Can I retire at age 62 with 601,000?

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 $601,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.5%
1 years$49,630$49,188$48,757$48,336$47,925$46,652
2 years$24,569$24,112$23,668$23,238$22,821$21,548
3 years$16,217$15,757$15,315$14,889$14,479$13,245
4 years$12,041$11,583$11,145$10,727$10,326$9,141
5 years$9,537$9,081$8,649$8,239$7,850$6,717
6 years$7,868$7,416$6,990$6,589$6,211$5,131
7 years$6,676$6,228$5,809$5,417$5,052$4,025
8 years$5,782$5,338$4,926$4,544$4,191$3,216
9 years$5,088$4,648$4,243$3,871$3,529$2,607
10 years$4,533$4,097$3,699$3,337$3,007$2,135
11 years$4,078$3,647$3,257$2,904$2,586$1,763
12 years$3,700$3,274$2,890$2,547$2,241$1,466
13 years$3,381$2,958$2,582$2,249$1,954$1,225
14 years$3,107$2,689$2,320$1,996$1,713$1,029
15 years$2,870$2,456$2,095$1,780$1,508$867
16 years$2,663$2,254$1,899$1,594$1,333$732
17 years$2,480$2,076$1,728$1,432$1,182$620
18 years$2,318$1,918$1,578$1,291$1,051$526
19 years$2,173$1,778$1,444$1,166$937$447
20 years$2,043$1,652$1,325$1,056$837$381
21 years$1,925$1,539$1,219$959$749$325
22 years$1,818$1,436$1,124$872$671$277
23 years$1,721$1,343$1,037$794$602$237
24 years$1,631$1,259$959$724$542$202
25 years$1,549$1,181$889$661$487$173
26 years$1,474$1,110$824$605$439$148
27 years$1,404$1,045$765$553$396$127
28 years$1,339$984$711$507$357$108
29 years$1,279$929$662$465$322$93
30 years$1,223$877$617$427$291$80
31 years$1,171$829$575$392$263$68
32 years$1,122$784$536$360$238$59
33 years$1,076$743$501$331$216$50
34 years$1,033$704$468$305$195$43
35 years$993$668$438$281$177$37
36 years$955$634$409$258$160$32
37 years$918$602$383$238$145$27
38 years$884$572$359$219$132$23
39 years$852$544$336$202$119$20
40 years$822$518$315$187$108$17
41 years$793$493$295$172$98$15
42 years$765$469$277$159$89$13
43 years$739$447$260$147$81$11
44 years$714$426$244$135$73$9
45 years$690$406$229$125$67$8
46 years$668$388$215$116$61$7
47 years$646$370$202$107$55$6
48 years$625$353$190$99$50$5
49 years$606$337$179$91$45$4
50 years$587$322$168$84$41$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $601,000, adding $2,658 every year, while hoping to spend $35,260 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: 79/11/10 Blend
61$601,000$601,000$601,000$601,000
62$665,044$633,191$623,875$716,270
63$695,362$626,701$607,259$743,794
64$727,591$618,711$588,904$769,139
65$761,888$609,111$568,715$795,912
66$798,426$597,783$546,592$824,240
67$837,394$584,602$522,432$854,262
68$878,998$569,439$496,124$886,133
69$923,467$552,152$467,555$920,023
70$971,048$532,594$436,605$956,117
71$1,022,013$510,610$403,150$994,624
72$1,076,663$486,034$367,060$1,035,770
73$1,135,325$458,692$328,198$1,079,808
74$1,198,359$428,399$286,424$1,127,015
75$1,266,160$394,959$241,587$1,177,697
76$1,339,162$358,165$193,534$1,232,193
77$1,417,841$317,801$142,102$1,290,874
78$1,502,722$273,634$87,124$1,354,154
79$1,594,378$225,421$28,421$1,422,487
80$1,693,443$172,904$0$1,496,373
81$1,800,610$115,812$0$1,580,019
82$1,916,643$53,858$0$1,673,857
83$2,042,380$0$0$1,775,546
84$2,178,746$0$0$1,887,460
85$2,326,754$0$0$2,016,020
86$2,487,521$0$0$2,155,677
87$2,662,274$0$0$2,307,502
88$2,852,365$0$0$2,472,669
89$3,059,279$0$0$2,652,472
90$3,284,651$0$0$2,848,334
91$3,530,281$0$0$3,061,821
92$3,798,149$0$0$3,294,657
93$4,090,435$0$0$3,548,739
94$4,409,537$0$0$3,826,156
95$4,758,097$0$0$4,129,205
96$5,139,021$0$0$4,460,418
97$5,555,512$0$0$4,822,580
98$6,011,092$0$0$5,218,760
99$6,509,642$0$0$5,652,335
100$7,055,435$0$0$6,127,024