Can I retire at age 62 with 581,000?

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 $581,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.2%
1 years$47,978$47,551$47,134$46,727$46,330$45,903
2 years$23,752$23,309$22,881$22,465$22,062$21,632
3 years$15,677$15,233$14,805$14,394$13,997$13,577
4 years$11,641$11,198$10,774$10,370$9,983$9,576
5 years$9,219$8,779$8,361$7,965$7,589$7,197
6 years$7,606$7,169$6,757$6,370$6,005$5,628
7 years$6,454$6,020$5,615$5,237$4,883$4,522
8 years$5,590$5,161$4,762$4,393$4,051$3,705
9 years$4,919$4,493$4,102$3,742$3,412$3,080
10 years$4,382$3,961$3,576$3,226$2,907$2,591
11 years$3,943$3,526$3,148$2,807$2,500$2,198
12 years$3,577$3,165$2,794$2,462$2,167$1,879
13 years$3,268$2,860$2,496$2,174$1,889$1,616
14 years$3,004$2,600$2,243$1,930$1,656$1,396
15 years$2,774$2,375$2,025$1,721$1,458$1,212
16 years$2,574$2,179$1,836$1,541$1,289$1,055
17 years$2,397$2,007$1,671$1,384$1,143$921
18 years$2,241$1,854$1,525$1,248$1,016$807
19 years$2,101$1,718$1,396$1,127$906$708
20 years$1,975$1,597$1,281$1,021$809$622
21 years$1,861$1,487$1,179$927$724$548
22 years$1,758$1,388$1,086$843$649$483
23 years$1,663$1,299$1,003$767$582$427
24 years$1,577$1,217$928$700$524$377
25 years$1,498$1,142$859$639$471$334
26 years$1,425$1,073$797$584$424$296
27 years$1,357$1,010$740$535$383$262
28 years$1,295$952$688$490$345$232
29 years$1,237$898$640$449$312$206
30 years$1,183$848$596$412$282$183
31 years$1,132$801$556$379$255$162
32 years$1,085$758$519$348$230$144
33 years$1,040$718$484$320$208$128
34 years$999$681$452$295$189$114
35 years$960$646$423$271$171$101
36 years$923$613$396$250$155$90
37 years$888$582$370$230$140$80
38 years$855$553$347$212$127$71
39 years$824$526$325$196$115$64
40 years$794$500$305$180$105$57
41 years$766$476$286$166$95$50
42 years$740$454$268$154$86$45
43 years$714$432$251$142$78$40
44 years$690$412$236$131$71$36
45 years$667$393$222$121$64$32
46 years$645$375$208$112$59$28
47 years$625$358$195$103$53$25
48 years$605$341$184$95$48$22
49 years$586$326$173$88$44$20
50 years$567$311$162$81$40$18

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $581,000, adding $6,630 every year, while hoping to spend $43,453 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: 30/50/20 Blend
61$581,000$581,000$581,000$581,000
62$647,101$616,308$607,302$662,292
63$666,871$600,273$581,413$658,346
64$687,202$581,997$553,201$649,740
65$708,105$561,322$522,541$639,562
66$729,590$538,085$489,304$627,703
67$751,668$512,111$453,355$614,047
68$774,349$483,216$414,554$598,471
69$797,643$451,204$372,752$580,847
70$821,559$415,869$327,795$561,036
71$846,104$376,993$279,523$538,894
72$871,287$334,346$227,768$514,269
73$897,114$287,684$172,353$486,998
74$923,588$236,750$113,096$456,909
75$950,715$181,271$49,805$423,823
76$978,495$120,961$0$387,548
77$1,006,930$55,516$0$351,668
78$1,036,017$0$0$323,771
79$1,065,751$0$0$301,504
80$1,096,127$0$0$309,945
81$1,127,133$0$0$318,543
82$1,158,757$0$0$327,295
83$1,190,981$0$0$336,190
84$1,223,783$0$0$345,222
85$1,257,139$0$0$354,380
86$1,291,015$0$0$363,650
87$1,325,375$0$0$373,020
88$1,360,173$0$0$382,472
89$1,395,359$0$0$391,988
90$1,430,872$0$0$401,545
91$1,466,642$0$0$411,118
92$1,502,590$0$0$420,680
93$1,538,626$0$0$430,196
94$1,574,644$0$0$439,632
95$1,610,526$0$0$448,945
96$1,646,140$0$0$458,089
97$1,681,334$0$0$467,011
98$1,715,937$0$0$475,653
99$1,749,758$0$0$483,947
100$1,782,580$0$0$491,821