Can I retire at age 62 with 604,000?

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 $604,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.7%
1 years$49,878$49,433$49,000$48,577$48,164$46,847
2 years$24,692$24,232$23,786$23,354$22,935$21,619
3 years$16,298$15,836$15,391$14,963$14,551$13,275
4 years$12,102$11,641$11,201$10,780$10,378$9,153
5 years$9,584$9,127$8,692$8,280$7,889$6,718
6 years$7,907$7,453$7,025$6,622$6,242$5,127
7 years$6,709$6,259$5,838$5,444$5,077$4,017
8 years$5,811$5,365$4,951$4,567$4,212$3,206
9 years$5,113$4,671$4,264$3,890$3,547$2,595
10 years$4,555$4,117$3,718$3,353$3,022$2,123
11 years$4,099$3,665$3,273$2,918$2,599$1,751
12 years$3,719$3,290$2,905$2,560$2,252$1,454
13 years$3,398$2,973$2,595$2,260$1,964$1,214
14 years$3,122$2,702$2,332$2,006$1,722$1,017
15 years$2,884$2,469$2,105$1,789$1,516$856
16 years$2,676$2,265$1,909$1,602$1,340$722
17 years$2,492$2,086$1,737$1,439$1,188$611
18 years$2,329$1,928$1,585$1,297$1,056$518
19 years$2,184$1,786$1,451$1,172$941$439
20 years$2,053$1,660$1,332$1,062$841$373
21 years$1,934$1,546$1,225$963$753$318
22 years$1,827$1,443$1,129$876$675$271
23 years$1,729$1,350$1,043$798$606$231
24 years$1,640$1,265$964$728$544$197
25 years$1,557$1,187$893$664$490$168
26 years$1,481$1,116$828$608$441$144
27 years$1,411$1,050$769$556$398$123
28 years$1,346$989$715$510$359$105
29 years$1,286$933$665$467$324$90
30 years$1,229$881$620$429$293$77
31 years$1,177$833$578$394$265$66
32 years$1,128$788$539$362$239$56
33 years$1,082$747$503$333$217$48
34 years$1,038$708$470$306$196$41
35 years$998$671$440$282$178$35
36 years$959$637$411$260$161$30
37 years$923$605$385$239$146$26
38 years$889$575$361$220$132$22
39 years$856$547$338$203$120$19
40 years$826$520$317$188$109$16
41 years$797$495$297$173$99$14
42 years$769$472$278$160$90$12
43 years$743$449$261$147$81$10
44 years$718$428$245$136$74$9
45 years$694$408$230$126$67$8
46 years$671$390$216$116$61$6
47 years$649$372$203$107$55$6
48 years$629$355$191$99$50$5
49 years$609$339$180$92$46$4
50 years$590$324$169$85$41$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $604,000, adding $6,512 every year, while hoping to spend $22,918 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: 59/22/19 Blend
61$604,000$604,000$604,000$604,000
62$672,325$640,313$630,951$708,281
63$716,518$647,304$627,703$740,395
64$764,450$653,869$623,579$772,324
65$816,479$659,964$618,524$806,627
66$872,997$665,540$612,482$843,538
67$934,438$670,546$605,395$883,314
68$1,001,276$674,928$597,201$926,240
69$1,074,034$678,627$587,835$972,630
70$1,153,288$681,583$577,231$1,022,831
71$1,239,672$683,729$565,316$1,077,226
72$1,333,883$684,996$552,019$1,136,237
73$1,436,688$685,310$537,260$1,200,332
74$1,548,932$684,591$520,960$1,270,025
75$1,671,543$682,757$503,033$1,345,885
76$1,805,547$679,719$483,391$1,428,539
77$1,952,070$675,382$461,942$1,518,682
78$2,112,353$669,647$438,588$1,617,076
79$2,287,761$662,408$413,229$1,724,567
80$2,479,799$653,552$385,758$1,842,086
81$2,690,123$642,962$356,066$1,970,661
82$2,920,559$630,510$324,037$2,111,426
83$3,173,114$616,063$289,551$2,265,634
84$3,450,001$599,479$252,480$2,434,665
85$3,753,658$580,610$212,695$2,620,043
86$4,086,768$559,297$170,057$2,823,451
87$4,452,288$535,372$124,424$3,046,743
88$4,853,473$508,658$75,644$3,291,967
89$5,293,912$478,967$23,563$3,561,382
90$5,777,556$446,100$0$3,857,478
91$6,308,756$409,849$0$4,189,494
92$6,892,308$369,991$0$4,559,492
93$7,533,495$326,291$0$4,966,069
94$8,238,134$278,503$0$5,412,951
95$9,012,639$226,364$0$5,904,246
96$9,864,070$169,598$0$6,444,483
97$10,800,210$107,913$0$7,038,652
98$11,829,631$41,000$0$7,692,257
99$12,961,779$0$0$8,411,362
100$14,207,060$0$0$9,210,273