Can I retire at age 62 with 1,020,000?

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 $1,020,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13%
1 years$84,231$83,480$82,748$82,034$81,336$80,320
2 years$41,698$40,922$40,169$39,439$38,732$37,709
3 years$27,523$26,743$25,992$25,269$24,573$23,576
4 years$20,436$19,659$18,916$18,205$17,526$16,561
5 years$16,186$15,413$14,679$13,983$13,323$12,395
6 years$13,353$12,586$11,863$11,182$10,542$9,651
7 years$11,330$10,569$9,858$9,194$8,573$7,720
8 years$9,814$9,060$8,361$7,712$7,112$6,296
9 years$8,635$7,888$7,201$6,569$5,990$5,210
10 years$7,692$6,953$6,278$5,663$5,103$4,361
11 years$6,922$6,190$5,527$4,928$4,389$3,682
12 years$6,280$5,556$4,905$4,323$3,804$3,131
13 years$5,738$5,021$4,382$3,816$3,317$2,679
14 years$5,273$4,564$3,938$3,388$2,907$2,303
15 years$4,871$4,169$3,555$3,021$2,560$1,987
16 years$4,519$3,825$3,223$2,705$2,262$1,721
17 years$4,209$3,523$2,933$2,431$2,006$1,495
18 years$3,934$3,255$2,677$2,190$1,784$1,301
19 years$3,688$3,017$2,451$1,979$1,590$1,135
20 years$3,467$2,803$2,249$1,793$1,420$992
21 years$3,267$2,611$2,069$1,627$1,271$869
22 years$3,085$2,438$1,907$1,479$1,139$761
23 years$2,920$2,280$1,761$1,347$1,023$668
24 years$2,769$2,136$1,628$1,229$919$587
25 years$2,630$2,005$1,508$1,122$827$516
26 years$2,502$1,884$1,399$1,026$745$454
27 years$2,383$1,773$1,299$939$672$400
28 years$2,273$1,671$1,208$860$606$352
29 years$2,171$1,576$1,124$789$547$311
30 years$2,076$1,488$1,047$724$494$274
31 years$1,988$1,407$976$665$447$242
32 years$1,905$1,331$910$611$404$213
33 years$1,827$1,261$850$562$366$188
34 years$1,754$1,195$794$517$331$166
35 years$1,685$1,133$743$476$300$147
36 years$1,620$1,076$695$438$272$130
37 years$1,559$1,022$650$404$246$115
38 years$1,501$971$609$372$223$101
39 years$1,446$923$570$343$203$90
40 years$1,395$879$535$317$184$79
41 years$1,345$836$501$292$167$70
42 years$1,299$796$470$270$151$62
43 years$1,254$759$441$249$137$55
44 years$1,212$723$414$230$125$48
45 years$1,172$690$389$212$113$43
46 years$1,133$658$365$196$103$38
47 years$1,097$628$343$181$93$34
48 years$1,061$599$323$167$85$30
49 years$1,028$572$303$155$77$26
50 years$996$547$285$143$70$23

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,020,000, adding $3,274 every year, while hoping to spend $40,239 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: 40/36/24 Blend
61$1,020,000$1,020,000$1,020,000$1,020,000
62$1,127,417$1,073,357$1,057,547$1,164,398
63$1,199,600$1,083,138$1,050,161$1,201,148
64$1,277,796$1,092,049$1,041,179$1,236,844
65$1,362,578$1,100,005$1,030,504$1,274,665
66$1,454,572$1,106,917$1,018,038$1,314,829
67$1,554,469$1,112,687$1,003,673$1,357,579
68$1,663,030$1,117,213$987,301$1,403,182
69$1,781,088$1,120,386$968,805$1,451,937
70$1,909,564$1,122,090$948,065$1,504,176
71$2,049,469$1,122,202$924,954$1,560,268
72$2,201,916$1,120,591$899,341$1,620,620
73$2,368,130$1,117,118$871,087$1,685,686
74$2,549,458$1,111,636$840,048$1,755,968
75$2,747,385$1,103,988$806,072$1,832,025
76$2,963,544$1,094,009$769,000$1,914,474
77$3,199,732$1,081,523$728,669$2,004,001
78$3,457,930$1,066,342$684,905$2,101,365
79$3,740,317$1,048,271$637,527$2,207,408
80$4,049,292$1,027,098$586,346$2,323,061
81$4,387,497$1,002,604$531,166$2,449,357
82$4,757,842$974,552$471,781$2,587,438
83$5,163,532$942,695$407,975$2,738,571
84$5,608,094$906,768$339,524$2,904,155
85$6,095,414$866,495$266,193$3,085,740
86$6,629,773$821,580$187,738$3,285,041
87$7,215,885$771,712$103,902$3,503,955
88$7,858,941$716,562$14,418$3,744,580
89$8,564,660$655,781$0$4,009,237
90$9,339,342$589,001$0$4,321,253
91$10,189,926$515,833$0$4,667,994
92$11,124,055$435,865$0$5,048,976
93$12,150,150$348,664$0$5,467,746
94$13,277,488$253,771$0$5,928,220
95$14,516,287$150,701$0$6,434,719
96$15,877,804$38,942$0$6,992,010
97$17,374,444$0$0$7,605,358
98$19,019,869$0$0$8,313,070
99$20,829,135$0$0$9,108,361
100$22,818,827$0$0$9,983,114