Can I retire at age 62 with 1,060,000?

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 $1,060,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.7%
1 years$87,534$86,754$85,993$85,251$84,526$81,886
2 years$43,334$42,527$41,744$40,986$40,250$37,614
3 years$28,602$27,792$27,011$26,260$25,537$22,987
4 years$21,238$20,430$19,657$18,919$18,213$15,769
5 years$16,820$16,017$15,255$14,532$13,845$11,514
6 years$13,876$13,079$12,328$11,621$10,955$8,738
7 years$11,774$10,984$10,245$9,554$8,909$6,807
8 years$10,199$9,415$8,688$8,015$7,391$5,402
9 years$8,974$8,198$7,483$6,827$6,225$4,346
10 years$7,994$7,226$6,524$5,885$5,304$3,533
11 years$7,193$6,433$5,744$5,122$4,561$2,896
12 years$6,526$5,774$5,097$4,492$3,953$2,388
13 years$5,963$5,218$4,554$3,966$3,447$1,980
14 years$5,480$4,743$4,092$3,521$3,021$1,649
15 years$5,062$4,333$3,695$3,140$2,660$1,377
16 years$4,696$3,975$3,350$2,811$2,351$1,153
17 years$4,374$3,661$3,048$2,526$2,085$968
18 years$4,088$3,383$2,782$2,276$1,854$815
19 years$3,832$3,135$2,547$2,057$1,652$686
20 years$3,603$2,913$2,338$1,863$1,476$579
21 years$3,395$2,714$2,150$1,691$1,321$489
22 years$3,206$2,533$1,982$1,537$1,184$413
23 years$3,035$2,369$1,830$1,400$1,063$350
24 years$2,877$2,220$1,692$1,277$955$296
25 years$2,733$2,083$1,567$1,166$859$251
26 years$2,600$1,958$1,454$1,066$774$212
27 years$2,477$1,843$1,350$976$698$180
28 years$2,363$1,736$1,255$894$630$153
29 years$2,256$1,638$1,168$820$569$130
30 years$2,158$1,547$1,088$753$514$110
31 years$2,065$1,462$1,014$691$465$93
32 years$1,979$1,384$946$635$420$79
33 years$1,898$1,310$883$584$380$67
34 years$1,822$1,242$825$537$344$57
35 years$1,751$1,178$772$495$312$48
36 years$1,684$1,118$722$456$283$41
37 years$1,620$1,062$676$420$256$35
38 years$1,560$1,009$633$387$232$30
39 years$1,503$960$593$357$211$25
40 years$1,449$913$556$329$191$21
41 years$1,398$869$521$304$173$18
42 years$1,350$828$489$280$157$15
43 years$1,303$789$459$259$143$13
44 years$1,259$752$430$239$130$11
45 years$1,218$717$404$221$118$9
46 years$1,178$684$380$204$107$8
47 years$1,140$653$357$188$97$7
48 years$1,103$623$335$174$88$6
49 years$1,068$595$315$161$80$5
50 years$1,035$568$296$149$73$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,060,000, adding $6,853 every year, while hoping to spend $57,613 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: 52/32/16 Blend
61$1,060,000$1,060,000$1,060,000$1,060,000
62$1,175,189$1,119,009$1,102,579$1,230,858
63$1,233,758$1,112,541$1,078,215$1,263,285
64$1,296,371$1,103,824$1,051,105$1,291,899
65$1,363,378$1,092,689$1,021,094$1,321,744
66$1,435,166$1,078,954$988,024$1,352,954
67$1,512,157$1,062,426$951,727$1,385,680
68$1,594,814$1,042,903$912,027$1,420,090
69$1,683,648$1,020,168$868,743$1,456,373
70$1,779,218$993,994$821,683$1,494,742
71$1,882,136$964,137$770,648$1,535,435
72$1,993,077$930,343$715,427$1,578,717
73$2,112,781$892,341$655,805$1,624,885
74$2,242,062$849,843$591,552$1,674,273
75$2,381,814$802,547$522,430$1,727,251
76$2,533,019$750,131$448,192$1,784,235
77$2,696,757$692,258$368,576$1,845,685
78$2,874,216$628,568$283,313$1,912,118
79$3,066,701$558,682$192,118$1,984,108
80$3,275,647$482,201$94,697$2,062,295
81$3,502,634$398,700$0$2,147,390
82$3,749,400$307,733$0$2,241,769
83$4,017,855$208,828$0$2,362,087
84$4,310,102$101,486$0$2,493,196
85$4,628,454$0$0$2,636,245
86$4,975,458$0$0$2,797,725
87$5,353,916$0$0$3,012,914
88$5,766,912$0$0$3,247,841
89$6,217,841$0$0$3,504,451
90$6,710,439$0$0$3,784,883
91$7,248,822$0$0$4,091,493
92$7,837,518$0$0$4,426,875
93$8,481,514$0$0$4,793,884
94$9,186,302$0$0$5,195,666
95$9,957,928$0$0$5,635,682
96$10,803,051$0$0$6,117,747
97$11,729,002$0$0$6,646,060
98$12,743,858$0$0$7,225,246
99$13,856,512$0$0$7,860,400
100$15,076,759$0$0$8,557,133