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%17.2%
1 years$128,823$127,676$126,556$125,464$124,397$120,753
2 years$63,774$62,586$61,435$60,319$59,236$55,595
3 years$42,094$40,901$39,753$38,647$37,582$34,057
4 years$31,256$30,066$28,930$27,843$26,804$23,423
5 years$24,754$23,572$22,451$21,386$20,376$17,147
6 years$20,422$19,249$18,143$17,103$16,123$13,050
7 years$17,328$16,165$15,077$14,061$13,112$10,194
8 years$15,009$13,856$12,787$11,795$10,878$8,114
9 years$13,206$12,064$11,013$10,047$9,161$6,548
10 years$11,765$10,634$9,602$8,661$7,805$5,340
11 years$10,586$9,467$8,453$7,537$6,713$4,390
12 years$9,605$8,497$7,502$6,611$5,817$3,633
13 years$8,775$7,679$6,702$5,837$5,073$3,023
14 years$8,065$6,980$6,022$5,181$4,447$2,525
15 years$7,449$6,376$5,437$4,621$3,915$2,117
16 years$6,911$5,850$4,930$4,137$3,460$1,779
17 years$6,437$5,388$4,486$3,717$3,068$1,499
18 years$6,016$4,979$4,095$3,350$2,728$1,266
19 years$5,640$4,614$3,749$3,027$2,432$1,071
20 years$5,302$4,288$3,440$2,742$2,172$907
21 years$4,996$3,994$3,164$2,488$1,944$769
22 years$4,719$3,728$2,917$2,262$1,742$652
23 years$4,466$3,487$2,693$2,060$1,564$554
24 years$4,235$3,267$2,491$1,879$1,406$471
25 years$4,022$3,066$2,307$1,716$1,265$400
26 years$3,826$2,881$2,139$1,569$1,139$341
27 years$3,645$2,712$1,987$1,436$1,027$290
28 years$3,477$2,555$1,847$1,316$927$247
29 years$3,321$2,411$1,719$1,207$837$210
30 years$3,175$2,276$1,601$1,108$756$179
31 years$3,040$2,152$1,492$1,017$684$153
32 years$2,913$2,036$1,392$935$618$130
33 years$2,794$1,928$1,300$860$560$111
34 years$2,682$1,828$1,215$791$507$95
35 years$2,577$1,733$1,136$728$459$81
36 years$2,478$1,645$1,062$671$416$69
37 years$2,384$1,563$994$618$377$59
38 years$2,296$1,485$931$569$342$50
39 years$2,212$1,412$872$525$310$43
40 years$2,133$1,344$818$484$281$36
41 years$2,058$1,279$767$447$255$31
42 years$1,986$1,218$719$412$231$26
43 years$1,918$1,161$675$381$210$23
44 years$1,854$1,106$634$351$191$19
45 years$1,792$1,055$595$325$173$16
46 years$1,733$1,006$559$300$157$14
47 years$1,677$960$525$277$143$12
48 years$1,623$917$493$256$130$10
49 years$1,572$875$464$237$118$9
50 years$1,523$836$436$219$107$7

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 $2,215 every year, while hoping to spend $48,588 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: 43/31/26 Blend
61$1,560,000$1,560,000$1,560,000$1,560,000
62$1,721,405$1,638,725$1,614,545$1,782,291
63$1,845,291$1,667,325$1,616,935$1,854,596
64$1,980,185$1,695,698$1,617,776$1,928,080
65$2,127,158$1,723,782$1,616,966$2,006,754
66$2,287,390$1,751,509$1,614,397$2,091,125
67$2,462,178$1,778,808$1,609,953$2,181,755
68$2,652,952$1,805,600$1,603,518$2,279,263
69$2,861,282$1,831,804$1,594,965$2,384,334
70$3,088,901$1,857,330$1,584,164$2,497,725
71$3,337,713$1,882,084$1,570,979$2,620,271
72$3,609,818$1,905,964$1,555,264$2,752,894
73$3,907,524$1,928,861$1,536,870$2,896,615
74$4,233,375$1,950,659$1,515,639$3,052,557
75$4,590,173$1,971,235$1,491,407$3,221,964
76$4,981,002$1,990,457$1,464,000$3,406,208
77$5,409,258$2,008,183$1,433,238$3,606,805
78$5,878,682$2,024,264$1,398,931$3,825,427
79$6,393,395$2,038,539$1,360,882$4,063,923
80$6,957,933$2,050,840$1,318,884$4,324,331
81$7,577,295$2,060,984$1,272,719$4,608,903
82$8,256,986$2,068,779$1,222,162$4,920,124
83$9,003,070$2,074,021$1,166,976$5,260,738
84$9,822,227$2,076,491$1,106,913$5,633,772
85$10,721,814$2,075,959$1,041,715$6,042,570
86$11,709,937$2,072,180$971,111$6,490,819
87$12,795,526$2,064,891$894,818$6,982,590
88$13,988,416$2,053,818$812,541$7,522,376
89$15,299,446$2,038,666$723,972$8,115,134
90$16,740,553$2,019,124$628,789$8,766,332
91$18,324,890$1,994,863$526,655$9,482,007
92$20,066,950$1,965,532$417,218$10,268,818
93$21,982,696$1,930,760$300,113$11,134,110
94$24,089,720$1,890,156$174,955$12,085,988
95$26,407,400$1,843,303$41,345$13,133,395
96$28,957,091$1,789,761$0$14,286,192
97$31,762,319$1,729,063$0$15,583,346
98$34,849,005$1,660,717$0$17,022,839
99$38,245,712$1,584,200$0$18,606,551
100$41,983,909$1,498,961$0$20,349,214