Can I retire at age 62 with 1,070,000?

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 $1,070,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.5%
1 years$88,360$87,573$86,805$86,055$85,323$82,068
2 years$43,742$42,928$42,138$41,373$40,630$37,388
3 years$28,872$28,054$27,266$26,508$25,777$22,652
4 years$21,438$20,622$19,843$19,097$18,385$15,399
5 years$16,979$16,168$15,399$14,669$13,976$11,137
6 years$14,007$13,203$12,445$11,731$11,059$8,369
7 years$11,885$11,088$10,341$9,644$8,994$6,453
8 years$10,295$9,504$8,770$8,090$7,461$5,067
9 years$9,058$8,275$7,554$6,891$6,283$4,032
10 years$8,070$7,294$6,586$5,940$5,354$3,240
11 years$7,261$6,493$5,798$5,170$4,604$2,625
12 years$6,588$5,828$5,146$4,535$3,990$2,139
13 years$6,019$5,267$4,597$4,003$3,479$1,752
14 years$5,531$4,788$4,131$3,554$3,050$1,440
15 years$5,109$4,373$3,729$3,169$2,685$1,188
16 years$4,741$4,013$3,381$2,838$2,373$982
17 years$4,415$3,695$3,077$2,550$2,104$814
18 years$4,127$3,415$2,809$2,298$1,871$675
19 years$3,869$3,165$2,571$2,076$1,668$561
20 years$3,637$2,941$2,360$1,880$1,490$467
21 years$3,427$2,739$2,171$1,707$1,333$389
22 years$3,237$2,557$2,000$1,552$1,195$324
23 years$3,063$2,392$1,847$1,413$1,073$270
24 years$2,904$2,241$1,708$1,289$964$226
25 years$2,759$2,103$1,582$1,177$868$188
26 years$2,624$1,976$1,467$1,076$781$157
27 years$2,500$1,860$1,363$985$705$131
28 years$2,385$1,753$1,267$903$636$110
29 years$2,278$1,653$1,179$828$574$92
30 years$2,178$1,561$1,098$760$519$77
31 years$2,085$1,476$1,024$698$469$64
32 years$1,998$1,397$955$641$424$54
33 years$1,916$1,323$892$590$384$45
34 years$1,840$1,254$833$543$348$38
35 years$1,767$1,189$779$499$315$31
36 years$1,699$1,129$729$460$285$26
37 years$1,635$1,072$682$424$259$22
38 years$1,575$1,019$639$391$234$18
39 years$1,517$969$598$360$213$15
40 years$1,463$922$561$332$193$13
41 years$1,411$877$526$306$175$11
42 years$1,362$835$493$283$159$9
43 years$1,316$796$463$261$144$8
44 years$1,271$759$435$241$131$6
45 years$1,229$724$408$223$119$5
46 years$1,189$690$383$206$108$4
47 years$1,150$659$360$190$98$4
48 years$1,113$629$338$176$89$3
49 years$1,078$600$318$162$81$3
50 years$1,045$574$299$150$73$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,070,000, adding $4,816 every year, while hoping to spend $41,021 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: 52/37/11 Blend
61$1,070,000$1,070,000$1,070,000$1,070,000
62$1,184,108$1,127,398$1,110,813$1,242,029
63$1,261,241$1,138,994$1,104,379$1,293,638
64$1,344,866$1,149,784$1,096,355$1,344,937
65$1,435,604$1,159,684$1,086,644$1,399,778
66$1,534,133$1,168,607$1,075,144$1,458,505
67$1,641,204$1,176,458$1,061,751$1,521,498
68$1,757,640$1,183,137$1,046,352$1,589,179
69$1,884,346$1,188,538$1,028,832$1,662,011
70$2,022,321$1,192,548$1,009,070$1,740,510
71$2,172,661$1,195,046$986,936$1,825,242
72$2,336,573$1,195,904$962,300$1,916,834
73$2,515,387$1,194,987$935,021$2,015,981
74$2,710,566$1,192,150$904,952$2,123,447
75$2,923,718$1,187,241$871,943$2,240,078
76$3,156,618$1,180,096$835,834$2,366,810
77$3,411,215$1,170,543$796,457$2,504,674
78$3,689,660$1,158,400$753,638$2,654,812
79$3,994,316$1,143,472$707,196$2,818,483
80$4,327,789$1,125,555$656,940$2,997,078
81$4,692,947$1,104,431$602,671$3,192,133
82$5,092,948$1,079,869$544,181$3,405,347
83$5,531,271$1,051,625$481,254$3,638,593
84$6,011,747$1,019,440$413,662$3,893,940
85$6,538,594$983,042$341,168$4,173,674
86$7,116,460$942,140$263,526$4,480,315
87$7,750,462$896,428$180,477$4,816,650
88$8,446,238$845,582$91,752$5,185,753
89$9,209,998$789,259$0$5,591,016
90$10,048,582$727,097$0$6,036,532
91$10,969,525$658,713$0$6,537,604
92$11,981,128$583,701$0$7,088,052
93$13,092,536$501,635$0$7,692,949
94$14,313,820$412,061$0$8,357,892
95$15,656,080$314,502$0$9,089,056
96$17,131,541$208,454$0$9,893,249
97$18,753,674$93,383$0$10,777,985
98$20,537,317$0$0$11,751,548
99$22,498,821$0$0$12,835,810
100$24,656,200$0$0$14,070,281