Can I retire at age 62 with 885,000?

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 $885,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.9%
1 years$73,082$72,431$71,796$71,176$70,571$69,718
2 years$36,179$35,506$34,853$34,219$33,605$32,747
3 years$23,880$23,203$22,552$21,925$21,321$20,483
4 years$17,732$17,057$16,412$15,796$15,206$14,397
5 years$14,043$13,373$12,736$12,132$11,559$10,780
6 years$11,585$10,920$10,293$9,702$9,147$8,398
7 years$9,830$9,171$8,553$7,977$7,439$6,721
8 years$8,515$7,861$7,254$6,692$6,171$5,485
9 years$7,492$6,844$6,248$5,700$5,197$4,542
10 years$6,674$6,033$5,447$4,913$4,428$3,803
11 years$6,006$5,371$4,795$4,276$3,808$3,214
12 years$5,449$4,820$4,256$3,751$3,300$2,735
13 years$4,978$4,356$3,802$3,311$2,878$2,341
14 years$4,575$3,960$3,416$2,939$2,523$2,014
15 years$4,226$3,617$3,085$2,621$2,221$1,739
16 years$3,921$3,319$2,797$2,347$1,963$1,507
17 years$3,652$3,057$2,545$2,109$1,741$1,310
18 years$3,413$2,824$2,323$1,901$1,548$1,141
19 years$3,200$2,618$2,127$1,717$1,379$996
20 years$3,008$2,432$1,952$1,555$1,232$871
21 years$2,834$2,266$1,795$1,412$1,103$763
22 years$2,677$2,115$1,655$1,283$988$670
23 years$2,534$1,978$1,528$1,169$887$588
24 years$2,402$1,853$1,413$1,066$797$517
25 years$2,282$1,739$1,309$974$718$455
26 years$2,170$1,635$1,214$890$646$401
27 years$2,068$1,538$1,127$815$583$353
28 years$1,972$1,450$1,048$747$526$311
29 years$1,884$1,368$975$685$475$275
30 years$1,801$1,291$908$628$429$242
31 years$1,724$1,221$847$577$388$214
32 years$1,652$1,155$790$530$351$189
33 years$1,585$1,094$738$488$318$167
34 years$1,521$1,037$689$449$287$148
35 years$1,462$983$644$413$260$131
36 years$1,406$933$603$380$236$115
37 years$1,353$887$564$351$214$102
38 years$1,302$843$528$323$194$90
39 years$1,255$801$495$298$176$80
40 years$1,210$762$464$275$159$71
41 years$1,167$726$435$253$145$63
42 years$1,127$691$408$234$131$55
43 years$1,088$658$383$216$119$49
44 years$1,052$628$359$199$108$43
45 years$1,017$598$337$184$98$38
46 years$983$571$317$170$89$34
47 years$951$545$298$157$81$30
48 years$921$520$280$145$73$27
49 years$892$497$263$134$67$24
50 years$864$474$247$124$61$21

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $885,000, adding $6,943 every year, while hoping to spend $46,538 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: 39/47/14 Blend
61$885,000$885,000$885,000$885,000
62$982,432$935,527$921,809$1,016,365
63$1,033,124$931,851$903,174$1,037,469
64$1,087,426$926,436$882,354$1,055,230
65$1,145,659$919,147$859,228$1,073,426
66$1,208,172$909,841$833,668$1,092,119
67$1,275,350$898,367$805,540$1,111,379
68$1,347,613$884,565$774,704$1,131,289
69$1,425,427$868,265$741,013$1,151,944
70$1,509,298$849,288$704,315$1,173,451
71$1,599,787$827,444$664,449$1,195,934
72$1,697,506$802,529$621,249$1,219,532
73$1,803,130$774,332$574,540$1,244,406
74$1,917,402$742,627$524,140$1,270,737
75$2,041,135$707,174$469,857$1,298,730
76$2,175,226$667,720$411,492$1,328,616
77$2,320,660$624,000$348,838$1,360,657
78$2,478,521$575,729$281,677$1,395,148
79$2,649,999$522,609$209,783$1,432,422
80$2,836,406$464,324$132,918$1,472,851
81$3,039,185$400,541$50,836$1,516,856
82$3,259,921$330,907$0$1,564,907
83$3,500,360$255,048$0$1,623,024
84$3,762,424$172,573$0$1,694,767
85$4,048,226$83,064$0$1,773,238
86$4,360,095$0$0$1,859,220
87$4,700,591$0$0$1,960,784
88$5,072,534$0$0$2,118,765
89$5,479,029$0$0$2,291,538
90$5,923,493$0$0$2,480,567
91$6,409,688$0$0$2,687,469
92$6,941,759$0$0$2,914,023
93$7,524,266$0$0$3,162,187
94$8,162,235$0$0$3,434,118
95$8,861,196$0$0$3,732,191
96$9,627,244$0$0$4,059,024
97$10,467,088$0$0$4,417,497
98$11,388,119$0$0$4,810,785
99$12,398,477$0$0$5,242,383
100$13,507,128$0$0$5,716,143