Can I retire at age 62 with 714,000?

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 $714,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.1%
1 years$58,961$58,436$57,924$57,424$56,935$55,290
2 years$29,189$28,645$28,118$27,608$27,112$25,468
3 years$19,266$18,720$18,194$17,688$17,201$15,609
4 years$14,305$13,761$13,241$12,744$12,268$10,740
5 years$11,330$10,789$10,275$9,788$9,326$7,867
6 years$9,347$8,810$8,304$7,828$7,379$5,990
7 years$7,931$7,399$6,901$6,436$6,001$4,682
8 years$6,870$6,342$5,852$5,399$4,979$3,729
9 years$6,044$5,522$5,041$4,598$4,193$3,011
10 years$5,385$4,867$4,395$3,964$3,572$2,457
11 years$4,845$4,333$3,869$3,450$3,072$2,021
12 years$4,396$3,889$3,434$3,026$2,662$1,674
13 years$4,016$3,515$3,068$2,671$2,322$1,394
14 years$3,691$3,195$2,756$2,371$2,035$1,165
15 years$3,409$2,918$2,489$2,115$1,792$977
16 years$3,163$2,678$2,256$1,894$1,584$822
17 years$2,946$2,466$2,053$1,701$1,404$693
18 years$2,754$2,279$1,874$1,533$1,249$586
19 years$2,581$2,112$1,716$1,385$1,113$496
20 years$2,427$1,962$1,575$1,255$994$420
21 years$2,287$1,828$1,448$1,139$890$356
22 years$2,160$1,706$1,335$1,035$797$303
23 years$2,044$1,596$1,233$943$716$257
24 years$1,938$1,495$1,140$860$643$219
25 years$1,841$1,403$1,056$785$579$186
26 years$1,751$1,319$979$718$521$159
27 years$1,668$1,241$909$657$470$135
28 years$1,591$1,169$845$602$424$115
29 years$1,520$1,103$787$552$383$98
30 years$1,453$1,042$733$507$346$84
31 years$1,391$985$683$466$313$71
32 years$1,333$932$637$428$283$61
33 years$1,279$883$595$393$256$52
34 years$1,227$837$556$362$232$44
35 years$1,179$793$520$333$210$38
36 years$1,134$753$486$307$190$32
37 years$1,091$715$455$283$173$28
38 years$1,051$680$426$261$156$24
39 years$1,012$646$399$240$142$20
40 years$976$615$374$222$129$17
41 years$942$585$351$205$117$15
42 years$909$557$329$189$106$12
43 years$878$531$309$174$96$11
44 years$848$506$290$161$87$9
45 years$820$483$272$149$79$8
46 years$793$461$256$137$72$7
47 years$768$440$240$127$65$6
48 years$743$420$226$117$59$5
49 years$720$401$212$108$54$4
50 years$697$383$200$100$49$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $714,000, adding $2,314 every year, while hoping to spend $57,864 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: 75/13/12 Blend
61$714,000$714,000$714,000$714,000
62$789,215$751,373$740,306$846,356
63$808,148$726,623$703,539$859,626
64$827,073$698,722$663,602$866,678
65$845,928$667,452$620,326$872,804
66$864,642$632,587$573,536$877,894
67$883,137$593,886$523,051$881,826
68$901,323$551,092$468,680$884,468
69$919,099$503,937$410,222$885,677
70$936,353$452,135$347,469$885,293
71$952,956$395,385$280,205$883,144
72$968,768$333,369$208,202$879,041
73$983,629$265,751$131,223$872,779
74$997,361$192,174$49,021$864,130
75$1,009,766$112,265$0$852,847
76$1,020,622$25,626$0$843,618
77$1,029,683$0$0$838,209
78$1,036,675$0$0$839,803
79$1,041,292$0$0$843,083
80$1,043,194$0$0$844,102
81$1,042,004$0$0$842,549
82$1,037,304$0$0$838,076
83$1,028,629$0$0$830,299
84$1,015,462$0$0$818,792
85$997,233$0$0$803,080
86$973,308$0$0$782,640
87$942,984$0$0$756,891
88$905,485$0$0$725,189
89$859,950$0$0$686,824
90$805,427$0$0$641,007
91$740,862$0$0$586,866
92$665,089$0$0$523,439
93$576,821$0$0$449,658
94$474,631$0$0$364,345
95$356,947$0$0$266,198
96$222,026$0$0$153,779
97$67,946$0$0$25,496
98$0$0$0$0
99$0$0$0$0
100$0$0$0$0