Can I retire at age 62 with 1,580,000?

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 $1,580,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.9%
1 years$130,475$129,313$128,179$127,072$125,991$120,993
2 years$64,592$63,389$62,223$61,092$59,996$55,022
3 years$42,633$41,425$40,262$39,142$38,064$33,271
4 years$31,656$30,452$29,301$28,200$27,147$22,572
5 years$25,072$23,875$22,738$21,660$20,637$16,291
6 years$20,684$19,495$18,376$17,322$16,329$12,215
7 years$17,550$16,372$15,271$14,241$13,280$9,397
8 years$15,202$14,034$12,951$11,947$11,017$7,360
9 years$13,376$12,219$11,154$10,176$9,278$5,842
10 years$11,916$10,771$9,725$8,772$7,905$4,684
11 years$10,722$9,588$8,561$7,634$6,799$3,784
12 years$9,728$8,606$7,598$6,696$5,892$3,076
13 years$8,888$7,777$6,788$5,912$5,138$2,512
14 years$8,168$7,069$6,099$5,248$4,504$2,060
15 years$7,545$6,458$5,507$4,680$3,965$1,694
16 years$7,000$5,925$4,993$4,190$3,505$1,396
17 years$6,520$5,457$4,543$3,765$3,107$1,153
18 years$6,093$5,042$4,147$3,393$2,763$954
19 years$5,712$4,673$3,797$3,066$2,463$791
20 years$5,370$4,343$3,484$2,777$2,200$656
21 years$5,060$4,045$3,205$2,520$1,969$545
22 years$4,779$3,776$2,954$2,291$1,765$453
23 years$4,523$3,531$2,727$2,087$1,584$376
24 years$4,289$3,309$2,522$1,903$1,424$313
25 years$4,073$3,105$2,336$1,738$1,281$260
26 years$3,875$2,918$2,167$1,589$1,154$217
27 years$3,692$2,746$2,012$1,455$1,040$181
28 years$3,521$2,588$1,870$1,333$939$150
29 years$3,363$2,441$1,741$1,222$848$125
30 years$3,216$2,306$1,621$1,122$766$104
31 years$3,079$2,180$1,512$1,030$692$87
32 years$2,950$2,062$1,410$947$626$73
33 years$2,830$1,953$1,317$871$567$60
34 years$2,716$1,851$1,230$801$513$50
35 years$2,610$1,756$1,150$737$465$42
36 years$2,509$1,666$1,076$679$421$35
37 years$2,415$1,583$1,007$626$382$29
38 years$2,325$1,504$943$577$346$24
39 years$2,240$1,430$884$532$314$20
40 years$2,160$1,361$828$491$285$17
41 years$2,084$1,295$777$453$258$14
42 years$2,012$1,234$728$418$234$12
43 years$1,943$1,175$684$386$213$10
44 years$1,877$1,120$642$356$193$8
45 years$1,815$1,068$603$329$175$7
46 years$1,755$1,019$566$304$159$6
47 years$1,699$973$532$281$144$5
48 years$1,644$929$500$259$131$4
49 years$1,592$887$470$240$119$3
50 years$1,543$847$441$221$108$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,580,000, adding $6,352 every year, while hoping to spend $40,234 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: 64/22/14 Blend
61$1,580,000$1,580,000$1,580,000$1,580,000
62$1,747,712$1,663,972$1,639,482$1,853,325
63$1,883,170$1,702,698$1,651,596$1,963,537
64$2,031,096$1,741,973$1,662,767$2,078,656
65$2,192,720$1,781,782$1,672,922$2,203,414
66$2,369,395$1,822,106$1,681,982$2,338,752
67$2,562,610$1,862,927$1,689,866$2,485,704
68$2,774,007$1,904,221$1,696,487$2,645,409
69$3,005,391$1,945,963$1,701,755$2,819,123
70$3,258,753$1,988,127$1,705,575$3,008,228
71$3,536,282$2,030,682$1,707,849$3,214,249
72$3,840,391$2,073,593$1,708,469$3,438,863
73$4,173,736$2,116,825$1,707,329$3,683,921
74$4,539,244$2,160,336$1,704,311$3,951,459
75$4,940,137$2,204,082$1,699,295$4,243,724
76$5,379,964$2,248,015$1,692,155$4,563,189
77$5,862,636$2,292,083$1,682,757$4,912,581
78$6,392,458$2,336,229$1,670,963$5,294,904
79$6,974,175$2,380,391$1,656,627$5,713,468
80$7,613,013$2,424,501$1,639,595$6,171,922
81$8,314,727$2,468,489$1,619,709$6,674,285
82$9,085,659$2,512,275$1,596,799$7,224,989
83$9,932,796$2,555,776$1,570,691$7,828,915
84$10,863,833$2,598,901$1,541,201$8,491,445
85$11,887,250$2,641,553$1,508,137$9,218,508
86$13,012,387$2,683,626$1,471,298$10,016,640
87$14,249,536$2,725,010$1,430,472$10,893,042
88$15,610,036$2,765,582$1,385,440$11,855,652
89$17,106,379$2,805,215$1,335,971$12,913,218
90$18,752,328$2,843,770$1,281,825$14,075,381
91$20,563,049$2,881,098$1,222,750$15,352,765
92$22,555,250$2,917,042$1,158,482$16,757,080
93$24,747,341$2,951,432$1,088,747$18,301,232
94$27,159,606$2,984,088$1,013,256$19,999,444
95$29,814,395$3,014,818$931,709$21,867,391
96$32,736,335$3,043,415$843,793$23,922,350
97$35,952,560$3,069,662$749,179$26,183,359
98$39,492,969$3,093,323$647,524$28,671,403
99$43,390,507$3,114,151$538,471$31,409,609
100$47,681,475$3,131,881$421,647$34,423,465