Can I retire at age 62 with 705,000?

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 $705,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.2%
1 years$58,218$57,700$57,194$56,700$56,218$55,241
2 years$28,821$28,284$27,764$27,260$26,770$25,789
3 years$19,023$18,484$17,965$17,465$16,984$16,030
4 years$14,125$13,588$13,074$12,583$12,113$11,193
5 years$11,187$10,653$10,146$9,665$9,208$8,324
6 years$9,229$8,699$8,199$7,729$7,286$6,439
7 years$7,831$7,305$6,814$6,354$5,926$5,116
8 years$6,783$6,262$5,779$5,331$4,916$4,144
9 years$5,968$5,452$4,977$4,541$4,140$3,405
10 years$5,317$4,806$4,339$3,914$3,527$2,829
11 years$4,784$4,278$3,820$3,406$3,034$2,371
12 years$4,341$3,840$3,390$2,988$2,629$2,001
13 years$3,966$3,470$3,029$2,638$2,292$1,698
14 years$3,645$3,154$2,722$2,342$2,010$1,448
15 years$3,366$2,882$2,457$2,088$1,769$1,240
16 years$3,123$2,644$2,228$1,870$1,564$1,065
17 years$2,909$2,435$2,027$1,680$1,387$917
18 years$2,719$2,250$1,851$1,514$1,233$791
19 years$2,549$2,085$1,694$1,368$1,099$684
20 years$2,396$1,938$1,555$1,239$982$593
21 years$2,258$1,805$1,430$1,124$878$514
22 years$2,133$1,685$1,318$1,022$787$447
23 years$2,018$1,576$1,217$931$707$388
24 years$1,914$1,476$1,126$849$635$338
25 years$1,818$1,385$1,042$776$572$294
26 years$1,729$1,302$967$709$515$257
27 years$1,647$1,225$898$649$464$224
28 years$1,571$1,155$835$595$419$195
29 years$1,501$1,089$777$545$378$170
30 years$1,435$1,029$723$501$342$149
31 years$1,374$973$674$460$309$130
32 years$1,316$920$629$422$279$114
33 years$1,263$871$588$388$253$99
34 years$1,212$826$549$357$229$87
35 years$1,164$783$513$329$207$76
36 years$1,120$744$480$303$188$66
37 years$1,077$706$449$279$170$58
38 years$1,037$671$421$257$154$51
39 years$1,000$638$394$237$140$44
40 years$964$607$370$219$127$39
41 years$930$578$347$202$115$34
42 years$898$550$325$186$105$30
43 years$867$524$305$172$95$26
44 years$838$500$286$159$86$23
45 years$810$477$269$147$78$20
46 years$783$455$253$136$71$17
47 years$758$434$237$125$64$15
48 years$734$414$223$116$59$13
49 years$710$396$210$107$53$12
50 years$688$378$197$99$48$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $705,000, adding $2,977 every year, while hoping to spend $52,676 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: 35/39/26 Blend
61$705,000$705,000$705,000$705,000
62$779,981$742,616$731,688$801,067
63$803,492$722,957$700,153$797,374
64$827,636$700,570$665,796$788,407
65$852,421$675,264$628,467$777,699
66$877,856$646,840$588,008$765,129
67$903,948$615,086$544,257$750,568
68$930,703$579,777$497,041$733,882
69$958,125$540,676$446,183$714,927
70$986,217$497,533$391,493$693,551
71$1,014,981$450,082$332,779$669,595
72$1,044,417$398,044$269,834$642,889
73$1,074,521$341,122$202,447$613,253
74$1,105,288$279,003$130,395$580,498
75$1,136,711$211,357$53,446$544,424
76$1,168,776$137,834$0$504,818
77$1,201,471$58,068$0$469,410
78$1,234,775$0$0$446,349
79$1,268,664$0$0$432,773
80$1,303,111$0$0$444,278
81$1,338,079$0$0$455,928
82$1,373,530$0$0$467,705
83$1,409,413$0$0$479,591
84$1,445,674$0$0$491,560
85$1,482,248$0$0$503,586
86$1,519,059$0$0$515,638
87$1,556,022$0$0$527,682
88$1,593,038$0$0$539,676
89$1,629,997$0$0$551,576
90$1,666,771$0$0$563,331
91$1,703,218$0$0$574,883
92$1,739,175$0$0$586,167
93$1,774,459$0$0$597,110
94$1,808,867$0$0$607,631
95$1,842,166$0$0$617,638
96$1,874,099$0$0$627,029
97$1,904,376$0$0$635,688
98$1,932,673$0$0$643,490
99$1,958,629$0$0$650,290
100$1,981,841$0$0$655,930