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%12.7%
1 years$88,360$87,573$86,805$86,055$85,323$84,362
2 years$43,742$42,928$42,138$41,373$40,630$39,662
3 years$28,872$28,054$27,266$26,508$25,777$24,833
4 years$21,438$20,622$19,843$19,097$18,385$17,471
5 years$16,979$16,168$15,399$14,669$13,976$13,096
6 years$14,007$13,203$12,445$11,731$11,059$10,213
7 years$11,885$11,088$10,341$9,644$8,994$8,183
8 years$10,295$9,504$8,770$8,090$7,461$6,686
9 years$9,058$8,275$7,554$6,891$6,283$5,543
10 years$8,070$7,294$6,586$5,940$5,354$4,647
11 years$7,261$6,493$5,798$5,170$4,604$3,931
12 years$6,588$5,828$5,146$4,535$3,990$3,350
13 years$6,019$5,267$4,597$4,003$3,479$2,871
14 years$5,531$4,788$4,131$3,554$3,050$2,473
15 years$5,109$4,373$3,729$3,169$2,685$2,139
16 years$4,741$4,013$3,381$2,838$2,373$1,856
17 years$4,415$3,695$3,077$2,550$2,104$1,615
18 years$4,127$3,415$2,809$2,298$1,871$1,409
19 years$3,869$3,165$2,571$2,076$1,668$1,232
20 years$3,637$2,941$2,360$1,880$1,490$1,079
21 years$3,427$2,739$2,171$1,707$1,333$947
22 years$3,237$2,557$2,000$1,552$1,195$832
23 years$3,063$2,392$1,847$1,413$1,073$732
24 years$2,904$2,241$1,708$1,289$964$644
25 years$2,759$2,103$1,582$1,177$868$568
26 years$2,624$1,976$1,467$1,076$781$501
27 years$2,500$1,860$1,363$985$705$442
28 years$2,385$1,753$1,267$903$636$391
29 years$2,278$1,653$1,179$828$574$345
30 years$2,178$1,561$1,098$760$519$305
31 years$2,085$1,476$1,024$698$469$270
32 years$1,998$1,397$955$641$424$239
33 years$1,916$1,323$892$590$384$211
34 years$1,840$1,254$833$543$348$187
35 years$1,767$1,189$779$499$315$166
36 years$1,699$1,129$729$460$285$147
37 years$1,635$1,072$682$424$259$130
38 years$1,575$1,019$639$391$234$115
39 years$1,517$969$598$360$213$102
40 years$1,463$922$561$332$193$90
41 years$1,411$877$526$306$175$80
42 years$1,362$835$493$283$159$71
43 years$1,316$796$463$261$144$63
44 years$1,271$759$435$241$131$56
45 years$1,229$724$408$223$119$50
46 years$1,189$690$383$206$108$44
47 years$1,150$659$360$190$98$39
48 years$1,113$629$338$176$89$35
49 years$1,078$600$318$162$81$31
50 years$1,045$574$299$150$73$27

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 $4,486 every year, while hoping to spend $21,847 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: 76/16/8 Blend
61$1,070,000$1,070,000$1,070,000$1,070,000
62$1,183,767$1,127,057$1,110,472$1,272,001
63$1,281,267$1,159,038$1,124,428$1,362,634
64$1,387,978$1,191,854$1,138,119$1,458,711
65$1,504,820$1,225,522$1,151,514$1,563,393
66$1,632,800$1,260,061$1,164,578$1,677,524
67$1,773,030$1,295,489$1,177,276$1,802,037
68$1,926,735$1,331,823$1,189,570$1,937,956
69$2,095,263$1,369,084$1,201,422$2,086,410
70$2,280,098$1,407,288$1,212,788$2,248,643
71$2,482,877$1,446,454$1,223,626$2,426,024
72$2,705,402$1,486,601$1,233,888$2,620,062
73$2,949,655$1,527,747$1,243,526$2,832,418
74$3,217,824$1,569,910$1,252,488$3,064,920
75$3,512,317$1,613,110$1,260,721$3,319,585
76$3,835,785$1,657,365$1,268,167$3,598,633
77$4,191,151$1,702,692$1,274,767$3,904,510
78$4,581,634$1,749,109$1,280,457$4,239,908
79$5,010,781$1,796,636$1,285,172$4,607,796
80$5,482,498$1,845,288$1,288,843$5,011,443
81$6,001,089$1,895,084$1,291,395$5,454,452
82$6,571,297$1,946,040$1,292,754$5,940,790
83$7,198,346$1,998,172$1,292,838$6,474,829
84$7,887,993$2,051,498$1,291,564$7,061,387
85$8,646,579$2,106,033$1,288,842$7,705,770
86$9,481,093$2,161,791$1,284,581$8,413,825
87$10,399,232$2,218,787$1,278,682$9,191,996
88$11,409,481$2,277,034$1,271,045$10,047,379
89$12,521,185$2,336,546$1,261,562$10,987,798
90$13,744,642$2,397,333$1,250,121$12,021,869
91$15,091,201$2,459,408$1,236,605$13,159,089
92$16,573,364$2,522,779$1,220,892$14,409,921
93$18,204,908$2,587,456$1,202,852$15,785,894
94$20,001,012$2,653,445$1,182,352$17,299,711
95$21,978,404$2,720,752$1,159,249$18,965,372
96$24,155,514$2,789,383$1,133,397$20,798,301
97$26,552,652$2,859,338$1,104,642$22,815,495
98$29,192,197$2,930,619$1,072,821$25,035,684
99$32,098,807$3,003,226$1,037,767$27,479,507
100$35,299,655$3,077,153$999,301$30,169,706