Can I retire at age 62 with 1,180,000?

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 $1,180,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.6%
1 years$97,443$96,575$95,728$94,902$94,095$91,192
2 years$48,239$47,341$46,470$45,626$44,807$41,908
3 years$31,840$30,938$30,069$29,233$28,427$25,623
4 years$23,642$22,743$21,883$21,061$20,275$17,587
5 years$18,725$17,830$16,982$16,177$15,413$12,848
6 years$15,447$14,560$13,724$12,937$12,195$9,756
7 years$13,107$12,227$11,405$10,636$9,918$7,604
8 years$11,353$10,481$9,672$8,922$8,228$6,038
9 years$9,989$9,126$8,331$7,600$6,929$4,861
10 years$8,899$8,044$7,263$6,551$5,904$3,954
11 years$8,008$7,161$6,394$5,701$5,078$3,243
12 years$7,265$6,427$5,675$5,001$4,400$2,676
13 years$6,638$5,808$5,070$4,415$3,837$2,221
14 years$6,100$5,280$4,555$3,919$3,364$1,850
15 years$5,635$4,823$4,113$3,495$2,962$1,546
16 years$5,228$4,425$3,729$3,130$2,617$1,296
17 years$4,869$4,075$3,393$2,812$2,321$1,089
18 years$4,551$3,766$3,097$2,534$2,064$917
19 years$4,266$3,490$2,836$2,290$1,839$773
20 years$4,010$3,243$2,602$2,074$1,643$653
21 years$3,779$3,021$2,394$1,882$1,470$552
22 years$3,569$2,820$2,206$1,711$1,318$467
23 years$3,378$2,637$2,037$1,558$1,183$395
24 years$3,203$2,471$1,884$1,421$1,063$335
25 years$3,042$2,319$1,745$1,298$957$284
26 years$2,894$2,179$1,618$1,187$862$241
27 years$2,757$2,051$1,503$1,086$777$204
28 years$2,630$1,933$1,397$995$701$173
29 years$2,512$1,823$1,300$913$633$147
30 years$2,402$1,722$1,211$838$572$125
31 years$2,299$1,628$1,129$769$517$106
32 years$2,203$1,540$1,053$707$468$90
33 years$2,113$1,459$983$650$423$77
34 years$2,029$1,382$919$598$383$65
35 years$1,949$1,311$859$551$347$55
36 years$1,874$1,245$804$507$315$47
37 years$1,803$1,182$752$467$285$40
38 years$1,736$1,123$704$431$258$34
39 years$1,673$1,068$660$397$234$29
40 years$1,613$1,016$619$366$213$25
41 years$1,556$967$580$338$193$21
42 years$1,502$921$544$312$175$18
43 years$1,451$878$511$288$159$15
44 years$1,402$837$479$266$144$13
45 years$1,355$798$450$246$131$11
46 years$1,311$761$423$227$119$9
47 years$1,269$726$397$210$108$8
48 years$1,228$693$373$194$98$7
49 years$1,189$662$351$179$89$6
50 years$1,152$633$330$165$81$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,180,000, adding $2,964 every year, while hoping to spend $42,381 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: 68/13/19 Blend
61$1,180,000$1,180,000$1,180,000$1,180,000
62$1,303,417$1,240,877$1,222,587$1,385,770
63$1,391,273$1,256,587$1,218,451$1,456,888
64$1,486,669$1,271,647$1,212,756$1,529,426
65$1,590,331$1,285,979$1,205,404$1,607,737
66$1,703,055$1,299,502$1,196,295$1,692,387
67$1,825,717$1,312,128$1,185,322$1,784,001
68$1,959,283$1,323,766$1,172,374$1,883,267
69$2,104,815$1,334,314$1,157,332$1,990,943
70$2,263,479$1,343,669$1,140,077$2,107,868
71$2,436,563$1,351,718$1,120,478$2,234,963
72$2,625,480$1,358,340$1,098,402$2,373,248
73$2,831,789$1,363,409$1,073,709$2,523,845
74$3,057,205$1,366,789$1,046,251$2,687,991
75$3,303,616$1,368,337$1,015,876$2,867,051
76$3,573,099$1,367,901$982,423$3,062,532
77$3,867,944$1,365,317$945,723$3,276,092
78$4,190,671$1,360,413$905,600$3,509,563
79$4,544,053$1,353,008$861,872$3,764,963
80$4,931,148$1,342,906$814,346$4,044,518
81$5,355,320$1,329,903$762,821$4,350,682
82$5,820,274$1,313,781$707,088$4,686,162
83$6,330,094$1,294,308$646,927$5,053,942
84$6,889,274$1,271,239$582,110$5,457,312
85$7,502,766$1,244,316$512,397$5,899,901
86$8,176,024$1,213,263$437,538$6,385,710
87$8,915,056$1,177,790$357,272$6,919,150
88$9,726,478$1,137,589$271,328$7,505,084
89$10,617,582$1,092,334$179,420$8,148,876
90$11,596,397$1,041,679$81,252$8,856,437
91$12,671,769$985,261$0$9,634,287
92$13,853,444$922,694$0$10,494,378
93$15,152,158$853,569$0$11,457,757
94$16,579,740$777,455$0$12,516,738
95$18,149,219$693,897$0$13,681,024
96$19,874,954$602,412$0$14,961,307
97$21,772,761$502,492$0$16,369,370
98$23,860,067$393,598$0$17,918,198
99$26,156,072$275,162$0$19,622,100
100$28,681,931$146,586$0$21,496,849