Can I retire at age 62 with 1,160,000?

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 $1,160,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.1%
1 years$95,792$94,938$94,106$93,293$92,500$89,827
2 years$47,422$46,538$45,683$44,853$44,048$41,376
3 years$31,300$30,413$29,560$28,738$27,946$25,359
4 years$23,241$22,357$21,512$20,704$19,931$17,449
5 years$18,407$17,528$16,694$15,902$15,151$12,781
6 years$15,185$14,313$13,491$12,717$11,989$9,732
7 years$12,885$12,020$11,211$10,456$9,750$7,607
8 years$11,161$10,303$9,508$8,771$8,089$6,058
9 years$9,820$8,971$8,189$7,471$6,812$4,892
10 years$8,748$7,908$7,140$6,440$5,804$3,992
11 years$7,872$7,040$6,286$5,605$4,992$3,284
12 years$7,142$6,318$5,578$4,916$4,326$2,720
13 years$6,525$5,710$4,984$4,340$3,772$2,264
14 years$5,997$5,190$4,478$3,853$3,307$1,893
15 years$5,539$4,741$4,043$3,436$2,911$1,588
16 years$5,139$4,350$3,666$3,077$2,573$1,336
17 years$4,787$4,006$3,336$2,764$2,281$1,126
18 years$4,474$3,702$3,045$2,491$2,029$952
19 years$4,194$3,431$2,788$2,251$1,808$805
20 years$3,942$3,188$2,558$2,039$1,615$683
21 years$3,715$2,970$2,353$1,850$1,445$579
22 years$3,509$2,772$2,169$1,682$1,295$492
23 years$3,321$2,593$2,002$1,532$1,163$418
24 years$3,149$2,429$1,852$1,397$1,045$356
25 years$2,991$2,280$1,715$1,276$941$303
26 years$2,845$2,143$1,591$1,167$847$258
27 years$2,710$2,016$1,477$1,068$764$220
28 years$2,585$1,900$1,373$979$689$187
29 years$2,469$1,792$1,278$897$622$159
30 years$2,361$1,693$1,190$824$562$136
31 years$2,260$1,600$1,110$756$508$116
32 years$2,166$1,514$1,035$695$460$99
33 years$2,077$1,434$967$639$416$84
34 years$1,994$1,359$903$588$377$72
35 years$1,916$1,289$844$541$341$61
36 years$1,842$1,223$790$499$309$52
37 years$1,773$1,162$739$459$280$45
38 years$1,707$1,104$692$423$254$38
39 years$1,645$1,050$649$390$230$33
40 years$1,586$999$608$360$209$28
41 years$1,530$951$570$332$190$24
42 years$1,477$906$535$307$172$20
43 years$1,426$863$502$283$156$17
44 years$1,378$823$471$261$142$15
45 years$1,332$784$442$241$129$13
46 years$1,289$748$415$223$117$11
47 years$1,247$714$390$206$106$9
48 years$1,207$682$367$190$96$8
49 years$1,169$651$345$176$87$7
50 years$1,133$622$324$163$79$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,160,000, adding $4,580 every year, while hoping to spend $37,817 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: 35/39/26 Blend
61$1,160,000$1,160,000$1,160,000$1,160,000
62$1,283,044$1,221,564$1,203,584$1,317,739
63$1,373,678$1,241,184$1,203,667$1,363,602
64$1,472,288$1,260,497$1,202,486$1,409,300
65$1,579,650$1,279,450$1,199,957$1,457,867
66$1,696,614$1,297,983$1,195,995$1,509,583
67$1,824,117$1,316,032$1,190,510$1,564,759
68$1,963,191$1,333,532$1,183,405$1,623,741
69$2,114,970$1,350,408$1,174,583$1,686,910
70$2,280,703$1,366,585$1,163,938$1,754,688
71$2,461,767$1,381,980$1,151,363$1,827,544
72$2,659,675$1,396,505$1,136,741$1,905,993
73$2,876,094$1,410,065$1,119,954$1,990,609
74$3,112,860$1,422,562$1,100,876$2,082,026
75$3,371,993$1,433,889$1,079,377$2,180,943
76$3,655,718$1,443,932$1,055,318$2,288,137
77$3,966,486$1,452,570$1,028,556$2,404,463
78$4,306,997$1,459,674$998,941$2,530,871
79$4,680,221$1,465,109$966,316$2,668,409
80$5,089,432$1,468,727$930,516$2,818,234
81$5,538,235$1,470,376$891,370$2,981,630
82$6,030,601$1,469,891$848,697$3,160,011
83$6,570,904$1,467,097$802,310$3,354,943
84$7,163,960$1,461,809$752,011$3,568,155
85$7,815,078$1,453,831$697,597$3,801,560
86$8,530,101$1,442,955$638,853$4,057,269
87$9,315,471$1,428,959$575,554$4,337,616
88$10,178,280$1,411,609$507,466$4,645,177
89$11,126,344$1,390,657$434,345$4,982,800
90$12,168,271$1,365,839$355,936$5,353,629
91$13,313,547$1,336,878$271,972$5,761,137
92$14,572,620$1,303,476$182,174$6,209,160
93$15,957,004$1,265,322$86,253$6,701,930
94$17,479,380$1,222,085$0$7,244,124
95$19,153,724$1,173,415$0$7,845,373
96$20,995,432$1,118,940$0$8,532,732
97$23,021,467$1,058,269$0$9,288,629
98$25,250,519$990,986$0$10,120,102
99$27,703,181$916,654$0$11,034,914
100$30,402,144$834,809$0$12,041,626