Can I retire at age 62 with 1,320,000?

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 $1,320,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.1%
1 years$109,004$108,033$107,086$106,161$105,259$103,049
2 years$53,963$52,958$51,984$51,039$50,123$47,908
3 years$35,618$34,608$33,637$32,701$31,800$29,648
4 years$26,447$25,441$24,479$23,559$22,680$20,607
5 years$20,946$19,946$18,997$18,096$17,241$15,254
6 years$17,280$16,287$15,352$14,471$13,642$11,742
7 years$14,662$13,678$12,758$11,898$11,095$9,283
8 years$12,700$11,725$10,820$9,981$9,204$7,480
9 years$11,175$10,208$9,319$8,501$7,751$6,113
10 years$9,955$8,998$8,124$7,328$6,604$5,051
11 years$8,958$8,011$7,153$6,378$5,680$4,209
12 years$8,127$7,190$6,348$5,594$4,922$3,531
13 years$7,425$6,498$5,671$4,939$4,292$2,979
14 years$6,824$5,906$5,096$4,384$3,763$2,525
15 years$6,303$5,395$4,601$3,910$3,313$2,148
16 years$5,848$4,950$4,171$3,501$2,928$1,833
17 years$5,447$4,559$3,796$3,146$2,596$1,568
18 years$5,091$4,213$3,465$2,835$2,308$1,345
19 years$4,772$3,904$3,172$2,561$2,057$1,155
20 years$4,486$3,628$2,911$2,320$1,838$994
21 years$4,228$3,379$2,678$2,105$1,645$856
22 years$3,993$3,154$2,468$1,914$1,474$739
23 years$3,779$2,950$2,279$1,743$1,323$638
24 years$3,583$2,764$2,107$1,590$1,189$551
25 years$3,403$2,594$1,952$1,452$1,070$477
26 years$3,237$2,438$1,810$1,328$964$413
27 years$3,084$2,294$1,681$1,215$869$357
28 years$2,942$2,162$1,563$1,114$784$309
29 years$2,810$2,040$1,454$1,021$708$268
30 years$2,687$1,926$1,355$937$640$232
31 years$2,572$1,821$1,263$861$579$201
32 years$2,465$1,723$1,178$791$523$175
33 years$2,364$1,632$1,100$727$474$152
34 years$2,269$1,546$1,028$669$429$132
35 years$2,180$1,467$961$616$388$114
36 years$2,096$1,392$899$567$352$99
37 years$2,017$1,322$841$523$319$86
38 years$1,943$1,257$788$482$289$75
39 years$1,872$1,195$738$444$262$65
40 years$1,805$1,137$692$410$238$56
41 years$1,741$1,082$649$378$216$49
42 years$1,681$1,031$609$349$196$42
43 years$1,623$982$571$322$178$37
44 years$1,568$936$536$297$161$32
45 years$1,516$893$503$275$146$28
46 years$1,466$852$473$254$133$24
47 years$1,419$813$444$234$121$21
48 years$1,374$776$417$217$110$18
49 years$1,330$741$392$200$100$16
50 years$1,289$708$369$185$90$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,320,000, adding $6,934 every year, while hoping to spend $57,032 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: 52/24/24 Blend
61$1,320,000$1,320,000$1,320,000$1,320,000
62$1,461,792$1,391,832$1,371,372$1,527,707
63$1,550,214$1,399,351$1,356,632$1,581,554
64$1,645,742$1,405,326$1,339,486$1,633,686
65$1,749,043$1,409,622$1,319,794$1,689,223
66$1,860,847$1,412,095$1,297,408$1,748,509
67$1,981,957$1,412,591$1,272,175$1,811,929
68$2,113,256$1,410,948$1,243,933$1,879,907
69$2,255,716$1,406,992$1,212,512$1,952,915
70$2,410,404$1,400,539$1,177,736$2,031,475
71$2,578,496$1,391,396$1,139,421$2,116,166
72$2,761,283$1,379,355$1,097,372$2,207,627
73$2,960,187$1,364,197$1,051,387$2,306,569
74$3,176,773$1,345,690$1,001,256$2,413,778
75$3,412,763$1,323,587$946,756$2,530,122
76$3,670,050$1,297,628$887,658$2,656,566
77$3,950,719$1,267,536$823,719$2,794,173
78$4,257,066$1,233,019$754,687$2,944,125
79$4,591,617$1,193,767$680,299$3,107,724
80$4,957,152$1,149,451$600,279$3,286,414
81$5,356,733$1,099,726$514,340$3,481,791
82$5,793,732$1,044,224$422,182$3,695,620
83$6,271,858$982,557$323,491$3,929,851
84$6,795,198$914,313$217,939$4,186,643
85$7,368,254$839,060$105,185$4,468,381
86$7,995,979$756,337$0$4,777,699
87$8,683,831$665,660$0$5,121,390
88$9,437,821$566,516$0$5,527,790
89$10,264,567$458,363$0$5,973,593
90$11,171,359$340,630$0$6,462,831
91$12,166,229$212,712$0$6,999,953
92$13,258,020$73,971$0$7,589,865
93$14,456,475$0$0$8,237,981
94$15,772,326$0$0$8,970,411
95$17,217,394$0$0$9,796,358
96$18,804,703$0$0$10,703,748
97$20,548,597$0$0$11,700,798
98$22,464,882$0$0$12,796,563
99$24,570,969$0$0$14,001,019
100$26,886,038$0$0$15,325,153