Can I retire at age 62 with 1,220,000?

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 $1,220,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.1%
1 years$100,746$99,849$98,974$98,119$97,285$94,856
2 years$49,874$48,946$48,045$47,173$46,326$43,894
3 years$32,919$31,987$31,089$30,224$29,391$27,033
4 years$24,443$23,513$22,625$21,775$20,962$18,695
5 years$19,359$18,435$17,558$16,725$15,935$13,766
6 years$15,971$15,053$14,189$13,375$12,609$10,539
7 years$13,552$12,642$11,791$10,996$10,254$8,285
8 years$11,738$10,836$10,000$9,225$8,507$6,637
9 years$10,328$9,435$8,613$7,857$7,164$5,391
10 years$9,201$8,317$7,509$6,773$6,104$4,427
11 years$8,279$7,404$6,611$5,895$5,250$3,666
12 years$7,512$6,645$5,867$5,170$4,549$3,056
13 years$6,863$6,005$5,242$4,565$3,967$2,561
14 years$6,307$5,459$4,710$4,052$3,478$2,156
15 years$5,826$4,987$4,252$3,614$3,062$1,821
16 years$5,405$4,575$3,855$3,236$2,706$1,543
17 years$5,034$4,213$3,508$2,907$2,399$1,311
18 years$4,705$3,893$3,202$2,620$2,133$1,116
19 years$4,411$3,608$2,932$2,367$1,902$951
20 years$4,146$3,353$2,691$2,144$1,699$812
21 years$3,907$3,123$2,475$1,946$1,520$695
22 years$3,690$2,915$2,281$1,769$1,362$595
23 years$3,493$2,727$2,106$1,611$1,223$509
24 years$3,312$2,555$1,948$1,470$1,099$437
25 years$3,145$2,398$1,804$1,342$989$375
26 years$2,992$2,253$1,673$1,227$891$322
27 years$2,850$2,121$1,554$1,123$803$276
28 years$2,719$1,998$1,444$1,029$725$237
29 years$2,597$1,885$1,344$944$655$204
30 years$2,483$1,780$1,252$866$591$175
31 years$2,377$1,683$1,167$795$535$151
32 years$2,278$1,592$1,089$731$484$130
33 years$2,185$1,508$1,017$672$438$112
34 years$2,097$1,429$950$619$396$96
35 years$2,015$1,356$888$569$359$83
36 years$1,938$1,287$831$524$325$71
37 years$1,864$1,222$778$483$295$61
38 years$1,795$1,161$728$445$267$53
39 years$1,730$1,104$682$411$242$45
40 years$1,668$1,051$640$379$220$39
41 years$1,609$1,000$600$349$199$34
42 years$1,553$953$563$323$181$29
43 years$1,500$908$528$298$164$25
44 years$1,450$865$495$275$149$21
45 years$1,401$825$465$254$135$18
46 years$1,355$787$437$234$123$16
47 years$1,312$751$411$217$112$14
48 years$1,270$717$386$200$101$12
49 years$1,230$685$363$185$92$10
50 years$1,191$654$341$171$84$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,220,000, adding $5,503 every year, while hoping to spend $34,467 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: 45/39/16 Blend
61$1,220,000$1,220,000$1,220,000$1,220,000
62$1,350,116$1,285,456$1,266,546$1,404,452
63$1,451,156$1,311,771$1,272,303$1,469,255
64$1,561,346$1,338,220$1,277,097$1,535,593
65$1,681,584$1,364,773$1,280,861$1,606,789
66$1,812,857$1,391,399$1,283,521$1,683,306
67$1,956,252$1,418,061$1,285,003$1,765,658
68$2,112,965$1,444,722$1,285,226$1,854,408
69$2,284,315$1,471,340$1,284,108$1,950,180
70$2,471,750$1,497,872$1,281,561$2,053,660
71$2,676,869$1,524,267$1,277,494$2,165,606
72$2,901,429$1,550,476$1,271,810$2,286,852
73$3,147,368$1,576,442$1,264,408$2,418,319
74$3,416,817$1,602,105$1,255,183$2,561,024
75$3,712,124$1,627,401$1,244,024$2,716,084
76$4,035,877$1,652,260$1,230,815$2,884,738
77$4,390,925$1,676,608$1,215,435$3,068,345
78$4,780,403$1,700,367$1,197,757$3,268,409
79$5,207,769$1,723,449$1,177,647$3,486,588
80$5,676,829$1,745,766$1,154,965$3,724,707
81$6,191,776$1,767,219$1,129,567$3,984,784
82$6,757,229$1,787,704$1,101,299$4,269,040
83$7,378,275$1,807,111$1,070,001$4,579,928
84$8,060,520$1,825,320$1,035,507$4,920,150
85$8,810,139$1,842,206$997,642$5,292,689
86$9,633,933$1,857,634$956,223$5,700,832
87$10,539,397$1,871,461$911,059$6,148,205
88$11,534,786$1,883,533$861,950$6,638,808
89$12,629,196$1,893,688$808,688$7,177,050
90$13,832,649$1,901,754$751,054$7,767,794
91$15,156,186$1,907,546$688,821$8,416,402
92$16,611,970$1,910,870$621,750$9,128,788
93$18,213,405$1,911,516$549,592$9,911,472
94$19,975,257$1,909,265$472,088$10,771,643
95$21,913,796$1,903,882$388,966$11,717,230
96$24,046,950$1,895,119$299,943$12,756,975
97$26,394,471$1,882,712$204,724$13,900,515
98$28,978,123$1,866,381$102,998$15,158,479
99$31,821,888$1,845,830$0$16,542,585
100$34,952,188$1,820,743$0$18,066,700