Can I retire at age 62 with 584,000?

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 $584,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.1%
1 years$48,226$47,797$47,377$46,968$46,569$46,353
2 years$23,874$23,430$22,999$22,581$22,176$21,958
3 years$15,758$15,312$14,882$14,468$14,069$13,856
4 years$11,701$11,256$10,830$10,423$10,034$9,828
5 years$9,267$8,825$8,405$8,006$7,628$7,428
6 years$7,645$7,206$6,792$6,403$6,036$5,843
7 years$6,487$6,052$5,644$5,264$4,909$4,723
8 years$5,619$5,187$4,787$4,416$4,072$3,894
9 years$4,944$4,516$4,123$3,761$3,429$3,259
10 years$4,404$3,981$3,594$3,242$2,922$2,759
11 years$3,963$3,544$3,164$2,822$2,513$2,357
12 years$3,596$3,181$2,808$2,475$2,178$2,029
13 years$3,285$2,875$2,509$2,185$1,899$1,757
14 years$3,019$2,613$2,254$1,940$1,665$1,529
15 years$2,789$2,387$2,035$1,730$1,466$1,337
16 years$2,587$2,190$1,845$1,549$1,295$1,173
17 years$2,410$2,017$1,679$1,392$1,149$1,032
18 years$2,252$1,864$1,533$1,254$1,021$911
19 years$2,111$1,727$1,403$1,133$910$805
20 years$1,985$1,605$1,288$1,026$813$714
21 years$1,870$1,495$1,185$931$728$634
22 years$1,767$1,396$1,092$847$652$563
23 years$1,672$1,305$1,008$771$585$502
24 years$1,585$1,223$932$703$526$447
25 years$1,506$1,148$864$642$474$399
26 years$1,432$1,079$801$587$427$356
27 years$1,364$1,015$744$538$385$319
28 years$1,302$957$691$493$347$285
29 years$1,243$902$643$452$313$255
30 years$1,189$852$599$415$283$228
31 years$1,138$806$559$381$256$205
32 years$1,090$762$521$350$232$184
33 years$1,046$722$487$322$210$165
34 years$1,004$684$455$296$190$148
35 years$965$649$425$273$172$133
36 years$928$616$398$251$156$119
37 years$893$585$372$231$141$107
38 years$859$556$349$213$128$96
39 years$828$529$327$197$116$86
40 years$798$503$306$181$105$78
41 years$770$479$287$167$95$70
42 years$744$456$269$154$87$63
43 years$718$434$253$143$79$56
44 years$694$414$237$132$71$51
45 years$671$395$223$122$65$46
46 years$649$377$209$112$59$41
47 years$628$360$197$104$53$37
48 years$608$343$185$96$49$33
49 years$589$328$174$89$44$30
50 years$570$313$163$82$40$27

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $584,000, adding $4,143 every year, while hoping to spend $26,538 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: 55/39/6 Blend
61$584,000$584,000$584,000$584,000
62$647,842$616,890$607,838$682,394
63$685,685$618,881$599,964$708,168
64$726,499$620,080$590,937$732,905
65$770,559$620,421$580,690$759,185
66$818,167$619,832$569,154$787,157
67$869,654$618,238$556,255$816,987
68$925,386$615,560$541,917$848,859
69$985,764$611,711$526,060$882,976
70$1,051,230$606,602$508,600$919,565
71$1,122,268$600,138$489,451$958,874
72$1,199,411$592,217$468,520$1,001,180
73$1,283,248$582,732$445,712$1,046,790
74$1,374,423$571,570$420,927$1,096,041
75$1,473,647$558,610$394,061$1,149,309
76$1,581,701$543,724$365,004$1,207,009
77$1,699,445$526,777$333,643$1,269,599
78$1,827,827$507,627$299,858$1,337,587
79$1,967,887$486,123$263,525$1,411,537
80$2,120,772$462,104$224,514$1,492,068
81$2,287,745$435,401$182,689$1,579,868
82$2,470,194$405,835$137,908$1,675,698
83$2,669,650$373,217$90,024$1,780,399
84$2,887,797$337,347$38,882$1,894,899
85$3,126,489$298,013$0$2,020,226
86$3,387,767$254,992$0$2,158,522
87$3,673,881$208,048$0$2,312,758
88$3,987,306$156,932$0$2,481,841
89$4,330,769$101,379$0$2,667,316
90$4,707,273$41,113$0$2,870,890
91$5,120,125$0$0$3,094,447
92$5,572,969$0$0$3,350,437
93$6,069,817$0$0$3,650,715
94$6,615,088$0$0$3,980,315
95$7,213,650$0$0$4,342,188
96$7,870,867$0$0$4,739,581
97$8,592,643$0$0$5,176,075
98$9,385,489$0$0$5,655,613
99$10,256,570$0$0$6,182,538
100$11,213,786$0$0$6,761,636