Can I retire at age 62 with 1,550,000?

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 $1,550,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.4%
1 years$127,998$126,857$125,745$124,659$123,599$119,404
2 years$63,365$62,185$61,041$59,932$58,857$54,672
3 years$41,824$40,639$39,498$38,399$37,341$33,299
4 years$31,055$29,874$28,744$27,664$26,632$22,762
5 years$24,596$23,421$22,307$21,249$20,245$16,559
6 years$20,291$19,125$18,027$16,993$16,019$12,519
7 years$17,217$16,061$14,981$13,971$13,028$9,713
8 years$14,913$13,768$12,705$11,720$10,808$7,677
9 years$13,122$11,987$10,943$9,983$9,102$6,150
10 years$11,690$10,566$9,540$8,605$7,755$4,977
11 years$10,519$9,406$8,399$7,489$6,670$4,061
12 years$9,543$8,443$7,454$6,569$5,780$3,334
13 years$8,719$7,630$6,659$5,799$5,040$2,751
14 years$8,013$6,935$5,984$5,148$4,418$2,279
15 years$7,402$6,335$5,402$4,591$3,890$1,894
16 years$6,867$5,813$4,898$4,111$3,438$1,579
17 years$6,396$5,353$4,457$3,694$3,048$1,319
18 years$5,978$4,947$4,069$3,329$2,711$1,104
19 years$5,604$4,584$3,725$3,008$2,416$925
20 years$5,268$4,260$3,418$2,724$2,158$776
21 years$4,964$3,968$3,144$2,472$1,931$652
22 years$4,689$3,704$2,898$2,248$1,731$548
23 years$4,437$3,464$2,676$2,047$1,554$461
24 years$4,207$3,246$2,475$1,867$1,397$388
25 years$3,996$3,046$2,292$1,705$1,257$327
26 years$3,801$2,863$2,126$1,559$1,132$275
27 years$3,621$2,694$1,974$1,427$1,021$232
28 years$3,455$2,539$1,835$1,308$921$196
29 years$3,300$2,395$1,708$1,199$832$165
30 years$3,155$2,262$1,591$1,100$751$139
31 years$3,020$2,138$1,483$1,011$679$118
32 years$2,894$2,023$1,383$929$615$99
33 years$2,776$1,916$1,292$854$556$84
34 years$2,665$1,816$1,207$786$504$71
35 years$2,560$1,722$1,128$723$456$60
36 years$2,462$1,635$1,056$666$413$50
37 years$2,369$1,553$988$614$374$43
38 years$2,281$1,476$925$566$340$36
39 years$2,198$1,403$867$522$308$30
40 years$2,119$1,335$813$481$279$26
41 years$2,044$1,271$762$444$253$22
42 years$1,973$1,210$715$410$230$18
43 years$1,906$1,153$671$378$209$15
44 years$1,842$1,099$629$349$189$13
45 years$1,780$1,048$591$323$172$11
46 years$1,722$1,000$555$298$156$9
47 years$1,666$954$522$275$142$8
48 years$1,613$911$490$254$129$7
49 years$1,562$870$461$235$117$6
50 years$1,513$831$433$217$106$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,550,000, adding $5,164 every year, while hoping to spend $41,616 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: 30/46/24 Blend
61$1,550,000$1,550,000$1,550,000$1,550,000
62$1,713,427$1,631,277$1,607,252$1,751,952
63$1,843,917$1,666,930$1,616,815$1,817,703
64$1,986,323$1,702,936$1,625,305$1,884,348
65$2,141,815$1,739,267$1,632,640$1,955,192
66$2,311,683$1,775,894$1,638,737$2,030,628
67$2,497,348$1,812,786$1,643,507$2,111,087
68$2,700,371$1,849,906$1,646,858$2,197,046
69$2,922,473$1,887,216$1,648,693$2,289,032
70$3,165,550$1,924,674$1,648,908$2,387,624
71$3,431,688$1,962,235$1,647,399$2,493,466
72$3,723,185$1,999,849$1,644,051$2,607,263
73$4,042,570$2,037,462$1,638,747$2,729,799
74$4,392,630$2,075,016$1,631,363$2,861,935
75$4,776,435$2,112,448$1,621,770$3,004,624
76$5,197,364$2,149,690$1,609,832$3,158,917
77$5,659,140$2,186,671$1,595,407$3,325,974
78$6,165,865$2,223,310$1,578,345$3,507,077
79$6,722,054$2,259,523$1,558,491$3,703,639
80$7,332,684$2,295,220$1,535,681$3,917,221
81$8,003,235$2,330,303$1,509,743$4,149,545
82$8,739,744$2,364,667$1,480,499$4,402,512
83$9,548,863$2,398,201$1,447,761$4,678,222
84$10,437,919$2,430,785$1,411,332$4,978,990
85$11,414,983$2,462,289$1,371,008$5,307,371
86$12,488,949$2,492,578$1,326,574$5,666,187
87$13,669,612$2,521,505$1,277,805$6,058,550
88$14,967,766$2,548,913$1,224,466$6,487,895
89$16,395,304$2,574,636$1,166,311$6,958,012
90$17,965,327$2,598,495$1,103,084$7,473,082
91$19,692,270$2,620,300$1,034,517$8,037,722
92$21,592,037$2,639,851$960,329$8,657,020
93$23,682,152$2,656,930$880,227$9,336,595
94$25,981,921$2,671,310$793,904$10,082,643
95$28,512,620$2,682,747$701,043$10,902,000
96$31,297,686$2,690,981$601,307$11,802,208
97$34,362,948$2,695,736$494,349$12,791,586
98$37,736,863$2,696,722$379,803$13,879,311
99$41,450,788$2,693,625$257,291$15,075,505
100$45,539,272$2,686,118$126,415$16,391,333