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%15.5%
1 years$73,413$72,759$72,121$71,498$70,890$69,289
2 years$36,343$35,666$35,010$34,374$33,757$32,153
3 years$23,988$23,308$22,654$22,024$21,417$19,859
4 years$17,812$17,134$16,486$15,867$15,275$13,776
5 years$14,107$13,433$12,794$12,187$11,612$10,175
6 years$11,638$10,969$10,339$9,746$9,188$7,816
7 years$9,875$9,212$8,592$8,013$7,472$6,165
8 years$8,553$7,896$7,287$6,722$6,199$4,956
9 years$7,526$6,875$6,276$5,726$5,220$4,041
10 years$6,705$6,060$5,472$4,935$4,448$3,330
11 years$6,033$5,395$4,817$4,295$3,825$2,768
12 years$5,474$4,842$4,275$3,768$3,315$2,317
13 years$5,001$4,376$3,820$3,326$2,891$1,949
14 years$4,596$3,978$3,432$2,953$2,534$1,648
15 years$4,245$3,634$3,099$2,633$2,231$1,398
16 years$3,939$3,334$2,809$2,358$1,972$1,189
17 years$3,668$3,070$2,556$2,118$1,748$1,015
18 years$3,429$2,837$2,334$1,909$1,555$867
19 years$3,214$2,629$2,136$1,725$1,386$743
20 years$3,021$2,443$1,961$1,562$1,238$637
21 years$2,847$2,276$1,803$1,418$1,108$547
22 years$2,689$2,124$1,662$1,289$993$471
23 years$2,545$1,987$1,535$1,174$891$405
24 years$2,413$1,862$1,419$1,071$801$349
25 years$2,292$1,747$1,315$978$721$301
26 years$2,180$1,642$1,219$894$649$260
27 years$2,077$1,545$1,132$819$585$224
28 years$1,981$1,456$1,052$750$528$193
29 years$1,892$1,374$979$688$477$167
30 years$1,810$1,297$912$631$431$144
31 years$1,732$1,226$850$580$390$125
32 years$1,660$1,160$793$533$352$108
33 years$1,592$1,099$741$490$319$93
34 years$1,528$1,042$692$451$289$81
35 years$1,468$988$647$415$262$70
36 years$1,412$938$605$382$237$60
37 years$1,359$891$567$352$215$52
38 years$1,308$846$531$325$195$45
39 years$1,261$805$497$299$177$39
40 years$1,215$766$466$276$160$34
41 years$1,173$729$437$255$145$29
42 years$1,132$694$410$235$132$25
43 years$1,093$661$385$217$120$22
44 years$1,056$630$361$200$109$19
45 years$1,021$601$339$185$99$16
46 years$988$573$318$171$90$14
47 years$956$547$299$158$81$12
48 years$925$522$281$146$74$11
49 years$896$499$264$135$67$9
50 years$868$477$248$125$61$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $889,000, adding $2,460 every year, while hoping to spend $27,379 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: 38/42/20 Blend
61$889,000$889,000$889,000$889,000
62$982,215$935,098$921,319$1,013,567
63$1,053,270$951,787$923,052$1,053,125
64$1,130,655$968,376$923,926$1,093,080
65$1,214,987$984,831$923,882$1,135,698
66$1,306,944$1,001,117$922,861$1,181,235
67$1,407,274$1,017,193$920,798$1,229,971
68$1,516,798$1,033,018$917,627$1,282,221
69$1,636,423$1,048,546$913,278$1,338,329
70$1,767,143$1,063,731$907,679$1,398,675
71$1,910,057$1,078,519$900,752$1,463,681
72$2,066,373$1,092,856$892,416$1,533,811
73$2,237,419$1,106,683$882,589$1,609,578
74$2,424,661$1,119,935$871,181$1,691,551
75$2,629,711$1,132,546$858,100$1,780,355
76$2,854,345$1,144,444$843,249$1,876,683
77$3,100,518$1,155,552$826,527$1,981,299
78$3,370,383$1,165,787$807,829$2,095,046
79$3,666,315$1,175,062$787,044$2,218,857
80$3,990,923$1,183,285$764,054$2,353,760
81$4,347,088$1,190,356$738,740$2,500,893
82$4,737,977$1,196,170$710,975$2,661,510
83$5,167,083$1,200,615$680,624$2,836,997
84$5,638,252$1,203,571$647,551$3,028,882
85$6,155,719$1,204,912$611,610$3,238,855
86$6,724,153$1,204,503$572,650$3,468,779
87$7,348,694$1,202,202$530,511$3,720,712
88$8,035,007$1,197,856$485,030$3,996,924
89$8,789,332$1,191,304$436,032$4,299,922
90$9,618,542$1,182,377$383,337$4,632,473
91$10,530,212$1,170,891$326,757$4,997,628
92$11,532,685$1,156,657$266,095$5,398,758
93$12,635,155$1,139,469$201,146$5,839,579
94$13,847,750$1,119,112$131,693$6,324,195
95$15,181,630$1,095,358$57,514$6,857,130
96$16,649,090$1,067,964$0$7,443,380
97$18,263,677$1,036,674$0$8,093,073
98$20,040,318$1,001,217$0$8,821,067
99$21,995,459$961,306$0$9,621,836
100$24,147,222$916,636$0$10,502,834