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

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 $1,320,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.5%
1 years$109,004$108,033$107,086$106,161$105,259$102,053
2 years$53,963$52,958$51,984$51,039$50,123$46,921
3 years$35,618$34,608$33,637$32,701$31,800$28,702
4 years$26,447$25,441$24,479$23,559$22,680$19,709
5 years$20,946$19,946$18,997$18,096$17,241$14,406
6 years$17,280$16,287$15,352$14,471$13,642$10,946
7 years$14,662$13,678$12,758$11,898$11,095$8,536
8 years$12,700$11,725$10,820$9,981$9,204$6,782
9 years$11,175$10,208$9,319$8,501$7,751$5,463
10 years$9,955$8,998$8,124$7,328$6,604$4,447
11 years$8,958$8,011$7,153$6,378$5,680$3,649
12 years$8,127$7,190$6,348$5,594$4,922$3,014
13 years$7,425$6,498$5,671$4,939$4,292$2,502
14 years$6,824$5,906$5,096$4,384$3,763$2,086
15 years$6,303$5,395$4,601$3,910$3,313$1,745
16 years$5,848$4,950$4,171$3,501$2,928$1,464
17 years$5,447$4,559$3,796$3,146$2,596$1,231
18 years$5,091$4,213$3,465$2,835$2,308$1,037
19 years$4,772$3,904$3,172$2,561$2,057$875
20 years$4,486$3,628$2,911$2,320$1,838$739
21 years$4,228$3,379$2,678$2,105$1,645$625
22 years$3,993$3,154$2,468$1,914$1,474$529
23 years$3,779$2,950$2,279$1,743$1,323$449
24 years$3,583$2,764$2,107$1,590$1,189$380
25 years$3,403$2,594$1,952$1,452$1,070$323
26 years$3,237$2,438$1,810$1,328$964$274
27 years$3,084$2,294$1,681$1,215$869$233
28 years$2,942$2,162$1,563$1,114$784$198
29 years$2,810$2,040$1,454$1,021$708$168
30 years$2,687$1,926$1,355$937$640$143
31 years$2,572$1,821$1,263$861$579$121
32 years$2,465$1,723$1,178$791$523$103
33 years$2,364$1,632$1,100$727$474$88
34 years$2,269$1,546$1,028$669$429$75
35 years$2,180$1,467$961$616$388$63
36 years$2,096$1,392$899$567$352$54
37 years$2,017$1,322$841$523$319$46
38 years$1,943$1,257$788$482$289$39
39 years$1,872$1,195$738$444$262$33
40 years$1,805$1,137$692$410$238$28
41 years$1,741$1,082$649$378$216$24
42 years$1,681$1,031$609$349$196$20
43 years$1,623$982$571$322$178$17
44 years$1,568$936$536$297$161$15
45 years$1,516$893$503$275$146$13
46 years$1,466$852$473$254$133$11
47 years$1,419$813$444$234$121$9
48 years$1,374$776$417$217$110$8
49 years$1,330$741$392$200$100$7
50 years$1,289$708$369$185$90$6

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 $4,952 every year, while hoping to spend $42,696 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: 58/18/24 Blend
61$1,320,000$1,320,000$1,320,000$1,320,000
62$1,459,748$1,389,788$1,369,328$1,534,692
63$1,563,214$1,412,459$1,369,772$1,609,056
64$1,675,803$1,434,811$1,368,800$1,685,107
65$1,798,399$1,456,781$1,366,320$1,767,111
66$1,931,978$1,478,306$1,362,234$1,855,656
67$2,077,612$1,499,314$1,356,440$1,951,388
68$2,236,480$1,519,732$1,348,833$2,055,021
69$2,409,881$1,539,480$1,339,299$2,167,344
70$2,599,246$1,558,471$1,327,723$2,289,224
71$2,806,148$1,576,615$1,313,981$2,421,620
72$3,032,320$1,593,815$1,297,944$2,565,589
73$3,279,670$1,609,965$1,279,478$2,722,299
74$3,550,299$1,624,955$1,258,443$2,893,035
75$3,846,519$1,638,667$1,234,690$3,079,217
76$4,170,876$1,650,975$1,208,065$3,282,411
77$4,526,177$1,661,744$1,178,407$3,504,345
78$4,915,510$1,670,832$1,145,546$3,746,924
79$5,342,276$1,678,086$1,109,305$4,012,250
80$5,810,221$1,683,346$1,069,500$4,302,640
81$6,323,472$1,686,439$1,025,938$4,620,653
82$6,886,575$1,687,182$978,415$4,969,108
83$7,504,534$1,685,383$926,720$5,351,117
84$8,182,864$1,680,834$870,633$5,770,110
85$8,927,639$1,673,318$809,922$6,229,871
86$9,745,550$1,662,603$744,346$6,734,574
87$10,643,968$1,648,442$673,653$7,288,820
88$11,631,011$1,630,574$597,580$7,897,685
89$12,715,627$1,608,725$515,851$8,566,766
90$13,907,668$1,582,599$428,179$9,302,235
91$15,217,991$1,551,888$334,264$10,110,899
92$16,658,556$1,516,261$233,792$11,000,262
93$18,242,542$1,475,371$126,438$11,978,601
94$19,984,467$1,428,849$11,858$13,055,040
95$21,900,324$1,376,305$0$14,239,643
96$24,007,739$1,317,325$0$15,571,777
97$26,326,128$1,251,473$0$17,040,480
98$28,876,885$1,178,287$0$18,656,296
99$31,683,582$1,097,278$0$20,434,199
100$34,772,191$1,007,929$0$22,390,692