Can I retire at age 62 with 1,560,000?

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 $1,560,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.2%
1 years$128,823$127,676$126,556$125,464$124,397$122,235
2 years$63,774$62,586$61,435$60,319$59,236$57,066
3 years$42,094$40,901$39,753$38,647$37,582$35,470
4 years$31,256$30,066$28,930$27,843$26,804$24,766
5 years$24,754$23,572$22,451$21,386$20,376$18,419
6 years$20,422$19,249$18,143$17,103$16,123$14,249
7 years$17,328$16,165$15,077$14,061$13,112$11,321
8 years$15,009$13,856$12,787$11,795$10,878$9,170
9 years$13,206$12,064$11,013$10,047$9,161$7,535
10 years$11,765$10,634$9,602$8,661$7,805$6,260
11 years$10,586$9,467$8,453$7,537$6,713$5,246
12 years$9,605$8,497$7,502$6,611$5,817$4,428
13 years$8,775$7,679$6,702$5,837$5,073$3,758
14 years$8,065$6,980$6,022$5,181$4,447$3,204
15 years$7,449$6,376$5,437$4,621$3,915$2,743
16 years$6,911$5,850$4,930$4,137$3,460$2,356
17 years$6,437$5,388$4,486$3,717$3,068$2,028
18 years$6,016$4,979$4,095$3,350$2,728$1,751
19 years$5,640$4,614$3,749$3,027$2,432$1,514
20 years$5,302$4,288$3,440$2,742$2,172$1,312
21 years$4,996$3,994$3,164$2,488$1,944$1,138
22 years$4,719$3,728$2,917$2,262$1,742$988
23 years$4,466$3,487$2,693$2,060$1,564$859
24 years$4,235$3,267$2,491$1,879$1,406$748
25 years$4,022$3,066$2,307$1,716$1,265$651
26 years$3,826$2,881$2,139$1,569$1,139$568
27 years$3,645$2,712$1,987$1,436$1,027$495
28 years$3,477$2,555$1,847$1,316$927$432
29 years$3,321$2,411$1,719$1,207$837$377
30 years$3,175$2,276$1,601$1,108$756$329
31 years$3,040$2,152$1,492$1,017$684$288
32 years$2,913$2,036$1,392$935$618$251
33 years$2,794$1,928$1,300$860$560$220
34 years$2,682$1,828$1,215$791$507$192
35 years$2,577$1,733$1,136$728$459$168
36 years$2,478$1,645$1,062$671$416$147
37 years$2,384$1,563$994$618$377$129
38 years$2,296$1,485$931$569$342$112
39 years$2,212$1,412$872$525$310$98
40 years$2,133$1,344$818$484$281$86
41 years$2,058$1,279$767$447$255$75
42 years$1,986$1,218$719$412$231$66
43 years$1,918$1,161$675$381$210$58
44 years$1,854$1,106$634$351$191$51
45 years$1,792$1,055$595$325$173$44
46 years$1,733$1,006$559$300$157$39
47 years$1,677$960$525$277$143$34
48 years$1,623$917$493$256$130$30
49 years$1,572$875$464$237$118$26
50 years$1,523$836$436$219$107$23

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,560,000, adding $3,648 every year, while hoping to spend $29,100 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: 72/9/19 Blend
61$1,560,000$1,560,000$1,560,000$1,560,000
62$1,722,883$1,640,203$1,616,023$1,838,869
63$1,867,655$1,689,611$1,639,198$1,965,877
64$2,026,218$1,740,464$1,662,173$2,101,082
65$2,199,949$1,792,803$1,684,912$2,248,418
66$2,390,362$1,846,669$1,707,376$2,409,084
67$2,599,128$1,902,105$1,729,521$2,584,399
68$2,828,083$1,959,152$1,751,304$2,775,817
69$3,079,253$2,017,856$1,772,678$2,984,941
70$3,354,867$2,078,261$1,793,594$3,213,533
71$3,657,382$2,140,415$1,813,998$3,463,537
72$3,989,504$2,204,364$1,833,836$3,737,094
73$4,354,213$2,270,157$1,853,048$4,036,562
74$4,754,792$2,337,844$1,871,575$4,364,538
75$5,194,859$2,407,476$1,889,351$4,723,884
76$5,678,397$2,479,105$1,906,306$5,117,754
77$6,209,796$2,552,785$1,922,371$5,549,621
78$6,793,893$2,628,568$1,937,467$6,023,312
79$7,436,014$2,706,513$1,951,517$6,543,046
80$8,142,030$2,786,674$1,964,435$7,113,466
81$8,918,407$2,869,111$1,976,134$7,739,694
82$9,772,270$2,953,883$1,986,520$8,427,370
83$10,711,469$3,041,051$1,995,496$9,182,708
84$11,744,653$3,130,676$2,002,959$10,012,557
85$12,881,351$3,222,822$2,008,801$10,924,462
86$14,132,062$3,317,554$2,012,909$11,926,740
87$15,508,356$3,414,938$2,015,165$13,028,551
88$17,022,978$3,515,040$2,015,443$14,239,991
89$18,689,974$3,617,929$2,013,613$15,572,185
90$20,524,819$3,723,676$2,009,537$17,037,392
91$22,544,566$3,832,350$2,003,071$18,649,119
92$24,768,002$3,944,026$1,994,064$20,422,253
93$27,215,831$4,058,776$1,982,358$22,373,195
94$29,910,866$4,176,676$1,967,787$24,520,022
95$32,878,243$4,297,803$1,950,177$26,882,650
96$36,145,662$4,422,233$1,929,346$29,483,029
97$39,743,643$4,550,046$1,905,103$32,345,346
98$43,705,819$4,681,322$1,877,248$35,496,255
99$48,069,249$4,816,144$1,845,573$38,965,127
100$52,874,770$4,954,592$1,809,857$42,784,328