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

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 $1,030,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.5%
1 years$85,056$84,299$83,560$82,838$82,134$79,632
2 years$42,107$41,323$40,563$39,826$39,111$36,612
3 years$27,793$27,005$26,247$25,517$24,814$22,396
4 years$20,637$19,852$19,101$18,384$17,697$15,379
5 years$16,344$15,564$14,823$14,120$13,453$11,241
6 years$13,484$12,709$11,979$11,292$10,645$8,541
7 years$11,441$10,673$9,955$9,284$8,657$6,661
8 years$9,910$9,149$8,443$7,788$7,182$5,292
9 years$8,720$7,966$7,272$6,634$6,048$4,263
10 years$7,768$7,021$6,339$5,718$5,154$3,470
11 years$6,990$6,251$5,581$4,977$4,432$2,847
12 years$6,342$5,610$4,953$4,365$3,841$2,352
13 years$5,794$5,070$4,425$3,854$3,349$1,952
14 years$5,325$4,609$3,976$3,421$2,936$1,628
15 years$4,918$4,210$3,590$3,051$2,585$1,362
16 years$4,563$3,863$3,255$2,732$2,285$1,142
17 years$4,250$3,557$2,962$2,454$2,026$960
18 years$3,972$3,287$2,704$2,212$1,801$809
19 years$3,724$3,046$2,475$1,999$1,605$683
20 years$3,501$2,831$2,272$1,810$1,434$577
21 years$3,299$2,637$2,089$1,643$1,283$488
22 years$3,116$2,461$1,926$1,494$1,150$413
23 years$2,949$2,302$1,778$1,360$1,033$350
24 years$2,796$2,157$1,644$1,241$928$297
25 years$2,655$2,024$1,523$1,133$835$252
26 years$2,526$1,902$1,413$1,036$752$214
27 years$2,407$1,790$1,312$948$678$181
28 years$2,296$1,687$1,219$869$612$154
29 years$2,193$1,592$1,135$797$553$131
30 years$2,097$1,503$1,057$731$499$111
31 years$2,007$1,421$985$672$451$95
32 years$1,923$1,344$919$617$408$80
33 years$1,845$1,273$858$568$370$68
34 years$1,771$1,207$802$522$335$58
35 years$1,701$1,145$750$481$303$49
36 years$1,636$1,086$701$443$275$42
37 years$1,574$1,032$657$408$249$36
38 years$1,516$981$615$376$226$30
39 years$1,461$932$576$347$205$26
40 years$1,408$887$540$320$186$22
41 years$1,359$844$506$295$168$19
42 years$1,311$804$475$272$153$16
43 years$1,266$766$446$251$139$14
44 years$1,224$730$418$232$126$12
45 years$1,183$697$393$214$114$10
46 years$1,144$664$369$198$104$8
47 years$1,107$634$347$183$94$7
48 years$1,072$605$326$169$86$6
49 years$1,038$578$306$156$78$5
50 years$1,006$552$288$144$71$4

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 $5,915 every year, while hoping to spend $20,688 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: 66/21/13 Blend
61$1,030,000$1,030,000$1,030,000$1,030,000
62$1,141,161$1,086,571$1,070,606$1,212,691
63$1,235,548$1,117,801$1,084,460$1,292,386
64$1,338,869$1,149,868$1,098,084$1,376,484
65$1,452,013$1,182,792$1,111,449$1,467,883
66$1,575,960$1,216,590$1,124,525$1,567,295
67$1,711,788$1,251,284$1,137,277$1,675,505
68$1,860,687$1,286,893$1,149,672$1,793,375
69$2,023,963$1,323,437$1,161,672$1,921,858
70$2,203,058$1,360,936$1,173,239$2,062,001
71$2,399,560$1,399,411$1,184,332$2,214,957
72$2,615,216$1,438,883$1,194,908$2,381,997
73$2,851,952$1,479,373$1,204,921$2,564,520
74$3,111,890$1,520,901$1,214,325$2,764,067
75$3,397,366$1,563,488$1,223,068$2,982,336
76$3,710,955$1,607,157$1,231,099$3,221,197
77$4,055,492$1,651,927$1,238,360$3,482,708
78$4,434,101$1,697,821$1,244,795$3,769,141
79$4,850,225$1,744,860$1,250,341$4,082,994
80$5,307,654$1,793,064$1,254,933$4,427,021
81$5,810,567$1,842,456$1,258,505$4,804,256
82$6,363,565$1,893,056$1,260,985$5,218,041
83$6,971,718$1,944,886$1,262,298$5,672,060
84$7,640,614$1,997,966$1,262,366$6,170,369
85$8,376,408$2,052,317$1,261,106$6,717,439
86$9,185,880$2,107,960$1,258,432$7,318,195
87$10,076,504$2,164,914$1,254,254$7,978,065
88$11,056,512$2,223,199$1,248,476$8,703,027
89$12,134,975$2,282,835$1,240,998$9,499,671
90$13,321,888$2,343,840$1,231,718$10,375,256
91$14,628,265$2,406,232$1,220,524$11,337,781
92$16,066,239$2,470,029$1,207,303$12,396,062
93$17,649,183$2,535,247$1,191,935$13,559,810
94$19,391,829$2,601,904$1,174,294$14,839,729
95$21,310,411$2,670,012$1,154,249$16,247,611
96$23,422,817$2,739,588$1,131,661$17,796,453
97$25,748,760$2,810,643$1,106,387$19,500,572
98$28,309,959$2,883,190$1,078,276$21,375,751
99$31,130,347$2,957,238$1,047,170$23,439,377
100$34,236,297$3,032,797$1,012,905$25,710,611