Can I retire at age 62 with 602,000?

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 $602,000?

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 years$49,713$49,270$48,838$48,416$48,004$47,802
2 years$24,610$24,152$23,708$23,277$22,859$22,655
3 years$16,244$15,784$15,340$14,914$14,503$14,303
4 years$12,061$11,603$11,164$10,745$10,344$10,150
5 years$9,553$9,097$8,664$8,253$7,863$7,676
6 years$7,881$7,428$7,002$6,600$6,222$6,041
7 years$6,687$6,238$5,818$5,426$5,060$4,886
8 years$5,792$5,347$4,934$4,552$4,198$4,031
9 years$5,096$4,656$4,250$3,877$3,535$3,375
10 years$4,540$4,104$3,705$3,342$3,012$2,859
11 years$4,085$3,653$3,262$2,909$2,590$2,444
12 years$3,707$3,279$2,895$2,551$2,245$2,105
13 years$3,386$2,963$2,586$2,252$1,958$1,824
14 years$3,112$2,694$2,324$1,999$1,716$1,588
15 years$2,875$2,461$2,098$1,783$1,511$1,389
16 years$2,667$2,258$1,902$1,597$1,335$1,220
17 years$2,484$2,079$1,731$1,435$1,184$1,074
18 years$2,322$1,921$1,580$1,293$1,053$949
19 years$2,177$1,781$1,447$1,168$938$840
20 years$2,046$1,655$1,328$1,058$838$745
21 years$1,928$1,541$1,221$960$750$661
22 years$1,821$1,439$1,125$873$672$589
23 years$1,723$1,346$1,039$795$604$524
24 years$1,634$1,261$961$725$542$468
25 years$1,552$1,183$890$662$488$418
26 years$1,476$1,112$826$606$440$373
27 years$1,407$1,046$767$554$396$334
28 years$1,342$986$713$508$358$299
29 years$1,282$930$663$466$323$268
30 years$1,225$878$618$427$292$240
31 years$1,173$830$576$393$264$215
32 years$1,124$786$537$361$239$193
33 years$1,078$744$502$332$216$173
34 years$1,035$705$469$305$196$156
35 years$994$669$438$281$177$140
36 years$956$635$410$259$160$126
37 years$920$603$384$238$145$113
38 years$886$573$359$220$132$102
39 years$854$545$337$203$120$91
40 years$823$518$316$187$108$82
41 years$794$494$296$172$98$74
42 years$766$470$278$159$89$66
43 years$740$448$260$147$81$60
44 years$715$427$244$136$74$54
45 years$691$407$230$125$67$48
46 years$669$388$216$116$61$44
47 years$647$371$203$107$55$39
48 years$626$354$190$99$50$35
49 years$607$338$179$91$45$32
50 years$588$323$168$84$41$29

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $602,000, adding $2,328 every year, while hoping to spend $42,942 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: 54/34/12 Blend
61$602,000$602,000$602,000$602,000
62$665,805$633,899$624,568$699,571
63$688,028$619,270$599,801$708,149
64$711,077$602,486$572,766$712,635
65$734,993$583,394$543,339$716,521
66$759,817$561,835$511,396$719,759
67$785,594$537,640$476,803$722,298
68$812,371$510,630$439,422$724,086
69$840,198$480,617$399,108$725,069
70$869,130$447,399$355,710$725,187
71$899,225$410,765$309,070$724,381
72$930,545$370,491$259,023$722,588
73$963,157$326,342$205,397$719,742
74$997,133$278,066$148,011$715,774
75$1,032,550$225,401$86,679$710,613
76$1,069,491$168,067$21,204$704,186
77$1,108,046$105,770$0$696,414
78$1,148,313$38,198$0$693,450
79$1,190,394$0$0$692,283
80$1,234,405$0$0$703,225
81$1,280,465$0$0$729,647
82$1,328,709$0$0$757,337
83$1,379,279$0$0$786,380
84$1,432,331$0$0$816,867
85$1,488,034$0$0$848,897
86$1,546,571$0$0$882,578
87$1,608,142$0$0$918,028
88$1,672,963$0$0$955,375
89$1,741,272$0$0$994,759
90$1,813,324$0$0$1,036,330
91$1,889,400$0$0$1,080,255
92$1,969,806$0$0$1,126,714
93$2,054,876$0$0$1,175,905
94$2,144,973$0$0$1,228,043
95$2,240,497$0$0$1,283,363
96$2,341,880$0$0$1,342,122
97$2,449,600$0$0$1,404,602
98$2,564,176$0$0$1,471,111
99$2,686,178$0$0$1,541,986
100$2,816,228$0$0$1,617,596