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

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 $1,060,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.5%
1 years$87,534$86,754$85,993$85,251$84,526$81,624
2 years$43,334$42,527$41,744$40,986$40,250$37,357
3 years$28,602$27,792$27,011$26,260$25,537$22,741
4 years$21,238$20,430$19,657$18,919$18,213$15,538
5 years$16,820$16,017$15,255$14,532$13,845$11,297
6 years$13,876$13,079$12,328$11,621$10,955$8,537
7 years$11,774$10,984$10,245$9,554$8,909$6,620
8 years$10,199$9,415$8,688$8,015$7,391$5,228
9 years$8,974$8,198$7,483$6,827$6,225$4,186
10 years$7,994$7,226$6,524$5,885$5,304$3,386
11 years$7,193$6,433$5,744$5,122$4,561$2,761
12 years$6,526$5,774$5,097$4,492$3,953$2,265
13 years$5,963$5,218$4,554$3,966$3,447$1,868
14 years$5,480$4,743$4,092$3,521$3,021$1,546
15 years$5,062$4,333$3,695$3,140$2,660$1,284
16 years$4,696$3,975$3,350$2,811$2,351$1,070
17 years$4,374$3,661$3,048$2,526$2,085$893
18 years$4,088$3,383$2,782$2,276$1,854$746
19 years$3,832$3,135$2,547$2,057$1,652$625
20 years$3,603$2,913$2,338$1,863$1,476$524
21 years$3,395$2,714$2,150$1,691$1,321$440
22 years$3,206$2,533$1,982$1,537$1,184$370
23 years$3,035$2,369$1,830$1,400$1,063$311
24 years$2,877$2,220$1,692$1,277$955$261
25 years$2,733$2,083$1,567$1,166$859$220
26 years$2,600$1,958$1,454$1,066$774$185
27 years$2,477$1,843$1,350$976$698$156
28 years$2,363$1,736$1,255$894$630$131
29 years$2,256$1,638$1,168$820$569$111
30 years$2,158$1,547$1,088$753$514$93
31 years$2,065$1,462$1,014$691$465$79
32 years$1,979$1,384$946$635$420$66
33 years$1,898$1,310$883$584$380$56
34 years$1,822$1,242$825$537$344$47
35 years$1,751$1,178$772$495$312$40
36 years$1,684$1,118$722$456$283$34
37 years$1,620$1,062$676$420$256$28
38 years$1,560$1,009$633$387$232$24
39 years$1,503$960$593$357$211$20
40 years$1,449$913$556$329$191$17
41 years$1,398$869$521$304$173$14
42 years$1,350$828$489$280$157$12
43 years$1,303$789$459$259$143$10
44 years$1,259$752$430$239$130$9
45 years$1,218$717$404$221$118$7
46 years$1,178$684$380$204$107$6
47 years$1,140$653$357$188$97$5
48 years$1,103$623$335$174$88$4
49 years$1,068$595$315$161$80$4
50 years$1,035$568$296$149$73$3

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 $6,859 every year, while hoping to spend $56,923 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: 51/24/25 Blend
61$1,060,000$1,060,000$1,060,000$1,060,000
62$1,175,195$1,119,015$1,102,585$1,226,576
63$1,234,499$1,113,281$1,078,956$1,257,238
64$1,297,945$1,105,358$1,052,628$1,284,236
65$1,365,894$1,095,080$1,023,449$1,312,440
66$1,438,744$1,082,267$991,264$1,341,988
67$1,516,930$1,066,733$955,906$1,373,036
68$1,600,932$1,048,278$917,204$1,405,756
69$1,691,275$1,026,691$874,977$1,440,346
70$1,788,534$1,001,748$829,038$1,477,025
71$1,893,343$973,213$779,190$1,516,037
72$2,006,398$940,834$725,227$1,557,658
73$2,128,463$904,347$666,933$1,602,195
74$2,260,376$863,470$604,086$1,649,991
75$2,403,061$817,906$536,449$1,701,430
76$2,557,532$767,343$463,779$1,756,939
77$2,724,904$711,446$385,819$1,816,996
78$2,906,402$649,865$302,302$1,882,132
79$3,103,375$582,229$212,950$1,952,940
80$3,317,307$508,145$117,471$2,030,079
81$3,549,826$427,198$15,560$2,114,283
82$3,802,729$338,952$0$2,206,368
83$4,077,988$242,941$0$2,332,102
84$4,377,777$138,679$0$2,473,680
85$4,704,485$25,649$0$2,628,158
86$5,060,742$0$0$2,796,878
87$5,449,444$0$0$3,006,857
88$5,873,778$0$0$3,243,582
89$6,337,252$0$0$3,502,249
90$6,843,726$0$0$3,785,027
91$7,397,454$0$0$4,094,302
92$8,003,115$0$0$4,432,704
93$8,665,863$0$0$4,803,128
94$9,391,375$0$0$5,208,762
95$10,185,899$0$0$5,653,115
96$11,056,318$0$0$6,140,053
97$12,010,210$0$0$6,673,835
98$13,055,923$0$0$7,259,148
99$14,202,650$0$0$7,901,157
100$15,460,516$0$0$8,605,551