Can I retire at age 62 with 1,010,000?

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 $1,010,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.4%
1 years$83,405$82,662$81,937$81,230$80,539$78,752
2 years$41,290$40,521$39,775$39,053$38,352$36,561
3 years$27,253$26,481$25,737$25,021$24,332$22,593
4 years$20,236$19,466$18,730$18,027$17,354$15,680
5 years$16,027$15,262$14,535$13,846$13,192$11,588
6 years$13,222$12,462$11,747$11,073$10,438$8,906
7 years$11,219$10,466$9,762$9,104$8,489$7,029
8 years$9,717$8,971$8,279$7,637$7,043$5,653
9 years$8,550$7,811$7,130$6,505$5,931$4,612
10 years$7,617$6,885$6,216$5,607$5,053$3,804
11 years$6,854$6,129$5,473$4,880$4,346$3,164
12 years$6,219$5,501$4,857$4,280$3,766$2,649
13 years$5,681$4,972$4,339$3,779$3,284$2,231
14 years$5,221$4,519$3,899$3,355$2,879$1,887
15 years$4,823$4,128$3,520$2,992$2,535$1,602
16 years$4,475$3,788$3,192$2,679$2,240$1,364
17 years$4,168$3,488$2,904$2,407$1,986$1,164
18 years$3,895$3,223$2,651$2,169$1,766$996
19 years$3,652$2,987$2,427$1,960$1,574$854
20 years$3,433$2,776$2,227$1,775$1,406$733
21 years$3,235$2,586$2,049$1,611$1,258$630
22 years$3,055$2,414$1,888$1,465$1,128$542
23 years$2,891$2,257$1,743$1,334$1,013$467
24 years$2,742$2,115$1,612$1,217$910$403
25 years$2,604$1,985$1,493$1,111$819$347
26 years$2,477$1,865$1,385$1,016$738$300
27 years$2,360$1,756$1,286$930$665$259
28 years$2,251$1,654$1,196$852$600$224
29 years$2,150$1,561$1,113$781$542$194
30 years$2,056$1,474$1,036$717$490$167
31 years$1,968$1,393$966$659$443$145
32 years$1,886$1,318$901$605$400$125
33 years$1,809$1,248$842$557$362$108
34 years$1,736$1,183$786$512$328$94
35 years$1,668$1,122$735$471$297$81
36 years$1,604$1,065$688$434$269$70
37 years$1,544$1,012$644$400$244$61
38 years$1,486$962$603$369$221$53
39 years$1,432$914$565$340$201$46
40 years$1,381$870$529$314$182$40
41 years$1,332$828$496$289$165$34
42 years$1,286$789$466$267$150$30
43 years$1,242$751$437$246$136$26
44 years$1,200$716$410$228$123$22
45 years$1,160$683$385$210$112$19
46 years$1,122$652$362$194$102$17
47 years$1,086$622$340$179$92$14
48 years$1,051$594$319$166$84$13
49 years$1,018$567$300$153$76$11
50 years$986$541$282$142$69$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,010,000, adding $5,885 every year, while hoping to spend $43,633 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: 59/32/9 Blend
61$1,010,000$1,010,000$1,010,000$1,010,000
62$1,119,090$1,065,560$1,049,905$1,182,476
63$1,186,812$1,071,348$1,038,652$1,231,544
64$1,259,980$1,075,956$1,025,559$1,279,560
65$1,339,102$1,079,282$1,010,520$1,330,840
66$1,424,738$1,081,215$993,420$1,385,700
67$1,517,504$1,081,637$974,143$1,444,490
68$1,618,077$1,080,425$952,564$1,507,597
69$1,727,201$1,077,446$928,554$1,575,449
70$1,845,694$1,072,559$901,979$1,648,517
71$1,974,456$1,065,615$872,697$1,727,324
72$2,114,477$1,056,458$840,559$1,812,448
73$2,266,848$1,044,918$805,412$1,904,526
74$2,432,766$1,030,819$767,093$2,004,263
75$2,613,551$1,013,972$725,433$2,112,437
76$2,810,654$994,177$680,256$2,229,911
77$3,025,673$971,224$631,377$2,357,633
78$3,260,367$944,889$578,603$2,496,655
79$3,516,670$914,935$521,733$2,648,138
80$3,796,715$881,111$460,555$2,813,362
81$4,102,846$843,152$394,850$2,993,744
82$4,437,648$800,777$324,389$3,190,849
83$4,803,962$753,690$248,930$3,406,402
84$5,204,922$701,576$168,225$3,642,312
85$5,643,975$644,104$82,011$3,900,685
86$6,124,917$580,922$0$4,183,847
87$6,651,932$511,661$0$4,495,325
88$7,229,623$435,926$0$4,845,463
89$7,863,064$353,306$0$5,229,534
90$8,557,840$263,362$0$5,651,025
91$9,320,105$165,631$0$6,113,781
92$10,156,636$59,627$0$6,622,044
93$11,074,898$0$0$7,180,495
94$12,083,115$0$0$7,813,724
95$13,190,345$0$0$8,532,285
96$14,406,568$0$0$9,321,668
97$15,742,775$0$0$10,189,020
98$17,211,078$0$0$11,142,213
99$18,824,818$0$0$12,189,919
100$20,598,693$0$0$13,341,695