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

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 $1,170,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.1%
1 years$96,618$95,757$94,917$94,098$93,297$92,865
2 years$47,830$46,940$46,076$45,239$44,427$43,991
3 years$31,570$30,676$29,814$28,985$28,187$27,760
4 years$23,442$22,550$21,697$20,882$20,103$19,689
5 years$18,566$17,679$16,838$16,040$15,282$14,882
6 years$15,316$14,436$13,608$12,827$12,092$11,706
7 years$12,996$12,124$11,308$10,546$9,834$9,463
8 years$11,257$10,392$9,590$8,847$8,158$7,802
9 years$9,905$9,048$8,260$7,535$6,870$6,529
10 years$8,824$7,976$7,201$6,496$5,854$5,527
11 years$7,940$7,100$6,340$5,653$5,035$4,722
12 years$7,204$6,373$5,626$4,958$4,363$4,064
13 years$6,581$5,759$5,027$4,378$3,805$3,519
14 years$6,048$5,235$4,517$3,886$3,335$3,063
15 years$5,587$4,782$4,078$3,466$2,936$2,678
16 years$5,184$4,388$3,697$3,103$2,595$2,349
17 years$4,828$4,041$3,364$2,788$2,301$2,067
18 years$4,512$3,734$3,071$2,513$2,046$1,824
19 years$4,230$3,461$2,812$2,270$1,824$1,613
20 years$3,976$3,216$2,580$2,056$1,629$1,430
21 years$3,747$2,995$2,373$1,866$1,458$1,269
22 years$3,539$2,796$2,187$1,697$1,307$1,129
23 years$3,350$2,615$2,020$1,545$1,173$1,005
24 years$3,176$2,450$1,868$1,409$1,054$896
25 years$3,016$2,299$1,730$1,287$949$799
26 years$2,869$2,161$1,605$1,177$855$714
27 years$2,734$2,034$1,490$1,077$770$638
28 years$2,608$1,916$1,385$987$695$571
29 years$2,491$1,808$1,289$905$628$511
30 years$2,382$1,707$1,201$831$567$458
31 years$2,280$1,614$1,119$763$513$410
32 years$2,185$1,527$1,044$701$464$368
33 years$2,095$1,446$975$645$420$330
34 years$2,011$1,371$911$593$380$296
35 years$1,933$1,300$852$546$344$266
36 years$1,858$1,234$797$503$312$238
37 years$1,788$1,172$746$463$283$214
38 years$1,722$1,114$698$427$256$192
39 years$1,659$1,059$654$394$232$173
40 years$1,600$1,008$613$363$211$155
41 years$1,543$959$575$335$191$140
42 years$1,490$914$539$309$174$125
43 years$1,439$870$506$286$157$113
44 years$1,390$830$475$264$143$101
45 years$1,344$791$446$243$130$91
46 years$1,300$755$419$225$118$82
47 years$1,258$720$394$208$107$74
48 years$1,218$688$370$192$97$66
49 years$1,179$657$348$177$88$60
50 years$1,142$627$327$164$80$54

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 $4,598 every year, while hoping to spend $54,991 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: 49/32/19 Blend
61$1,170,000$1,170,000$1,170,000$1,170,000
62$1,294,083$1,232,073$1,213,938$1,350,394
63$1,367,569$1,233,934$1,196,095$1,391,752
64$1,446,708$1,234,044$1,175,811$1,430,673
65$1,532,018$1,232,258$1,152,946$1,471,786
66$1,624,069$1,228,424$1,127,355$1,515,320
67$1,723,486$1,222,378$1,098,883$1,561,529
68$1,830,957$1,213,950$1,067,371$1,610,695
69$1,947,238$1,202,957$1,032,652$1,663,131
70$2,073,160$1,189,206$994,549$1,719,188
71$2,209,635$1,172,490$952,880$1,779,253
72$2,357,670$1,152,593$907,452$1,843,760
73$2,518,367$1,129,285$858,067$1,913,187
74$2,692,942$1,102,322$804,513$1,988,068
75$2,882,731$1,071,445$746,574$2,068,995
76$3,089,204$1,036,380$684,019$2,156,625
77$3,313,980$996,840$616,611$2,251,688
78$3,558,838$952,517$544,099$2,354,994
79$3,825,736$903,087$466,223$2,467,441
80$4,116,830$848,208$382,711$2,590,023
81$4,434,494$787,517$293,279$2,723,846
82$4,781,338$720,631$197,629$2,870,133
83$5,160,238$647,145$95,454$3,030,239
84$5,574,359$566,632$0$3,205,667
85$6,027,185$478,638$0$3,400,835
86$6,522,553$382,687$0$3,635,662
87$7,064,687$278,272$0$3,892,886
88$7,658,240$164,861$0$4,174,840
89$8,308,332$41,892$0$4,484,101
90$9,020,606$0$0$4,823,515
91$9,801,274$0$0$5,228,349
92$10,657,178$0$0$5,688,500
93$11,595,853$0$0$6,193,282
94$12,625,600$0$0$6,747,175
95$13,755,561$0$0$7,355,114
96$14,995,806$0$0$8,022,534
97$16,357,427$0$0$8,755,422
98$17,852,642$0$0$9,560,375
99$19,494,912$0$0$10,444,658
100$21,299,065$0$0$11,416,275