Can I retire at age 62 with 1,030,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $1,030,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.5%
1 years$85,056$84,299$83,560$82,838$82,134$79,314
2 years$42,107$41,323$40,563$39,826$39,111$36,299
3 years$27,793$27,005$26,247$25,517$24,814$22,098
4 years$20,637$19,852$19,101$18,384$17,697$15,098
5 years$16,344$15,564$14,823$14,120$13,453$10,978
6 years$13,484$12,709$11,979$11,292$10,645$8,295
7 years$11,441$10,673$9,955$9,284$8,657$6,432
8 years$9,910$9,149$8,443$7,788$7,182$5,080
9 years$8,720$7,966$7,272$6,634$6,048$4,067
10 years$7,768$7,021$6,339$5,718$5,154$3,290
11 years$6,990$6,251$5,581$4,977$4,432$2,682
12 years$6,342$5,610$4,953$4,365$3,841$2,201
13 years$5,794$5,070$4,425$3,854$3,349$1,815
14 years$5,325$4,609$3,976$3,421$2,936$1,502
15 years$4,918$4,210$3,590$3,051$2,585$1,248
16 years$4,563$3,863$3,255$2,732$2,285$1,039
17 years$4,250$3,557$2,962$2,454$2,026$867
18 years$3,972$3,287$2,704$2,212$1,801$725
19 years$3,724$3,046$2,475$1,999$1,605$607
20 years$3,501$2,831$2,272$1,810$1,434$509
21 years$3,299$2,637$2,089$1,643$1,283$427
22 years$3,116$2,461$1,926$1,494$1,150$359
23 years$2,949$2,302$1,778$1,360$1,033$302
24 years$2,796$2,157$1,644$1,241$928$254
25 years$2,655$2,024$1,523$1,133$835$214
26 years$2,526$1,902$1,413$1,036$752$180
27 years$2,407$1,790$1,312$948$678$152
28 years$2,296$1,687$1,219$869$612$128
29 years$2,193$1,592$1,135$797$553$108
30 years$2,097$1,503$1,057$731$499$91
31 years$2,007$1,421$985$672$451$76
32 years$1,923$1,344$919$617$408$64
33 years$1,845$1,273$858$568$370$54
34 years$1,771$1,207$802$522$335$46
35 years$1,701$1,145$750$481$303$39
36 years$1,636$1,086$701$443$275$33
37 years$1,574$1,032$657$408$249$28
38 years$1,516$981$615$376$226$23
39 years$1,461$932$576$347$205$20
40 years$1,408$887$540$320$186$17
41 years$1,359$844$506$295$168$14
42 years$1,311$804$475$272$153$12
43 years$1,266$766$446$251$139$10
44 years$1,224$730$418$232$126$8
45 years$1,183$697$393$214$114$7
46 years$1,144$664$369$198$104$6
47 years$1,107$634$347$183$94$5
48 years$1,072$605$326$169$86$4
49 years$1,038$578$306$156$78$4
50 years$1,006$552$288$144$71$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,030,000, adding $4,899 every year, while hoping to spend $42,758 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: 76/7/17 Blend
61$1,030,000$1,030,000$1,030,000$1,030,000
62$1,140,113$1,085,523$1,069,558$1,222,056
63$1,210,911$1,093,220$1,059,894$1,284,597
64$1,287,496$1,099,860$1,048,474$1,347,344
65$1,370,416$1,105,348$1,035,192$1,414,988
66$1,460,268$1,109,580$1,019,941$1,488,005
67$1,557,712$1,112,446$1,002,606$1,566,917
68$1,663,473$1,113,831$983,068$1,652,304
69$1,778,349$1,113,610$961,202$1,744,801
70$1,903,215$1,111,651$936,877$1,845,112
71$2,039,038$1,107,817$909,957$1,954,008
72$2,186,877$1,101,958$880,298$2,072,345
73$2,347,902$1,093,917$847,751$2,201,062
74$2,523,397$1,083,528$812,160$2,341,196
75$2,714,777$1,070,615$773,361$2,493,890
76$2,923,599$1,054,989$731,183$2,660,405
77$3,151,576$1,036,453$685,447$2,842,129
78$3,400,594$1,014,797$635,967$3,040,595
79$3,672,730$989,797$582,547$3,257,491
80$3,970,270$961,219$524,984$3,494,678
81$4,295,731$928,812$463,065$3,754,210
82$4,651,885$892,313$396,567$4,038,350
83$5,041,783$851,442$325,258$4,349,591
84$5,468,786$805,904$248,895$4,690,685
85$5,936,594$755,386$167,225$5,064,664
86$6,449,284$699,557$79,984$5,474,870
87$7,011,344$638,068$0$5,924,989
88$7,627,717$570,549$0$6,421,464
89$8,303,848$496,610$0$6,982,031
90$9,045,735$415,839$0$7,597,160
91$9,859,984$327,799$0$8,272,350
92$10,753,871$232,029$0$9,013,661
93$11,735,412$128,045$0$9,827,772
94$12,813,436$15,331$0$10,722,039
95$13,997,671$0$0$11,704,568
96$15,298,831$0$0$12,792,507
97$16,728,722$0$0$13,989,421
98$18,300,348$0$0$15,305,021
99$20,028,037$0$0$16,751,306
100$21,927,573$0$0$18,341,494