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

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 $1,070,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.3%
1 years$88,360$87,573$86,805$86,055$85,323$83,126
2 years$43,742$42,928$42,138$41,373$40,630$38,431
3 years$28,872$28,054$27,266$26,508$25,777$23,645
4 years$21,438$20,622$19,843$19,097$18,385$16,336
5 years$16,979$16,168$15,399$14,669$13,976$12,016
6 years$14,007$13,203$12,445$11,731$11,059$9,190
7 years$11,885$11,088$10,341$9,644$8,994$7,216
8 years$10,295$9,504$8,770$8,090$7,461$5,773
9 years$9,058$8,275$7,554$6,891$6,283$4,685
10 years$8,070$7,294$6,586$5,940$5,354$3,842
11 years$7,261$6,493$5,798$5,170$4,604$3,177
12 years$6,588$5,828$5,146$4,535$3,990$2,645
13 years$6,019$5,267$4,597$4,003$3,479$2,214
14 years$5,531$4,788$4,131$3,554$3,050$1,861
15 years$5,109$4,373$3,729$3,169$2,685$1,570
16 years$4,741$4,013$3,381$2,838$2,373$1,328
17 years$4,415$3,695$3,077$2,550$2,104$1,127
18 years$4,127$3,415$2,809$2,298$1,871$958
19 years$3,869$3,165$2,571$2,076$1,668$815
20 years$3,637$2,941$2,360$1,880$1,490$695
21 years$3,427$2,739$2,171$1,707$1,333$593
22 years$3,237$2,557$2,000$1,552$1,195$507
23 years$3,063$2,392$1,847$1,413$1,073$434
24 years$2,904$2,241$1,708$1,289$964$371
25 years$2,759$2,103$1,582$1,177$868$318
26 years$2,624$1,976$1,467$1,076$781$273
27 years$2,500$1,860$1,363$985$705$234
28 years$2,385$1,753$1,267$903$636$200
29 years$2,278$1,653$1,179$828$574$172
30 years$2,178$1,561$1,098$760$519$148
31 years$2,085$1,476$1,024$698$469$127
32 years$1,998$1,397$955$641$424$109
33 years$1,916$1,323$892$590$384$93
34 years$1,840$1,254$833$543$348$80
35 years$1,767$1,189$779$499$315$69
36 years$1,699$1,129$729$460$285$59
37 years$1,635$1,072$682$424$259$51
38 years$1,575$1,019$639$391$234$44
39 years$1,517$969$598$360$213$38
40 years$1,463$922$561$332$193$32
41 years$1,411$877$526$306$175$28
42 years$1,362$835$493$283$159$24
43 years$1,316$796$463$261$144$21
44 years$1,271$759$435$241$131$18
45 years$1,229$724$408$223$119$15
46 years$1,189$690$383$206$108$13
47 years$1,150$659$360$190$98$11
48 years$1,113$629$338$176$89$10
49 years$1,078$600$318$162$81$8
50 years$1,045$574$299$150$73$7

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 $3,795 every year, while hoping to spend $28,251 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: 84/5/11 Blend
61$1,070,000$1,070,000$1,070,000$1,070,000
62$1,183,055$1,126,345$1,109,760$1,280,010
63$1,273,667$1,151,477$1,116,878$1,369,135
64$1,372,576$1,176,893$1,123,287$1,462,842
65$1,480,596$1,202,579$1,128,935$1,564,913
66$1,598,627$1,228,515$1,133,765$1,676,174
67$1,727,658$1,254,683$1,137,717$1,797,532
68$1,868,778$1,281,062$1,140,729$1,929,989
69$2,023,187$1,307,627$1,142,737$2,074,645
70$2,192,205$1,334,354$1,143,672$2,232,714
71$2,377,286$1,361,214$1,143,461$2,405,533
72$2,580,032$1,388,176$1,142,030$2,594,574
73$2,802,207$1,415,208$1,139,299$2,801,459
74$3,045,752$1,442,274$1,135,186$3,027,975
75$3,312,807$1,469,333$1,129,603$3,276,089
76$3,605,728$1,496,345$1,122,459$3,547,971
77$3,927,110$1,523,263$1,113,659$3,846,009
78$4,279,811$1,550,039$1,103,103$4,172,835
79$4,666,979$1,576,619$1,090,685$4,531,351
80$5,092,084$1,602,946$1,076,295$4,924,749
81$5,558,945$1,628,959$1,059,820$5,356,552
82$6,071,772$1,654,592$1,041,138$5,830,638
83$6,635,199$1,679,774$1,020,123$6,351,280
84$7,254,336$1,704,430$996,644$6,923,188
85$7,934,809$1,728,477$970,561$7,551,551
86$8,682,816$1,751,830$941,732$8,242,086
87$9,505,188$1,774,394$910,005$9,001,093
88$10,409,449$1,796,071$875,222$9,835,515
89$11,403,889$1,816,754$837,217$10,753,001
90$12,497,640$1,836,330$795,819$11,761,980
91$13,700,767$1,854,677$750,846$12,871,741
92$15,024,356$1,871,668$702,111$14,092,519
93$16,480,624$1,887,163$649,415$15,435,592
94$18,083,030$1,901,016$592,553$16,913,390
95$19,846,406$1,913,072$531,310$18,539,609
96$21,787,091$1,923,165$465,460$20,329,340
97$23,923,091$1,931,117$394,770$22,299,215
98$26,274,245$1,936,740$318,994$24,467,561
99$28,862,413$1,939,836$237,875$26,854,575
100$31,711,683$1,940,191$151,148$29,482,511