Can I retire at age 62 with 880,000?

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 $880,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14%
1 years$72,670$72,022$71,391$70,774$70,172$69,010
2 years$35,975$35,305$34,656$34,026$33,415$32,248
3 years$23,745$23,072$22,425$21,801$21,200$20,063
4 years$17,631$16,961$16,319$15,706$15,120$14,023
5 years$13,964$13,297$12,664$12,064$11,494$10,440
6 years$11,520$10,858$10,235$9,648$9,095$8,085
7 years$9,775$9,119$8,505$7,932$7,397$6,431
8 years$8,467$7,816$7,213$6,654$6,136$5,215
9 years$7,450$6,806$6,213$5,668$5,168$4,290
10 years$6,637$5,999$5,416$4,886$4,403$3,569
11 years$5,972$5,340$4,768$4,252$3,787$2,995
12 years$5,418$4,793$4,232$3,729$3,281$2,531
13 years$4,950$4,332$3,781$3,293$2,862$2,151
14 years$4,549$3,937$3,397$2,923$2,508$1,836
15 years$4,202$3,597$3,067$2,607$2,209$1,574
16 years$3,899$3,300$2,781$2,334$1,952$1,354
17 years$3,631$3,039$2,530$2,097$1,731$1,167
18 years$3,394$2,808$2,310$1,890$1,539$1,009
19 years$3,182$2,603$2,115$1,708$1,372$874
20 years$2,991$2,419$1,941$1,547$1,225$758
21 years$2,818$2,253$1,785$1,404$1,096$659
22 years$2,662$2,103$1,645$1,276$983$573
23 years$2,519$1,967$1,519$1,162$882$499
24 years$2,389$1,843$1,405$1,060$793$435
25 years$2,269$1,729$1,301$968$714$379
26 years$2,158$1,625$1,207$885$643$331
27 years$2,056$1,530$1,121$810$579$289
28 years$1,961$1,441$1,042$742$523$253
29 years$1,873$1,360$969$681$472$221
30 years$1,791$1,284$903$625$427$193
31 years$1,715$1,214$842$574$386$169
32 years$1,643$1,149$785$527$349$148
33 years$1,576$1,088$733$485$316$130
34 years$1,513$1,031$685$446$286$114
35 years$1,454$978$641$411$259$99
36 years$1,398$928$599$378$235$87
37 years$1,345$882$561$349$213$76
38 years$1,295$838$525$321$193$67
39 years$1,248$797$492$296$175$59
40 years$1,203$758$461$273$159$51
41 years$1,161$721$433$252$144$45
42 years$1,120$687$406$233$131$40
43 years$1,082$655$381$215$118$35
44 years$1,046$624$357$198$108$30
45 years$1,011$595$336$183$98$27
46 years$978$568$315$169$89$23
47 years$946$542$296$156$80$20
48 years$916$517$278$144$73$18
49 years$887$494$262$133$66$16
50 years$859$472$246$123$60$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $880,000, adding $2,972 every year, while hoping to spend $36,123 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: 66/13/21 Blend
61$880,000$880,000$880,000$880,000
62$972,826$926,186$912,546$1,031,666
63$1,033,619$933,134$904,681$1,078,474
64$1,099,403$939,212$895,343$1,125,219
65$1,170,648$944,340$884,443$1,175,472
66$1,247,872$948,430$871,889$1,229,575
67$1,331,644$951,392$857,587$1,287,911
68$1,422,590$953,129$841,434$1,350,900
69$1,521,399$953,537$823,327$1,419,005
70$1,628,828$952,506$803,155$1,492,740
71$1,745,710$949,921$780,802$1,572,668
72$1,872,963$945,658$756,150$1,659,415
73$2,011,595$939,585$729,071$1,753,669
74$2,162,717$931,564$699,433$1,856,190
75$2,327,550$921,446$667,101$1,967,817
76$2,507,440$909,077$631,928$2,089,476
77$2,703,867$894,289$593,765$2,222,188
78$2,918,460$876,908$552,455$2,367,081
79$3,153,013$856,747$507,833$2,525,398
80$3,409,503$833,610$459,728$2,698,513
81$3,690,103$807,288$407,960$2,887,940
82$3,997,209$777,561$352,342$3,095,350
83$4,333,457$744,194$292,678$3,322,586
84$4,701,751$706,941$228,764$3,571,684
85$5,105,289$665,540$160,387$3,844,887
86$5,547,593$619,716$87,324$4,144,670
87$6,032,541$569,176$9,343$4,473,765
88$6,564,405$513,610$0$4,835,184
89$7,147,890$452,693$0$5,248,803
90$7,788,180$386,079$0$5,705,045
91$8,490,981$313,404$0$6,205,915
92$9,262,584$234,283$0$6,755,933
93$10,109,913$148,309$0$7,360,083
94$11,040,601$55,053$0$8,023,855
95$12,063,052$0$0$8,753,300
96$13,186,527$0$0$9,561,660
97$14,421,227$0$0$10,458,763
98$15,778,391$0$0$11,444,908
99$17,270,401$0$0$12,529,100
100$18,910,899$0$0$13,721,258