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%16.7%
1 years$83,405$82,662$81,937$81,230$80,539$78,338
2 years$41,290$40,521$39,775$39,053$38,352$36,150
3 years$27,253$26,481$25,737$25,021$24,332$22,199
4 years$20,236$19,466$18,730$18,027$17,354$15,306
5 years$16,027$15,262$14,535$13,846$13,192$11,235
6 years$13,222$12,462$11,747$11,073$10,438$8,573
7 years$11,219$10,466$9,762$9,104$8,489$6,717
8 years$9,717$8,971$8,279$7,637$7,043$5,361
9 years$8,550$7,811$7,130$6,505$5,931$4,340
10 years$7,617$6,885$6,216$5,607$5,053$3,550
11 years$6,854$6,129$5,473$4,880$4,346$2,928
12 years$6,219$5,501$4,857$4,280$3,766$2,431
13 years$5,681$4,972$4,339$3,779$3,284$2,030
14 years$5,221$4,519$3,899$3,355$2,879$1,701
15 years$4,823$4,128$3,520$2,992$2,535$1,431
16 years$4,475$3,788$3,192$2,679$2,240$1,208
17 years$4,168$3,488$2,904$2,407$1,986$1,021
18 years$3,895$3,223$2,651$2,169$1,766$865
19 years$3,652$2,987$2,427$1,960$1,574$735
20 years$3,433$2,776$2,227$1,775$1,406$624
21 years$3,235$2,586$2,049$1,611$1,258$531
22 years$3,055$2,414$1,888$1,465$1,128$453
23 years$2,891$2,257$1,743$1,334$1,013$386
24 years$2,742$2,115$1,612$1,217$910$329
25 years$2,604$1,985$1,493$1,111$819$281
26 years$2,477$1,865$1,385$1,016$738$240
27 years$2,360$1,756$1,286$930$665$205
28 years$2,251$1,654$1,196$852$600$176
29 years$2,150$1,561$1,113$781$542$150
30 years$2,056$1,474$1,036$717$490$128
31 years$1,968$1,393$966$659$443$110
32 years$1,886$1,318$901$605$400$94
33 years$1,809$1,248$842$557$362$81
34 years$1,736$1,183$786$512$328$69
35 years$1,668$1,122$735$471$297$59
36 years$1,604$1,065$688$434$269$51
37 years$1,544$1,012$644$400$244$43
38 years$1,486$962$603$369$221$37
39 years$1,432$914$565$340$201$32
40 years$1,381$870$529$314$182$27
41 years$1,332$828$496$289$165$23
42 years$1,286$789$466$267$150$20
43 years$1,242$751$437$246$136$17
44 years$1,200$716$410$228$123$15
45 years$1,160$683$385$210$112$13
46 years$1,122$652$362$194$102$11
47 years$1,086$622$340$179$92$9
48 years$1,051$594$319$166$84$8
49 years$1,018$567$300$153$76$7
50 years$986$541$282$142$69$6

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 $2,152 every year, while hoping to spend $48,819 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: 51/40/9 Blend
61$1,010,000$1,010,000$1,010,000$1,010,000
62$1,115,240$1,061,710$1,046,055$1,169,414
63$1,177,051$1,061,791$1,029,155$1,206,657
64$1,243,531$1,060,239$1,010,052$1,241,715
65$1,315,104$1,056,924$988,622$1,278,682
66$1,392,237$1,051,705$964,733$1,317,750
67$1,475,442$1,044,435$938,248$1,359,133
68$1,565,281$1,034,956$909,023$1,403,067
69$1,662,373$1,023,103$876,909$1,449,816
70$1,767,397$1,008,697$841,748$1,499,674
71$1,881,101$991,553$803,376$1,552,967
72$2,004,306$971,472$761,621$1,610,057
73$2,137,915$948,243$716,305$1,671,348
74$2,282,921$921,646$667,240$1,737,286
75$2,440,416$891,443$614,230$1,808,370
76$2,611,602$857,387$557,069$1,885,150
77$2,797,799$819,213$495,545$1,968,239
78$3,000,463$776,643$429,435$2,058,317
79$3,221,194$729,382$358,504$2,156,138
80$3,461,751$677,117$282,509$2,262,538
81$3,724,073$619,520$201,197$2,378,443
82$4,010,293$556,240$114,301$2,504,883
83$4,322,757$486,910$21,545$2,642,996
84$4,664,050$411,141$0$2,794,044
85$5,037,017$328,521$0$2,966,863
86$5,444,789$238,615$0$3,158,255
87$5,890,815$140,965$0$3,367,895
88$6,378,892$35,085$0$3,597,713
89$6,913,199$0$0$3,849,845
90$7,498,341$0$0$4,161,658
91$8,139,388$0$0$4,520,284
92$8,841,922$0$0$4,913,414
93$9,612,092$0$0$5,344,504
94$10,456,671$0$0$5,817,357
95$11,383,118$0$0$6,336,164
96$12,399,648$0$0$6,905,541
97$13,515,311$0$0$7,530,572
98$14,740,075$0$0$8,216,856
99$16,084,920$0$0$8,970,564
100$17,561,942$0$0$9,798,491