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%12.8%
1 years$82,579$81,843$81,126$80,425$79,741$78,810
2 years$40,881$40,119$39,381$38,666$37,972$37,035
3 years$26,983$26,218$25,482$24,774$24,091$23,177
4 years$20,036$19,273$18,545$17,848$17,182$16,298
5 years$15,868$15,111$14,391$13,709$13,061$12,210
6 years$13,091$12,339$11,630$10,963$10,335$9,517
7 years$11,108$10,362$9,665$9,013$8,405$7,621
8 years$9,621$8,882$8,197$7,561$6,973$6,223
9 years$8,466$7,734$7,060$6,440$5,872$5,156
10 years$7,542$6,817$6,155$5,552$5,003$4,320
11 years$6,786$6,069$5,419$4,832$4,303$3,653
12 years$6,157$5,447$4,809$4,238$3,729$3,110
13 years$5,625$4,922$4,296$3,742$3,252$2,664
14 years$5,170$4,474$3,860$3,321$2,850$2,293
15 years$4,775$4,087$3,485$2,962$2,510$1,982
16 years$4,430$3,750$3,160$2,652$2,218$1,719
17 years$4,126$3,454$2,875$2,383$1,967$1,495
18 years$3,857$3,191$2,625$2,148$1,749$1,303
19 years$3,615$2,958$2,403$1,940$1,559$1,139
20 years$3,399$2,748$2,205$1,757$1,392$997
21 years$3,203$2,560$2,029$1,595$1,246$874
22 years$3,025$2,390$1,870$1,450$1,117$767
23 years$2,863$2,235$1,726$1,321$1,002$674
24 years$2,714$2,094$1,596$1,205$901$593
25 years$2,578$1,965$1,479$1,100$811$522
26 years$2,453$1,847$1,371$1,006$730$460
27 years$2,336$1,738$1,273$921$658$406
28 years$2,229$1,638$1,184$844$594$358
29 years$2,129$1,545$1,102$774$537$316
30 years$2,036$1,459$1,026$710$485$280
31 years$1,949$1,380$957$652$438$247
32 years$1,867$1,305$893$599$396$218
33 years$1,791$1,236$833$551$359$193
34 years$1,719$1,172$779$507$325$171
35 years$1,652$1,111$728$467$294$151
36 years$1,588$1,055$681$430$267$134
37 years$1,528$1,002$637$396$242$118
38 years$1,472$952$597$365$219$105
39 years$1,418$905$559$337$199$93
40 years$1,367$861$524$310$180$82
41 years$1,319$820$492$286$163$73
42 years$1,273$781$461$264$148$65
43 years$1,230$744$433$244$135$57
44 years$1,188$709$406$225$122$51
45 years$1,149$676$381$208$111$45
46 years$1,111$645$358$192$101$40
47 years$1,075$616$336$178$91$35
48 years$1,041$588$316$164$83$31
49 years$1,008$561$297$152$75$28
50 years$976$536$279$140$69$25

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 $3,769 every year, while hoping to spend $22,644 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: 44/43/13 Blend
61$1,000,000$1,000,000$1,000,000$1,000,000
62$1,105,888$1,052,888$1,037,388$1,150,254
63$1,194,595$1,080,386$1,048,047$1,209,069
64$1,291,592$1,108,473$1,058,305$1,270,202
65$1,397,700$1,137,154$1,068,123$1,335,962
66$1,513,823$1,166,432$1,077,463$1,406,786
67$1,640,957$1,196,312$1,086,283$1,483,153
68$1,780,200$1,226,797$1,094,539$1,565,589
69$1,932,760$1,257,889$1,102,185$1,654,677
70$2,099,967$1,289,591$1,109,174$1,751,055
71$2,283,286$1,321,903$1,115,453$1,855,428
72$2,484,331$1,354,826$1,120,971$1,968,571
73$2,704,879$1,388,359$1,125,669$2,091,338
74$2,946,888$1,422,500$1,129,491$2,224,669
75$3,212,514$1,457,246$1,132,373$2,369,601
76$3,504,134$1,492,594$1,134,250$2,527,276
77$3,824,362$1,528,538$1,135,054$2,698,950
78$4,176,083$1,565,072$1,134,714$2,886,008
79$4,562,470$1,602,187$1,133,154$3,089,976
80$4,987,023$1,639,875$1,130,295$3,312,536
81$5,453,593$1,678,123$1,126,055$3,555,541
82$5,966,428$1,716,920$1,120,346$3,821,030
83$6,530,204$1,756,249$1,113,077$4,111,254
84$7,150,074$1,796,094$1,104,155$4,428,690
85$7,831,715$1,836,436$1,093,477$4,776,068
86$8,581,382$1,877,253$1,080,940$5,156,399
87$9,405,966$1,918,522$1,066,435$5,572,999
88$10,313,060$1,960,215$1,049,846$6,029,520
89$11,311,029$2,002,303$1,031,053$6,529,991
90$12,409,092$2,044,753$1,009,931$7,078,850
91$13,617,404$2,087,531$986,348$7,680,987
92$14,947,155$2,130,595$960,167$8,341,791
93$16,410,674$2,173,905$931,243$9,067,203
94$18,021,549$2,217,412$899,425$9,863,769
95$19,794,748$2,261,066$864,557$10,738,704
96$21,746,766$2,304,812$826,473$11,699,958
97$23,895,778$2,348,589$785,001$12,756,294
98$26,261,810$2,392,333$739,962$13,917,369
99$28,866,930$2,435,973$691,167$15,193,827
100$31,735,455$2,479,434$638,419$16,597,397