Can I retire at age 62 with 1,230,000?

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 $1,230,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.4%
1 years$101,572$100,667$99,785$98,923$98,082$95,906
2 years$50,283$49,347$48,439$47,559$46,706$44,524
3 years$33,189$32,249$31,343$30,472$29,632$27,514
4 years$24,644$23,706$22,810$21,953$21,134$19,095
5 years$19,518$18,586$17,701$16,862$16,066$14,112
6 years$16,102$15,177$14,305$13,485$12,712$10,846
7 years$13,663$12,745$11,888$11,087$10,338$8,560
8 years$11,834$10,925$10,082$9,300$8,577$6,885
9 years$10,413$9,512$8,683$7,922$7,223$5,617
10 years$9,276$8,385$7,570$6,829$6,154$4,632
11 years$8,347$7,464$6,665$5,943$5,293$3,853
12 years$7,573$6,700$5,915$5,213$4,587$3,226
13 years$6,919$6,055$5,285$4,602$4,000$2,717
14 years$6,359$5,503$4,748$4,085$3,506$2,298
15 years$5,873$5,027$4,287$3,643$3,087$1,951
16 years$5,449$4,613$3,887$3,262$2,728$1,661
17 years$5,076$4,248$3,537$2,931$2,419$1,418
18 years$4,744$3,925$3,229$2,641$2,151$1,213
19 years$4,447$3,638$2,956$2,387$1,917$1,040
20 years$4,180$3,381$2,713$2,162$1,712$893
21 years$3,939$3,149$2,495$1,962$1,532$767
22 years$3,721$2,939$2,300$1,784$1,374$660
23 years$3,521$2,749$2,123$1,625$1,233$569
24 years$3,339$2,576$1,964$1,482$1,108$490
25 years$3,171$2,417$1,819$1,353$997$423
26 years$3,017$2,272$1,687$1,237$898$365
27 years$2,874$2,138$1,566$1,132$810$315
28 years$2,741$2,015$1,456$1,038$731$273
29 years$2,618$1,901$1,355$951$660$236
30 years$2,504$1,795$1,262$873$596$204
31 years$2,397$1,697$1,177$802$539$176
32 years$2,297$1,606$1,098$737$488$152
33 years$2,203$1,520$1,025$678$441$132
34 years$2,115$1,441$958$624$400$114
35 years$2,032$1,367$895$574$362$99
36 years$1,954$1,297$838$529$328$86
37 years$1,880$1,232$784$487$297$74
38 years$1,810$1,171$734$449$269$64
39 years$1,744$1,113$688$414$244$56
40 years$1,682$1,059$645$382$222$48
41 years$1,622$1,008$605$352$201$42
42 years$1,566$960$567$325$182$36
43 years$1,512$915$532$300$166$31
44 years$1,461$872$500$277$150$27
45 years$1,413$832$469$256$136$23
46 years$1,366$793$441$236$124$20
47 years$1,322$757$414$218$112$18
48 years$1,280$723$389$202$102$15
49 years$1,240$690$366$187$93$13
50 years$1,201$659$344$172$84$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,230,000, adding $4,709 every year, while hoping to spend $41,631 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: 63/30/7 Blend
61$1,230,000$1,230,000$1,230,000$1,230,000
62$1,360,317$1,295,127$1,276,062$1,443,912
63$1,454,775$1,314,294$1,274,515$1,519,406
64$1,557,471$1,333,004$1,271,521$1,596,489
65$1,669,204$1,351,191$1,266,988$1,679,573
66$1,790,848$1,368,785$1,260,818$1,769,238
67$1,923,369$1,385,710$1,252,909$1,866,120
68$2,067,828$1,401,885$1,243,157$1,970,925
69$2,225,392$1,417,223$1,231,448$2,084,428
70$2,397,347$1,431,632$1,217,666$2,207,483
71$2,585,107$1,445,013$1,201,690$2,341,034
72$2,790,231$1,457,262$1,183,389$2,486,120
73$3,014,434$1,468,266$1,162,631$2,643,885
74$3,259,602$1,477,907$1,139,275$2,815,595
75$3,527,814$1,486,057$1,113,174$3,002,640
76$3,821,360$1,492,583$1,084,174$3,206,558
77$4,142,760$1,497,340$1,052,115$3,429,040
78$4,494,788$1,500,177$1,016,828$3,671,954
79$4,880,501$1,500,931$978,136$3,937,358
80$5,303,266$1,499,429$935,857$4,227,522
81$5,766,788$1,495,491$889,798$4,544,947
82$6,275,151$1,488,920$839,756$4,892,394
83$6,832,852$1,479,513$785,524$5,272,904
84$7,444,844$1,467,050$726,880$5,689,832
85$8,116,583$1,451,300$663,595$6,146,876
86$8,854,079$1,432,019$595,430$6,648,115
87$9,663,951$1,408,944$522,134$7,198,045
88$10,553,494$1,381,802$443,445$7,801,623
89$11,530,741$1,350,301$359,090$8,464,316
90$12,604,541$1,314,130$268,785$9,192,151
91$13,784,646$1,272,964$172,230$9,991,772
92$15,081,796$1,226,455$69,116$10,870,506
93$16,507,825$1,174,238$0$11,836,430
94$18,075,772$1,115,924$0$12,901,505
95$19,800,000$1,051,104$0$14,078,201
96$21,696,335$979,343$0$15,372,201
97$23,782,213$900,183$0$16,795,466
98$26,076,846$813,139$0$18,361,181
99$28,601,400$717,698$0$20,083,880
100$31,379,197$613,320$0$21,979,583