Can I retire at age 62 with 1,000,000?

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 $1,000,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.7%
1 years$82,579$81,843$81,126$80,425$79,741$78,195
2 years$40,881$40,119$39,381$38,666$37,972$36,421
3 years$26,983$26,218$25,482$24,774$24,091$22,583
4 years$20,036$19,273$18,545$17,848$17,182$15,728
5 years$15,868$15,111$14,391$13,709$13,061$11,667
6 years$13,091$12,339$11,630$10,963$10,335$9,001
7 years$11,108$10,362$9,665$9,013$8,405$7,131
8 years$9,621$8,882$8,197$7,561$6,973$5,760
9 years$8,466$7,734$7,060$6,440$5,872$4,718
10 years$7,542$6,817$6,155$5,552$5,003$3,908
11 years$6,786$6,069$5,419$4,832$4,303$3,265
12 years$6,157$5,447$4,809$4,238$3,729$2,747
13 years$5,625$4,922$4,296$3,742$3,252$2,323
14 years$5,170$4,474$3,860$3,321$2,850$1,974
15 years$4,775$4,087$3,485$2,962$2,510$1,684
16 years$4,430$3,750$3,160$2,652$2,218$1,441
17 years$4,126$3,454$2,875$2,383$1,967$1,237
18 years$3,857$3,191$2,625$2,148$1,749$1,064
19 years$3,615$2,958$2,403$1,940$1,559$916
20 years$3,399$2,748$2,205$1,757$1,392$791
21 years$3,203$2,560$2,029$1,595$1,246$684
22 years$3,025$2,390$1,870$1,450$1,117$591
23 years$2,863$2,235$1,726$1,321$1,002$512
24 years$2,714$2,094$1,596$1,205$901$444
25 years$2,578$1,965$1,479$1,100$811$385
26 years$2,453$1,847$1,371$1,006$730$334
27 years$2,336$1,738$1,273$921$658$290
28 years$2,229$1,638$1,184$844$594$252
29 years$2,129$1,545$1,102$774$537$219
30 years$2,036$1,459$1,026$710$485$191
31 years$1,949$1,380$957$652$438$166
32 years$1,867$1,305$893$599$396$145
33 years$1,791$1,236$833$551$359$126
34 years$1,719$1,172$779$507$325$110
35 years$1,652$1,111$728$467$294$95
36 years$1,588$1,055$681$430$267$83
37 years$1,528$1,002$637$396$242$72
38 years$1,472$952$597$365$219$63
39 years$1,418$905$559$337$199$55
40 years$1,367$861$524$310$180$48
41 years$1,319$820$492$286$163$42
42 years$1,273$781$461$264$148$36
43 years$1,230$744$433$244$135$32
44 years$1,188$709$406$225$122$28
45 years$1,149$676$381$208$111$24
46 years$1,111$645$358$192$101$21
47 years$1,075$616$336$178$91$18
48 years$1,041$588$316$164$83$16
49 years$1,008$561$297$152$75$14
50 years$976$536$279$140$69$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,000,000, adding $4,711 every year, while hoping to spend $35,462 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: 73/18/9 Blend
61$1,000,000$1,000,000$1,000,000$1,000,000
62$1,106,859$1,053,859$1,038,359$1,185,577
63$1,182,028$1,067,767$1,035,413$1,252,075
64$1,263,675$1,081,168$1,031,180$1,319,996
65$1,352,424$1,093,999$1,025,578$1,393,398
66$1,448,961$1,106,195$1,018,525$1,472,814
67$1,554,040$1,117,684$1,009,931$1,558,829
68$1,668,491$1,128,390$999,703$1,652,087
69$1,793,229$1,138,233$987,745$1,753,299
70$1,929,259$1,147,126$973,954$1,863,250
71$2,077,687$1,154,979$958,225$1,982,801
72$2,239,731$1,161,693$940,446$2,112,905
73$2,416,733$1,167,165$920,500$2,254,609
74$2,610,168$1,171,284$898,265$2,409,069
75$2,821,661$1,173,934$873,613$2,577,559
76$3,053,003$1,174,989$846,411$2,761,482
77$3,306,162$1,174,316$816,520$2,962,385
78$3,583,309$1,171,777$783,792$3,181,973
79$3,886,833$1,167,220$748,075$3,422,126
80$4,219,364$1,160,487$709,209$3,684,916
81$4,583,799$1,151,411$667,028$3,972,626
82$4,983,330$1,139,813$621,356$4,287,774
83$5,421,470$1,125,505$572,012$4,633,133
84$5,902,090$1,108,285$518,805$5,011,764
85$6,429,454$1,087,942$461,536$5,427,036
86$7,008,258$1,064,250$399,997$5,882,665
87$7,643,674$1,036,973$333,970$6,382,750
88$8,341,401$1,005,856$263,230$6,931,803
89$9,107,715$970,634$187,540$7,534,804
90$9,949,531$931,025$106,652$8,197,239
91$10,874,467$886,728$20,308$8,925,154
92$11,890,913$837,429$0$9,725,216
93$13,008,116$782,792$0$10,611,673
94$14,236,259$722,465$0$11,588,254
95$15,586,565$656,073$0$12,661,964
96$17,071,395$583,221$0$13,842,673
97$18,704,371$503,492$0$15,141,260
98$20,500,498$416,445$0$16,569,713
99$22,476,311$321,613$0$18,141,246
100$24,650,028$218,505$0$19,870,421