Can I retire at age 62 with 1,470,000?

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 $1,470,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.1%
1 years$121,391$120,310$119,255$118,225$117,220$116,677
2 years$60,095$58,975$57,891$56,839$55,819$55,271
3 years$39,665$38,541$37,459$36,417$35,414$34,878
4 years$29,452$28,332$27,261$26,237$25,257$24,737
5 years$23,326$22,212$21,155$20,152$19,200$18,698
6 years$19,244$18,138$17,097$16,116$15,193$14,708
7 years$16,329$15,232$14,207$13,250$12,356$11,890
8 years$14,143$13,057$12,049$11,115$10,250$9,803
9 years$12,444$11,368$10,378$9,467$8,632$8,203
10 years$11,086$10,021$9,048$8,161$7,355$6,944
11 years$9,976$8,921$7,965$7,103$6,326$5,932
12 years$9,051$8,007$7,069$6,230$5,482$5,106
13 years$8,269$7,236$6,316$5,500$4,780$4,422
14 years$7,599$6,577$5,675$4,882$4,190$3,849
15 years$7,020$6,008$5,124$4,354$3,689$3,364
16 years$6,513$5,513$4,645$3,899$3,261$2,952
17 years$6,066$5,077$4,227$3,503$2,891$2,597
18 years$5,669$4,691$3,859$3,157$2,571$2,292
19 years$5,315$4,348$3,532$2,852$2,291$2,027
20 years$4,996$4,040$3,242$2,583$2,047$1,797
21 years$4,708$3,763$2,982$2,345$1,831$1,595
22 years$4,447$3,513$2,748$2,132$1,642$1,418
23 years$4,208$3,286$2,538$1,942$1,474$1,263
24 years$3,990$3,078$2,347$1,771$1,325$1,126
25 years$3,790$2,889$2,174$1,617$1,192$1,004
26 years$3,605$2,715$2,016$1,479$1,074$897
27 years$3,435$2,555$1,872$1,353$968$802
28 years$3,276$2,408$1,740$1,240$873$717
29 years$3,129$2,271$1,619$1,137$789$642
30 years$2,992$2,145$1,508$1,044$713$575
31 years$2,864$2,028$1,406$958$644$515
32 years$2,745$1,919$1,312$881$583$462
33 years$2,633$1,817$1,225$810$527$414
34 years$2,527$1,722$1,145$745$478$372
35 years$2,428$1,633$1,070$686$433$334
36 years$2,335$1,550$1,001$632$392$300
37 years$2,247$1,473$937$582$355$269
38 years$2,163$1,399$877$537$322$242
39 years$2,084$1,331$822$495$292$217
40 years$2,010$1,266$771$456$265$195
41 years$1,939$1,205$723$421$240$175
42 years$1,872$1,148$678$389$218$158
43 years$1,808$1,094$636$359$198$142
44 years$1,747$1,042$597$331$180$127
45 years$1,689$994$561$306$163$115
46 years$1,633$948$526$283$148$103
47 years$1,580$905$495$261$134$93
48 years$1,530$864$465$241$122$83
49 years$1,481$825$437$223$111$75
50 years$1,435$788$411$206$101$67

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,470,000, adding $5,141 every year, while hoping to spend $33,884 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: 54/33/13 Blend
61$1,470,000$1,470,000$1,470,000$1,470,000
62$1,625,243$1,547,333$1,524,548$1,707,220
63$1,754,965$1,587,100$1,539,568$1,803,326
64$1,896,784$1,627,680$1,553,956$1,903,785
65$2,051,896$1,669,077$1,567,654$2,012,349
66$2,221,622$1,711,294$1,580,602$2,129,795
67$2,407,414$1,754,333$1,592,738$2,256,979
68$2,610,870$1,798,196$1,603,995$2,394,846
69$2,833,753$1,842,882$1,614,303$2,544,433
70$3,078,002$1,888,389$1,623,589$2,706,885
71$3,345,753$1,934,715$1,631,774$2,883,462
72$3,639,360$1,981,856$1,638,778$3,075,551
73$3,961,413$2,029,805$1,644,516$3,284,681
74$4,314,767$2,078,556$1,648,897$3,512,537
75$4,702,566$2,128,097$1,651,828$3,760,972
76$5,128,272$2,178,419$1,653,209$4,032,032
77$5,595,702$2,229,507$1,652,937$4,327,966
78$6,109,055$2,281,345$1,650,902$4,651,257
79$6,672,963$2,333,914$1,646,991$5,004,636
80$7,292,523$2,387,195$1,641,084$5,391,116
81$7,973,355$2,441,162$1,633,054$5,814,013
82$8,721,647$2,495,788$1,622,771$6,276,986
83$9,544,217$2,551,044$1,610,097$6,784,061
84$10,448,578$2,606,896$1,594,886$7,339,678
85$11,443,006$2,663,307$1,576,987$7,948,730
86$12,536,618$2,720,235$1,556,242$8,616,606
87$13,739,462$2,777,634$1,532,484$9,349,247
88$15,062,604$2,835,456$1,505,540$10,153,200
89$16,518,242$2,893,645$1,475,227$11,035,678
90$18,119,811$2,952,142$1,441,356$12,004,630
91$19,882,116$3,010,881$1,403,726$13,068,819
92$21,821,470$3,069,793$1,362,128$14,237,899
93$23,955,846$3,128,799$1,316,346$15,522,510
94$26,305,049$3,187,817$1,266,151$16,934,378
95$28,890,901$3,246,757$1,211,304$18,486,426
96$31,737,446$3,305,521$1,151,556$20,192,894
97$34,871,178$3,364,005$1,086,645$22,069,479
98$38,321,291$3,422,094$1,016,301$24,133,476
99$42,119,953$3,479,667$940,237$26,403,948
100$46,302,611$3,536,592$858,157$28,901,904