Can I retire at age 62 with 1,240,000?

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 $1,240,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.8%
1 years$102,398$101,486$100,596$99,727$98,879$97,321
2 years$50,692$49,748$48,833$47,946$47,085$45,520
3 years$33,459$32,511$31,598$30,719$29,873$28,348
4 years$24,844$23,899$22,995$22,132$21,306$19,834
5 years$19,677$18,737$17,845$16,999$16,196$14,782
6 years$16,233$15,300$14,422$13,594$12,815$11,460
7 years$13,774$12,849$11,985$11,177$10,422$9,126
8 years$11,930$11,014$10,164$9,376$8,646$7,409
9 years$10,497$9,590$8,754$7,986$7,282$6,102
10 years$9,352$8,453$7,632$6,884$6,204$5,082
11 years$8,415$7,525$6,719$5,991$5,336$4,270
12 years$7,635$6,754$5,963$5,255$4,624$3,613
13 years$6,975$6,104$5,328$4,640$4,032$3,074
14 years$6,410$5,548$4,787$4,118$3,535$2,629
15 years$5,921$5,068$4,322$3,673$3,112$2,256
16 years$5,494$4,650$3,918$3,289$2,750$1,943
17 years$5,117$4,283$3,566$2,955$2,439$1,678
18 years$4,782$3,957$3,255$2,663$2,168$1,453
19 years$4,483$3,668$2,980$2,406$1,933$1,260
20 years$4,214$3,408$2,735$2,179$1,726$1,095
21 years$3,971$3,174$2,515$1,978$1,545$952
22 years$3,751$2,963$2,318$1,798$1,385$830
23 years$3,550$2,771$2,141$1,638$1,243$724
24 years$3,366$2,597$1,980$1,494$1,117$632
25 years$3,197$2,437$1,834$1,364$1,005$552
26 years$3,041$2,290$1,701$1,247$906$483
27 years$2,897$2,155$1,579$1,142$817$422
28 years$2,764$2,031$1,468$1,046$737$370
29 years$2,640$1,916$1,366$959$665$324
30 years$2,524$1,810$1,272$880$601$284
31 years$2,416$1,711$1,186$809$543$249
32 years$2,315$1,619$1,107$743$492$218
33 years$2,221$1,533$1,033$683$445$191
34 years$2,132$1,453$966$629$403$168
35 years$2,048$1,378$903$579$365$147
36 years$1,969$1,308$844$533$331$129
37 years$1,895$1,242$790$491$300$113
38 years$1,825$1,180$740$453$272$100
39 years$1,758$1,123$693$417$246$87
40 years$1,695$1,068$650$385$223$77
41 years$1,635$1,017$609$355$203$67
42 years$1,579$968$572$328$184$59
43 years$1,525$922$536$303$167$52
44 years$1,473$879$504$279$152$46
45 years$1,424$839$473$258$138$40
46 years$1,378$800$444$238$125$35
47 years$1,333$763$417$220$113$31
48 years$1,290$729$392$203$103$27
49 years$1,250$696$369$188$94$24
50 years$1,211$665$346$174$85$21

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,240,000, adding $6,545 every year, while hoping to spend $57,369 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: 67/15/18 Blend
61$1,240,000$1,240,000$1,240,000$1,240,000
62$1,373,231$1,307,511$1,288,291$1,458,757
63$1,452,261$1,310,539$1,270,409$1,519,798
64$1,537,428$1,311,793$1,250,005$1,579,239
65$1,629,300$1,311,124$1,226,933$1,642,836
66$1,728,496$1,308,377$1,201,044$1,710,996
67$1,835,700$1,303,385$1,172,176$1,784,166
68$1,951,663$1,295,972$1,140,165$1,862,842
69$2,077,208$1,285,950$1,104,836$1,947,571
70$2,213,243$1,273,122$1,066,008$2,038,959
71$2,360,764$1,257,275$1,023,490$2,137,672
72$2,520,869$1,238,188$977,083$2,244,448
73$2,694,762$1,215,624$926,580$2,360,103
74$2,883,770$1,189,332$871,763$2,485,535
75$3,089,353$1,159,048$812,405$2,621,738
76$3,313,116$1,124,489$748,270$2,769,810
77$3,556,824$1,085,360$679,107$2,930,962
78$3,822,423$1,041,346$604,660$3,106,532
79$4,112,051$992,113$524,657$3,297,996
80$4,428,063$937,309$438,816$3,506,986
81$4,773,051$876,562$346,842$3,735,302
82$5,149,867$809,479$248,426$3,984,931
83$5,561,652$735,642$143,247$4,258,067
84$6,011,864$654,612$30,969$4,557,132
85$6,504,310$565,924$0$4,884,798
86$7,043,181$469,085$0$5,261,079
87$7,633,093$363,578$0$5,679,624
88$8,279,129$248,854$0$6,138,144
89$8,986,885$124,333$0$6,640,680
90$9,762,526$0$0$7,191,686
91$10,612,840$0$0$7,797,823
92$11,545,305$0$0$8,485,099
93$12,568,153$0$0$9,239,073
94$13,690,458$0$0$10,066,439
95$14,922,208$0$0$10,974,574
96$16,274,410$0$0$11,971,601
97$17,759,185$0$0$13,066,470
98$19,389,888$0$0$14,269,039
99$21,181,230$0$0$15,590,169
100$23,149,417$0$0$17,041,823