Can I retire at age 62 with 1,040,000?

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 $1,040,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.4%
1 years$85,882$85,117$84,371$83,642$82,931$80,437
2 years$42,516$41,724$40,957$40,213$39,491$37,000
3 years$28,062$27,267$26,502$25,765$25,055$22,644
4 years$20,837$20,044$19,286$18,562$17,869$15,557
5 years$16,503$15,715$14,967$14,257$13,584$11,377
6 years$13,615$12,832$12,096$11,402$10,748$8,649
7 years$11,552$10,777$10,052$9,374$8,741$6,749
8 years$10,006$9,238$8,524$7,864$7,252$5,365
9 years$8,804$8,043$7,342$6,698$6,107$4,324
10 years$7,843$7,089$6,401$5,774$5,204$3,522
11 years$7,058$6,311$5,635$5,025$4,475$2,892
12 years$6,403$5,665$5,001$4,408$3,878$2,390
13 years$5,850$5,119$4,468$3,891$3,382$1,986
14 years$5,376$4,653$4,015$3,454$2,964$1,657
15 years$4,966$4,251$3,625$3,081$2,610$1,387
16 years$4,608$3,900$3,286$2,758$2,307$1,164
17 years$4,292$3,592$2,991$2,478$2,045$980
18 years$4,011$3,319$2,730$2,233$1,819$826
19 years$3,760$3,076$2,499$2,018$1,621$697
20 years$3,535$2,858$2,294$1,828$1,448$590
21 years$3,331$2,662$2,110$1,659$1,296$499
22 years$3,146$2,485$1,944$1,508$1,161$423
23 years$2,977$2,324$1,795$1,374$1,043$359
24 years$2,823$2,178$1,660$1,253$937$304
25 years$2,681$2,044$1,538$1,144$843$258
26 years$2,551$1,921$1,426$1,046$760$219
27 years$2,430$1,808$1,324$958$685$187
28 years$2,318$1,703$1,231$877$618$159
29 years$2,214$1,607$1,146$805$558$135
30 years$2,117$1,518$1,067$738$504$115
31 years$2,027$1,435$995$678$456$98
32 years$1,942$1,357$928$623$412$83
33 years$1,862$1,286$867$573$373$71
34 years$1,788$1,218$810$527$338$60
35 years$1,718$1,156$757$485$306$51
36 years$1,652$1,097$708$447$277$44
37 years$1,589$1,042$663$412$251$37
38 years$1,530$990$621$380$228$32
39 years$1,475$941$582$350$207$27
40 years$1,422$896$545$323$187$23
41 years$1,372$853$511$298$170$20
42 years$1,324$812$480$275$154$17
43 years$1,279$774$450$254$140$14
44 years$1,236$738$422$234$127$12
45 years$1,195$703$397$216$115$10
46 years$1,155$671$372$200$105$9
47 years$1,118$640$350$185$95$7
48 years$1,082$611$329$171$86$6
49 years$1,048$584$309$158$78$5
50 years$1,015$558$291$146$71$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,040,000, adding $4,187 every year, while hoping to spend $27,302 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: 56/18/26 Blend
61$1,040,000$1,040,000$1,040,000$1,040,000
62$1,150,399$1,095,279$1,079,159$1,206,403
63$1,238,690$1,119,898$1,086,262$1,269,938
64$1,335,073$1,144,809$1,092,687$1,335,916
65$1,440,342$1,169,997$1,098,384$1,407,237
66$1,555,375$1,195,445$1,103,298$1,484,424
67$1,681,138$1,221,136$1,107,373$1,568,056
68$1,818,692$1,247,050$1,110,548$1,658,767
69$1,969,208$1,273,165$1,112,761$1,757,259
70$2,133,975$1,299,458$1,113,946$1,864,305
71$2,314,411$1,325,901$1,114,034$1,980,757
72$2,512,079$1,352,468$1,112,952$2,107,555
73$2,728,699$1,379,128$1,110,624$2,245,734
74$2,966,166$1,405,845$1,106,970$2,396,436
75$3,226,569$1,432,585$1,101,907$2,560,920
76$3,512,204$1,459,307$1,095,346$2,740,574
77$3,825,605$1,485,969$1,087,197$2,936,927
78$4,169,561$1,512,526$1,077,362$3,151,665
79$4,547,143$1,538,926$1,065,740$3,386,649
80$4,961,735$1,565,117$1,052,226$3,643,929
81$5,417,065$1,591,041$1,036,708$3,925,763
82$5,917,240$1,616,636$1,019,072$4,234,644
83$6,466,783$1,641,836$999,196$4,573,318
84$7,070,678$1,666,569$976,952$4,944,814
85$7,734,415$1,690,759$952,208$5,352,469
86$8,464,043$1,714,324$924,825$5,799,964
87$9,266,225$1,737,176$894,656$6,291,354
88$10,148,304$1,759,221$861,551$6,831,114
89$11,118,369$1,780,360$825,351$7,424,172
90$12,185,330$1,800,486$785,888$8,075,964
91$13,359,007$1,819,483$742,988$8,792,482
92$14,650,219$1,837,231$696,472$9,580,328
93$16,070,885$1,853,599$646,147$10,446,786
94$17,634,139$1,868,449$591,817$11,399,879
95$19,354,451$1,881,633$533,273$12,448,455
96$21,247,767$1,892,995$470,299$13,602,266
97$23,331,654$1,902,367$402,669$14,872,061
98$25,625,472$1,909,571$330,147$16,269,691
99$28,150,549$1,914,419$252,486$17,808,216
100$30,930,389$1,916,711$169,429$19,502,034