Can I retire at age 62 with 556,000?

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 $556,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.6%
1 years$45,914$45,505$45,106$44,717$44,336$43,494
2 years$22,730$22,306$21,896$21,498$21,112$20,268
3 years$15,003$14,577$14,168$13,774$13,395$12,573
4 years$11,140$10,716$10,311$9,924$9,553$8,761
5 years$8,823$8,401$8,002$7,622$7,262$6,502
6 years$7,279$6,860$6,467$6,096$5,746$5,019
7 years$6,176$5,761$5,374$5,011$4,673$3,979
8 years$5,349$4,939$4,557$4,204$3,877$3,215
9 years$4,707$4,300$3,925$3,581$3,265$2,636
10 years$4,193$3,790$3,422$3,087$2,782$2,184
11 years$3,773$3,374$3,013$2,686$2,393$1,826
12 years$3,423$3,028$2,674$2,356$2,073$1,537
13 years$3,128$2,737$2,389$2,080$1,808$1,301
14 years$2,874$2,488$2,146$1,847$1,585$1,107
15 years$2,655$2,273$1,938$1,647$1,395$945
16 years$2,463$2,085$1,757$1,475$1,233$809
17 years$2,294$1,920$1,599$1,325$1,094$695
18 years$2,144$1,774$1,459$1,194$972$598
19 years$2,010$1,644$1,336$1,079$867$515
20 years$1,890$1,528$1,226$977$774$445
21 years$1,781$1,423$1,128$887$693$385
22 years$1,682$1,329$1,039$806$621$333
23 years$1,592$1,243$960$734$557$289
24 years$1,509$1,164$888$670$501$251
25 years$1,433$1,093$822$612$451$218
26 years$1,364$1,027$762$559$406$189
27 years$1,299$966$708$512$366$164
28 years$1,239$911$658$469$330$143
29 years$1,184$859$613$430$298$124
30 years$1,132$811$571$395$270$108
31 years$1,083$767$532$363$244$94
32 years$1,038$726$496$333$220$82
33 years$996$687$463$306$199$72
34 years$956$651$433$282$181$62
35 years$918$618$405$260$164$54
36 years$883$586$379$239$148$47
37 years$850$557$354$220$134$41
38 years$818$529$332$203$122$36
39 years$788$503$311$187$110$31
40 years$760$479$291$173$100$27
41 years$733$456$273$159$91$24
42 years$708$434$256$147$82$21
43 years$684$414$241$136$75$18
44 years$661$394$226$125$68$16
45 years$639$376$212$116$62$14
46 years$618$359$199$107$56$12
47 years$598$342$187$99$51$11
48 years$579$327$176$91$46$9
49 years$560$312$165$84$42$8
50 years$543$298$155$78$38$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $556,000, adding $4,028 every year, while hoping to spend $32,084 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: 44/45/11 Blend
61$556,000$556,000$556,000$556,000
62$616,867$587,399$578,781$641,893
63$645,650$582,044$564,033$654,350
64$676,294$575,352$547,716$664,270
65$708,954$567,223$529,742$674,304
66$743,802$557,551$510,023$684,474
67$781,024$546,225$488,463$694,808
68$820,825$533,127$464,963$705,338
69$863,430$518,131$439,420$716,103
70$909,086$501,105$411,727$727,146
71$958,062$481,909$381,769$738,521
72$1,010,656$460,394$349,430$750,288
73$1,067,193$436,403$314,586$762,516
74$1,128,031$409,771$277,108$775,285
75$1,193,561$380,321$236,863$788,689
76$1,264,215$347,867$193,709$802,833
77$1,340,467$312,215$147,500$817,836
78$1,422,836$273,155$98,083$833,837
79$1,511,895$230,469$45,298$850,990
80$1,608,272$183,925$0$869,472
81$1,712,657$133,279$0$890,778
82$1,825,810$78,272$0$919,596
83$1,948,566$18,631$0$950,881
84$2,081,844$0$0$984,942
85$2,226,654$0$0$1,044,870
86$2,384,107$0$0$1,120,119
87$2,555,425$0$0$1,202,058
88$2,741,955$0$0$1,291,336
89$2,945,176$0$0$1,388,671
90$3,166,716$0$0$1,494,851
91$3,408,370$0$0$1,610,745
92$3,672,110$0$0$1,737,307
93$3,960,107$0$0$1,875,589
94$4,274,755$0$0$2,026,751
95$4,618,683$0$0$2,192,066
96$4,994,791$0$0$2,372,939
97$5,406,270$0$0$2,570,916
98$5,856,633$0$0$2,787,698
99$6,349,750$0$0$3,025,160
100$6,889,880$0$0$3,285,366