Can I retire at age 62 with 1,170,000?

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 $1,170,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.2%
1 years$96,618$95,757$94,917$94,098$93,297$90,931
2 years$47,830$46,940$46,076$45,239$44,427$42,059
3 years$31,570$30,676$29,814$28,985$28,187$25,890
4 years$23,442$22,550$21,697$20,882$20,103$17,896
5 years$18,566$17,679$16,838$16,040$15,282$13,170
6 years$15,316$14,436$13,608$12,827$12,092$10,078
7 years$12,996$12,124$11,308$10,546$9,834$7,918
8 years$11,257$10,392$9,590$8,847$8,158$6,339
9 years$9,905$9,048$8,260$7,535$6,870$5,146
10 years$8,824$7,976$7,201$6,496$5,854$4,223
11 years$7,940$7,100$6,340$5,653$5,035$3,495
12 years$7,204$6,373$5,626$4,958$4,363$2,911
13 years$6,581$5,759$5,027$4,378$3,805$2,438
14 years$6,048$5,235$4,517$3,886$3,335$2,051
15 years$5,587$4,782$4,078$3,466$2,936$1,731
16 years$5,184$4,388$3,697$3,103$2,595$1,466
17 years$4,828$4,041$3,364$2,788$2,301$1,244
18 years$4,512$3,734$3,071$2,513$2,046$1,058
19 years$4,230$3,461$2,812$2,270$1,824$902
20 years$3,976$3,216$2,580$2,056$1,629$770
21 years$3,747$2,995$2,373$1,866$1,458$657
22 years$3,539$2,796$2,187$1,697$1,307$562
23 years$3,350$2,615$2,020$1,545$1,173$481
24 years$3,176$2,450$1,868$1,409$1,054$412
25 years$3,016$2,299$1,730$1,287$949$353
26 years$2,869$2,161$1,605$1,177$855$303
27 years$2,734$2,034$1,490$1,077$770$260
28 years$2,608$1,916$1,385$987$695$223
29 years$2,491$1,808$1,289$905$628$192
30 years$2,382$1,707$1,201$831$567$165
31 years$2,280$1,614$1,119$763$513$142
32 years$2,185$1,527$1,044$701$464$122
33 years$2,095$1,446$975$645$420$105
34 years$2,011$1,371$911$593$380$90
35 years$1,933$1,300$852$546$344$77
36 years$1,858$1,234$797$503$312$66
37 years$1,788$1,172$746$463$283$57
38 years$1,722$1,114$698$427$256$49
39 years$1,659$1,059$654$394$232$42
40 years$1,600$1,008$613$363$211$36
41 years$1,543$959$575$335$191$31
42 years$1,490$914$539$309$174$27
43 years$1,439$870$506$286$157$23
44 years$1,390$830$475$264$143$20
45 years$1,344$791$446$243$130$17
46 years$1,300$755$419$225$118$15
47 years$1,258$720$394$208$107$13
48 years$1,218$688$370$192$97$11
49 years$1,179$657$348$177$88$9
50 years$1,142$627$327$164$80$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,170,000, adding $5,824 every year, while hoping to spend $45,589 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: 46/30/24 Blend
61$1,170,000$1,170,000$1,170,000$1,170,000
62$1,295,347$1,233,337$1,215,202$1,345,769
63$1,378,967$1,245,265$1,207,405$1,393,774
64$1,469,587$1,256,248$1,197,819$1,440,897
65$1,567,874$1,266,194$1,186,336$1,491,112
66$1,674,561$1,275,002$1,172,842$1,544,732
67$1,790,454$1,282,564$1,157,219$1,602,101
68$1,916,437$1,288,766$1,139,343$1,663,603
69$2,053,487$1,293,489$1,119,084$1,729,662
70$2,202,675$1,296,602$1,096,306$1,800,747
71$2,365,182$1,297,970$1,070,866$1,877,377
72$2,542,306$1,297,446$1,042,616$1,960,130
73$2,735,477$1,294,877$1,011,400$2,049,641
74$2,946,268$1,290,099$977,054$2,146,618
75$3,176,411$1,282,937$939,408$2,251,840
76$3,427,811$1,273,207$898,285$2,366,172
77$3,702,568$1,260,714$853,497$2,490,570
78$4,002,990$1,245,250$804,850$2,626,092
79$4,331,623$1,226,595$752,141$2,773,907
80$4,691,267$1,204,516$695,156$2,935,310
81$5,085,006$1,178,767$633,673$3,111,730
82$5,516,236$1,149,086$567,460$3,304,751
83$5,988,697$1,115,196$496,275$3,516,121
84$6,506,507$1,076,804$419,864$3,747,773
85$7,074,204$1,033,600$337,962$4,001,843
86$7,696,783$985,257$250,294$4,280,692
87$8,379,747$931,426$156,571$4,586,930
88$9,129,157$871,742$56,492$4,923,438
89$9,951,689$805,815$0$5,293,402
90$10,854,696$733,236$0$5,713,222
91$11,846,281$653,570$0$6,190,175
92$12,935,366$566,359$0$6,714,160
93$14,131,782$471,119$0$7,290,005
94$15,446,358$367,338$0$7,923,038
95$16,891,024$254,475$0$8,619,138
96$18,478,924$131,960$0$9,384,786
97$20,224,538$0$0$10,227,131
98$22,143,819$0$0$11,154,327
99$24,254,342$0$0$12,221,963
100$26,575,472$0$0$13,396,289