Can I retire at age 62 with 1,050,000?

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 $1,050,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.1%
1 years$86,708$85,936$85,182$84,447$83,728$83,341
2 years$42,925$42,125$41,351$40,599$39,871$39,479
3 years$28,332$27,529$26,757$26,012$25,296$24,913
4 years$21,037$20,237$19,472$18,740$18,041$17,669
5 years$16,662$15,866$15,111$14,394$13,715$13,355
6 years$13,745$12,956$12,212$11,511$10,852$10,506
7 years$11,663$10,880$10,148$9,464$8,825$8,493
8 years$10,102$9,326$8,606$7,939$7,322$7,002
9 years$8,889$8,120$7,413$6,762$6,166$5,859
10 years$7,919$7,158$6,463$5,829$5,254$4,960
11 years$7,125$6,372$5,690$5,073$4,518$4,237
12 years$6,465$5,719$5,049$4,450$3,915$3,647
13 years$5,906$5,168$4,511$3,929$3,414$3,158
14 years$5,428$4,698$4,053$3,487$2,993$2,749
15 years$5,014$4,292$3,660$3,110$2,635$2,403
16 years$4,652$3,938$3,318$2,785$2,329$2,108
17 years$4,333$3,626$3,019$2,502$2,065$1,855
18 years$4,049$3,351$2,756$2,255$1,836$1,637
19 years$3,796$3,106$2,523$2,037$1,637$1,448
20 years$3,569$2,886$2,316$1,845$1,462$1,283
21 years$3,363$2,688$2,130$1,675$1,308$1,139
22 years$3,176$2,509$1,963$1,523$1,173$1,013
23 years$3,006$2,347$1,813$1,387$1,053$902
24 years$2,850$2,199$1,676$1,265$946$804
25 years$2,707$2,063$1,553$1,155$851$717
26 years$2,575$1,939$1,440$1,056$767$641
27 years$2,453$1,825$1,337$967$691$573
28 years$2,340$1,720$1,243$886$624$512
29 years$2,235$1,622$1,157$812$563$459
30 years$2,137$1,532$1,077$745$509$411
31 years$2,046$1,448$1,004$685$460$368
32 years$1,961$1,371$937$629$416$330
33 years$1,880$1,298$875$579$377$296
34 years$1,805$1,230$818$532$341$266
35 years$1,734$1,167$764$490$309$238
36 years$1,668$1,107$715$451$280$214
37 years$1,605$1,052$669$416$254$192
38 years$1,545$1,000$627$383$230$173
39 years$1,489$951$587$353$209$155
40 years$1,436$904$550$326$189$139
41 years$1,385$861$516$301$172$125
42 years$1,337$820$484$278$156$113
43 years$1,291$781$454$256$141$101
44 years$1,248$745$426$237$128$91
45 years$1,206$710$400$218$116$82
46 years$1,167$677$376$202$106$74
47 years$1,129$646$353$186$96$66
48 years$1,093$617$332$172$87$60
49 years$1,058$589$312$159$79$54
50 years$1,025$563$293$147$72$48

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,050,000, adding $5,043 every year, while hoping to spend $47,582 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: 55/24/21 Blend
61$1,050,000$1,050,000$1,050,000$1,050,000
62$1,162,302$1,106,652$1,090,377$1,219,342
63$1,230,230$1,110,251$1,076,278$1,262,541
64$1,303,492$1,112,432$1,060,111$1,304,104
65$1,382,581$1,113,074$1,041,758$1,348,342
66$1,468,041$1,112,051$1,021,094$1,395,524
67$1,560,468$1,109,228$997,987$1,445,949
68$1,660,516$1,104,461$972,300$1,499,949
69$1,768,908$1,097,599$943,891$1,557,891
70$1,886,434$1,088,479$912,609$1,620,182
71$2,013,967$1,076,931$878,298$1,687,274
72$2,152,464$1,062,773$840,794$1,759,666
73$2,302,979$1,045,813$799,925$1,837,912
74$2,466,673$1,025,848$755,512$1,922,624
75$2,644,820$1,002,661$707,368$2,014,480
76$2,838,825$976,024$655,298$2,114,233
77$3,050,231$945,695$599,096$2,222,711
78$3,280,739$911,419$538,550$2,340,836
79$3,532,219$872,923$473,437$2,469,625
80$3,806,731$829,922$403,522$2,610,203
81$4,106,541$782,112$328,564$2,763,815
82$4,434,145$729,172$248,307$2,931,838
83$4,792,289$670,763$162,488$3,115,794
84$5,183,999$606,527$70,827$3,317,366
85$5,612,605$536,084$0$3,538,414
86$6,081,773$459,035$0$3,787,044
87$6,595,542$374,956$0$4,076,809
88$7,158,359$283,400$0$4,394,405
89$7,775,120$183,895$0$4,742,680
90$8,451,218$75,942$0$5,124,777
91$9,192,595$0$0$5,544,164
92$10,005,791$0$0$6,015,490
93$10,898,013$0$0$6,554,722
94$11,877,199$0$0$7,146,613
95$12,952,090$0$0$7,796,462
96$14,132,318$0$0$8,510,103
97$15,428,491$0$0$9,293,966
98$16,852,296$0$0$10,155,131
99$18,416,608$0$0$11,101,400
100$20,135,608$0$0$12,141,368