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

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 $1,180,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.2%
1 years$97,443$96,575$95,728$94,902$94,095$92,082
2 years$48,239$47,341$46,470$45,626$44,807$42,789
3 years$31,840$30,938$30,069$29,233$28,427$26,467
4 years$23,642$22,743$21,883$21,061$20,275$18,387
5 years$18,725$17,830$16,982$16,177$15,413$13,603
6 years$15,447$14,560$13,724$12,937$12,195$10,466
7 years$13,107$12,227$11,405$10,636$9,918$8,269
8 years$11,353$10,481$9,672$8,922$8,228$6,659
9 years$9,989$9,126$8,331$7,600$6,929$5,439
10 years$8,899$8,044$7,263$6,551$5,904$4,491
11 years$8,008$7,161$6,394$5,701$5,078$3,740
12 years$7,265$6,427$5,675$5,001$4,400$3,136
13 years$6,638$5,808$5,070$4,415$3,837$2,644
14 years$6,100$5,280$4,555$3,919$3,364$2,239
15 years$5,635$4,823$4,113$3,495$2,962$1,904
16 years$5,228$4,425$3,729$3,130$2,617$1,623
17 years$4,869$4,075$3,393$2,812$2,321$1,388
18 years$4,551$3,766$3,097$2,534$2,064$1,189
19 years$4,266$3,490$2,836$2,290$1,839$1,021
20 years$4,010$3,243$2,602$2,074$1,643$878
21 years$3,779$3,021$2,394$1,882$1,470$756
22 years$3,569$2,820$2,206$1,711$1,318$651
23 years$3,378$2,637$2,037$1,558$1,183$562
24 years$3,203$2,471$1,884$1,421$1,063$485
25 years$3,042$2,319$1,745$1,298$957$419
26 years$2,894$2,179$1,618$1,187$862$363
27 years$2,757$2,051$1,503$1,086$777$314
28 years$2,630$1,933$1,397$995$701$271
29 years$2,512$1,823$1,300$913$633$235
30 years$2,402$1,722$1,211$838$572$204
31 years$2,299$1,628$1,129$769$517$176
32 years$2,203$1,540$1,053$707$468$153
33 years$2,113$1,459$983$650$423$132
34 years$2,029$1,382$919$598$383$115
35 years$1,949$1,311$859$551$347$100
36 years$1,874$1,245$804$507$315$86
37 years$1,803$1,182$752$467$285$75
38 years$1,736$1,123$704$431$258$65
39 years$1,673$1,068$660$397$234$56
40 years$1,613$1,016$619$366$213$49
41 years$1,556$967$580$338$193$42
42 years$1,502$921$544$312$175$37
43 years$1,451$878$511$288$159$32
44 years$1,402$837$479$266$144$28
45 years$1,355$798$450$246$131$24
46 years$1,311$761$423$227$119$21
47 years$1,269$726$397$210$108$18
48 years$1,228$693$373$194$98$16
49 years$1,189$662$351$179$89$14
50 years$1,152$633$330$165$81$12

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 $6,067 every year, while hoping to spend $23,300 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: 49/38/13 Blend
61$1,180,000$1,180,000$1,180,000$1,180,000
62$1,306,618$1,244,078$1,225,788$1,365,696
63$1,415,102$1,280,247$1,242,061$1,443,145
64$1,533,871$1,317,407$1,258,098$1,524,302
65$1,663,948$1,355,583$1,273,867$1,611,936
66$1,806,462$1,394,798$1,289,333$1,706,661
67$1,962,656$1,435,077$1,304,460$1,809,154
68$2,133,898$1,476,447$1,319,210$1,920,158
69$2,321,694$1,518,931$1,333,543$2,040,491
70$2,527,704$1,562,557$1,347,414$2,171,055
71$2,753,758$1,607,350$1,360,780$2,312,842
72$3,001,868$1,653,337$1,373,593$2,466,942
73$3,274,253$1,700,545$1,385,803$2,634,558
74$3,573,357$1,749,001$1,397,357$2,817,014
75$3,901,871$1,798,734$1,408,200$3,015,766
76$4,262,760$1,849,770$1,418,273$3,232,419
77$4,659,291$1,902,138$1,427,515$3,468,740
78$5,095,062$1,955,867$1,435,860$3,726,674
79$5,574,039$2,010,985$1,443,242$4,008,366
80$6,100,589$2,067,521$1,449,589$4,316,175
81$6,679,524$2,125,505$1,454,825$4,652,702
82$7,316,145$2,184,964$1,458,872$5,020,810
83$8,016,295$2,245,930$1,461,646$5,423,654
84$8,786,407$2,308,431$1,463,061$5,864,709
85$9,633,573$2,372,496$1,463,026$6,347,804
86$10,565,605$2,438,156$1,461,445$6,877,156
87$11,591,110$2,505,439$1,458,217$7,457,412
88$12,719,573$2,574,376$1,453,238$8,093,690
89$13,961,444$2,644,995$1,446,395$8,791,630
90$15,328,236$2,717,324$1,437,575$9,557,445
91$16,832,638$2,791,394$1,426,655$10,397,982
92$18,488,627$2,867,233$1,413,508$11,320,783
93$20,311,607$2,944,868$1,398,000$12,334,159
94$22,318,551$3,024,327$1,379,994$13,447,268
95$24,528,161$3,105,636$1,359,342$14,670,199
96$26,961,045$3,188,824$1,335,891$16,014,071
97$29,639,910$3,273,914$1,309,481$17,491,133
98$32,589,777$3,360,932$1,279,945$19,114,885
99$35,838,218$3,449,902$1,247,107$20,900,200
100$39,415,616$3,540,846$1,210,784$22,863,469