Can I retire at age 62 with 1,120,000?

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 $1,120,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.6%
1 years$92,489$91,665$90,861$90,076$89,310$85,869
2 years$45,786$44,934$44,107$43,306$42,529$39,102
3 years$30,221$29,365$28,540$27,747$26,982$23,679
4 years$22,440$21,586$20,770$19,990$19,244$16,089
5 years$17,772$16,924$16,118$15,354$14,629$11,630
6 years$14,662$13,820$13,026$12,279$11,575$8,735
7 years$12,441$11,606$10,825$10,095$9,414$6,731
8 years$10,776$9,948$9,180$8,469$7,810$5,282
9 years$9,482$8,662$7,907$7,213$6,577$4,200
10 years$8,447$7,635$6,893$6,218$5,604$3,374
11 years$7,601$6,797$6,069$5,411$4,819$2,731
12 years$6,896$6,100$5,386$4,747$4,176$2,224
13 years$6,300$5,513$4,812$4,191$3,642$1,821
14 years$5,790$5,011$4,324$3,720$3,193$1,496
15 years$5,348$4,578$3,904$3,317$2,811$1,233
16 years$4,962$4,200$3,539$2,970$2,484$1,018
17 years$4,622$3,868$3,221$2,669$2,203$843
18 years$4,319$3,574$2,940$2,405$1,959$699
19 years$4,049$3,313$2,691$2,173$1,746$581
20 years$3,807$3,078$2,470$1,968$1,559$483
21 years$3,587$2,867$2,272$1,786$1,395$402
22 years$3,388$2,677$2,094$1,624$1,251$335
23 years$3,206$2,503$1,933$1,479$1,123$279
24 years$3,040$2,345$1,788$1,349$1,009$233
25 years$2,888$2,201$1,656$1,232$908$194
26 years$2,747$2,069$1,536$1,127$818$162
27 years$2,617$1,947$1,426$1,031$737$135
28 years$2,496$1,834$1,326$945$665$113
29 years$2,384$1,731$1,234$866$601$94
30 years$2,280$1,634$1,149$795$543$79
31 years$2,182$1,545$1,071$730$491$66
32 years$2,091$1,462$1,000$671$444$55
33 years$2,006$1,384$933$617$402$46
34 years$1,925$1,312$872$568$364$38
35 years$1,850$1,245$815$523$330$32
36 years$1,779$1,181$763$481$299$27
37 years$1,712$1,122$714$444$271$22
38 years$1,648$1,066$669$409$245$19
39 years$1,588$1,014$626$377$222$16
40 years$1,531$965$587$348$202$13
41 years$1,477$918$551$321$183$11
42 years$1,426$874$516$296$166$9
43 years$1,377$833$485$273$151$8
44 years$1,331$794$455$252$137$6
45 years$1,286$757$427$233$124$5
46 years$1,244$723$401$215$113$4
47 years$1,204$689$377$199$102$4
48 years$1,166$658$354$184$93$3
49 years$1,129$629$333$170$84$3
50 years$1,094$600$313$157$77$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,120,000, adding $6,920 every year, while hoping to spend $23,721 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: 44/33/23 Blend
61$1,120,000$1,120,000$1,120,000$1,120,000
62$1,241,378$1,182,018$1,164,658$1,287,453
63$1,342,760$1,214,698$1,178,435$1,353,424
64$1,453,687$1,248,184$1,191,879$1,422,053
65$1,575,109$1,282,491$1,204,953$1,495,968
66$1,708,070$1,317,633$1,217,618$1,575,673
67$1,853,721$1,353,625$1,229,836$1,661,719
68$2,013,328$1,390,480$1,241,563$1,754,717
69$2,188,286$1,428,212$1,252,755$1,855,337
70$2,380,133$1,466,836$1,263,363$1,964,317
71$2,590,560$1,506,365$1,273,340$2,082,472
72$2,821,432$1,546,811$1,282,631$2,210,698
73$3,074,802$1,588,189$1,291,183$2,349,980
74$3,352,931$1,630,510$1,298,937$2,501,408
75$3,658,312$1,673,786$1,305,833$2,666,178
76$3,993,687$1,718,030$1,311,806$2,845,609
77$4,362,082$1,763,251$1,316,790$3,041,157
78$4,766,825$1,809,461$1,320,713$3,254,422
79$5,211,586$1,856,669$1,323,502$3,487,170
80$5,700,406$1,904,885$1,325,078$3,741,345
81$6,237,740$1,954,117$1,325,360$4,019,089
82$6,828,492$2,004,371$1,324,262$4,322,764
83$7,478,067$2,055,654$1,321,695$4,654,971
84$8,192,421$2,107,973$1,317,562$5,018,578
85$8,978,114$2,161,329$1,311,767$5,416,742
86$9,842,375$2,215,728$1,304,204$5,852,947
87$10,793,168$2,271,169$1,294,766$6,331,027
88$11,839,269$2,327,654$1,283,338$6,855,212
89$12,990,345$2,385,180$1,269,801$7,430,161
90$14,257,051$2,443,744$1,254,029$8,061,008
91$15,651,124$2,503,341$1,235,893$8,753,412
92$17,185,497$2,563,964$1,215,254$9,513,609
93$18,874,422$2,625,603$1,191,970$10,348,472
94$20,733,602$2,688,246$1,165,890$11,265,576
95$22,780,339$2,751,879$1,136,857$12,273,267
96$25,033,698$2,816,486$1,104,706$13,380,746
97$27,514,688$2,882,046$1,069,266$14,598,151
98$30,246,456$2,948,536$1,030,356$15,936,655
99$33,254,511$3,015,931$987,789$17,408,574
100$36,566,959$3,084,199$941,368$19,027,479