$3,509$3,201$2,918$2,196
10 years$3,748$3,388$3,059$2,759$2,487$1,803
11 years$3,373$3,016$2,693$2,401$2,139$1,493
12 years$3,060$2,707$2,390$2,106$1,853$1,245
13 years$2,796$2,446$2,135$1,860$1,616$1,043
14 years$2,569$2,224$1,919$1,651$1,417$878
15 years$2,373$2,031$1,732$1,472$1,247$742
16 years$2,202$1,864$1,571$1,318$1,102$629
17 years$2,051$1,716$1,429$1,184$977$534
18 years$1,917$1,586$1,305$1,067$869$454
19 years$1,797$1,470$1,194$964$775$388
20 years$1,689$1,366$1,096$873$692$331
21 years$1,592$1,272$1,008$793$619$283
22 years$1,503$1,188$929$721$555$242
23 years$1,423$1,111$858$656$498$207
24 years$1,349$1,041$793$599$448$178
25 years$1,281$977$735$547$403$153
26 years$1,219$918$682$500$363$131
27 years$1,161$864$633$458$327$113
28 years$1,108$814$588$419$295$97
29 years$1,058$768$548$384$267$83
30 years$1,012$725$510$353$241$71
31 years$968$686$475$324$218$61
32 years$928$649$444$298$197$53
33 years$890$614$414$274$178$45
34 years$854$582$387$252$161$39
35 years$821$552$362$232$146$34
36 years$789$524$338$214$132$29
37 years$760$498$317$197$120$25
38 years$731$473$297$181$109$21
39 years$705$450$278$167$99$18
40 years$679$428$261$154$90$16
41 years$656$407$244$142$81$14
42 years$633$388$229$131$74$12
43 years$611$370$215$121$67$10
44 years$591$352$202$112$61$9
45 years$571$336$190$103$55$8
46 years$552$321$178$96$50$6
47 years$534$306$167$88$45$6
48 years$517$292$157$82$41$5
49 years$501$279$148$75$37$4
50 years$485$266$139$70$34$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $497,000, adding $3,090 every year, while hoping to spend $36,796 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: 42/39/19 Blend
61$497,000$497,000$497,000$497,000
62$550,881$524,540$516,837$570,836
63$567,921$511,092$495,000$571,825
64$585,465$495,752$471,199$569,079
65$603,526$478,388$445,328$565,342
66$622,117$458,860$417,278$560,539
67$641,252$437,023$386,935$554,596
68$660,942$412,719$354,180$547,430
69$681,200$385,785$318,887$538,955
70$702,039$356,045$280,926$529,080
71$723,471$323,315$240,162$517,710
72$745,509$287,402$196,451$504,742
73$768,164$248,098$149,646$490,069
74$791,449$205,186$99,591$473,576
75$815,374$158,438$46,124$455,144
76$839,950$107,609$0$434,644
77$865,187$52,444$0$414,160
78$891,095$0$0$401,454
79$917,681$0$0$390,197
80$944,954$0$0$401,732
81$972,919$0$0$413,553
82$1,001,581$0$0$425,661
83$1,030,943$0$0$438,057
84$1,061,008$0$0$450,740
85$1,091,773$0$0$463,709
86$1,123,237$0$0$476,961
87$1,155,393$0$0$490,493
88$1,188,233$0$0$504,298
89$1,221,745$0$0$518,370
90$1,255,913$0$0$532,701
91$1,290,717$0$0$547,279
92$1,326,132$0$0$562,092
93$1,362,128$0$0$577,124
94$1,398,669$0$0$592,356
95$1,435,711$0$0$607,768
96$1,473,204$0$0$623,335
97$1,511,090$0$0$639,026
98$1,549,300$0$0$654,810
99$1,587,756$0$0$670,648
100$1,626,368$0$0$686,495