Can I retire at age 62 with 889,000?

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 $889,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.7%
1 years$73,413$72,759$72,121$71,498$70,890$68,402
2 years$36,343$35,666$35,010$34,374$33,757$31,277
3 years$23,988$23,308$22,654$22,024$21,417$19,022
4 years$17,812$17,134$16,486$15,867$15,275$12,983
5 years$14,107$13,433$12,794$12,187$11,612$9,430
6 years$11,638$10,969$10,339$9,746$9,188$7,118
7 years$9,875$9,212$8,592$8,013$7,472$5,513
8 years$8,553$7,896$7,287$6,722$6,199$4,349
9 years$7,526$6,875$6,276$5,726$5,220$3,478
10 years$6,705$6,060$5,472$4,935$4,448$2,810
11 years$6,033$5,395$4,817$4,295$3,825$2,288
12 years$5,474$4,842$4,275$3,768$3,315$1,875
13 years$5,001$4,376$3,820$3,326$2,891$1,544
14 years$4,596$3,978$3,432$2,953$2,534$1,276
15 years$4,245$3,634$3,099$2,633$2,231$1,058
16 years$3,939$3,334$2,809$2,358$1,972$880
17 years$3,668$3,070$2,556$2,118$1,748$734
18 years$3,429$2,837$2,334$1,909$1,555$613
19 years$3,214$2,629$2,136$1,725$1,386$512
20 years$3,021$2,443$1,961$1,562$1,238$429
21 years$2,847$2,276$1,803$1,418$1,108$359
22 years$2,689$2,124$1,662$1,289$993$301
23 years$2,545$1,987$1,535$1,174$891$253
24 years$2,413$1,862$1,419$1,071$801$212
25 years$2,292$1,747$1,315$978$721$179
26 years$2,180$1,642$1,219$894$649$150
27 years$2,077$1,545$1,132$819$585$126
28 years$1,981$1,456$1,052$750$528$106
29 years$1,892$1,374$979$688$477$89
30 years$1,810$1,297$912$631$431$75
31 years$1,732$1,226$850$580$390$63
32 years$1,660$1,160$793$533$352$53
33 years$1,592$1,099$741$490$319$45
34 years$1,528$1,042$692$451$289$38
35 years$1,468$988$647$415$262$32
36 years$1,412$938$605$382$237$27
37 years$1,359$891$567$352$215$23
38 years$1,308$846$531$325$195$19
39 years$1,261$805$497$299$177$16
40 years$1,215$766$466$276$160$13
41 years$1,173$729$437$255$145$11
42 years$1,132$694$410$235$132$10
43 years$1,093$661$385$217$120$8
44 years$1,056$630$361$200$109$7
45 years$1,021$601$339$185$99$6
46 years$988$573$318$171$90$5
47 years$956$547$299$158$81$4
48 years$925$522$281$146$74$3
49 years$896$499$264$135$67$3
50 years$868$477$248$125$61$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $889,000, adding $4,763 every year, while hoping to spend $32,997 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: 55/32/13 Blend
61$889,000$889,000$889,000$889,000
62$984,591$937,474$923,695$1,035,181
63$1,049,911$948,302$919,530$1,080,893
64$1,120,787$958,554$914,120$1,126,650
65$1,197,752$968,168$907,387$1,175,708
66$1,281,391$977,076$899,253$1,228,389
67$1,372,347$985,207$889,632$1,285,047
68$1,471,329$992,485$878,437$1,346,074
69$1,579,116$998,827$865,576$1,411,902
70$1,696,564$1,004,149$850,951$1,483,011
71$1,824,618$1,008,357$834,463$1,559,926
72$1,964,317$1,011,354$816,005$1,643,232
73$2,116,803$1,013,035$795,466$1,733,570
74$2,283,334$1,013,292$772,732$1,831,650
75$2,465,296$1,012,005$747,680$1,938,258
76$2,664,213$1,009,050$720,185$2,054,258
77$2,881,765$1,004,296$690,113$2,180,606
78$3,119,800$997,601$657,327$2,318,357
79$3,380,353$988,817$621,681$2,468,675
80$3,665,667$977,787$583,025$2,632,845
81$3,978,208$964,342$541,200$2,812,287
82$4,320,697$948,306$496,041$3,008,566
83$4,696,125$929,490$447,376$3,223,410
84$5,107,791$907,696$395,024$3,458,728
85$5,559,325$882,713$338,797$3,716,624
86$6,054,728$854,318$278,498$3,999,421
87$6,598,405$822,274$213,923$4,309,683
88$7,195,210$786,333$144,856$4,650,239
89$7,850,487$746,229$71,074$5,024,210
90$8,570,125$701,682$0$5,435,040
91$9,360,611$652,398$0$5,887,592
92$10,229,091$598,064$0$6,395,586
93$11,183,438$538,348$0$6,953,812
94$12,232,324$472,903$0$7,567,410
95$13,385,304$401,358$0$8,242,046
96$14,652,905$323,324$0$8,983,971
97$16,046,723$238,389$0$9,800,074
98$17,579,536$146,117$0$10,697,953
99$19,265,421$46,049$0$11,685,987
100$21,119,889$0$0$12,773,413