Can I retire at age 62 with 893,000?

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 $893,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.6%
1 years$73,743$73,086$72,445$71,820$71,209$69,857
2 years$36,506$35,827$35,168$34,529$33,909$32,552
3 years$24,096$23,413$22,756$22,123$21,513$20,194
4 years$17,892$17,211$16,560$15,938$15,343$14,072
5 years$14,170$13,494$12,852$12,242$11,664$10,443
6 years$11,690$11,019$10,386$9,790$9,229$8,061
7 years$9,919$9,253$8,631$8,049$7,506$6,391
8 years$8,592$7,932$7,320$6,752$6,227$5,164
9 years$7,560$6,906$6,304$5,751$5,244$4,233
10 years$6,735$6,087$5,496$4,958$4,468$3,508
11 years$6,060$5,419$4,839$4,315$3,843$2,933
12 years$5,498$4,864$4,294$3,785$3,330$2,469
13 years$5,023$4,396$3,837$3,341$2,904$2,090
14 years$4,616$3,996$3,447$2,966$2,545$1,777
15 years$4,264$3,650$3,112$2,645$2,241$1,517
16 years$3,956$3,349$2,822$2,368$1,981$1,299
17 years$3,685$3,084$2,568$2,128$1,756$1,116
18 years$3,444$2,850$2,344$1,918$1,562$960
19 years$3,229$2,641$2,146$1,733$1,392$828
20 years$3,035$2,454$1,969$1,569$1,243$715
21 years$2,860$2,286$1,811$1,424$1,113$618
22 years$2,701$2,134$1,670$1,295$997$535
23 years$2,557$1,996$1,542$1,179$895$464
24 years$2,424$1,870$1,426$1,076$805$403
25 years$2,302$1,755$1,320$982$724$350
26 years$2,190$1,649$1,225$898$652$304
27 years$2,086$1,552$1,137$822$588$264
28 years$1,990$1,463$1,057$753$531$230
29 years$1,901$1,380$984$691$479$200
30 years$1,818$1,303$916$634$433$174
31 years$1,740$1,232$854$582$391$151
32 years$1,667$1,166$797$535$354$132
33 years$1,599$1,104$744$492$320$115
34 years$1,535$1,046$695$453$290$100
35 years$1,475$992$650$417$263$87
36 years$1,418$942$608$384$238$76
37 years$1,365$895$569$354$216$66
38 years$1,314$850$533$326$196$58
39 years$1,266$808$499$301$177$50
40 years$1,221$769$468$277$161$44
41 years$1,178$732$439$256$146$38
42 years$1,137$697$412$236$132$33
43 years$1,098$664$386$218$120$29
44 years$1,061$633$363$201$109$25
45 years$1,026$604$341$186$99$22
46 years$992$576$320$172$90$19
47 years$960$550$300$159$82$17
48 years$929$525$282$147$74$15
49 years$900$501$265$135$67$13
50 years$872$479$250$125$61$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $893,000, adding $6,413 every year, while hoping to spend $45,491 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: 67/22/11 Blend
61$893,000$893,000$893,000$893,000
62$990,701$943,372$929,531$1,054,311
63$1,043,350$941,195$912,268$1,095,275
64$1,099,845$937,387$892,902$1,134,034
65$1,160,530$931,820$871,315$1,175,231
66$1,225,783$924,357$847,382$1,219,101
67$1,296,018$914,856$820,974$1,265,902
68$1,371,690$903,162$791,956$1,315,919
69$1,453,301$889,116$760,185$1,369,470
70$1,541,400$872,545$725,513$1,426,903
71$1,636,591$853,267$687,786$1,488,605
72$1,739,536$831,091$646,840$1,555,003
73$1,850,967$805,812$602,508$1,626,570
74$1,971,685$777,216$554,611$1,703,828
75$2,102,571$745,074$502,965$1,787,355
76$2,244,596$709,145$447,376$1,877,790
77$2,398,826$669,174$387,644$1,975,837
78$2,566,433$624,891$323,557$2,082,278
79$2,748,708$576,010$254,895$2,197,973
80$2,947,071$522,229$181,429$2,323,877
81$3,163,084$463,230$102,919$2,461,040
82$3,398,466$398,675$19,114$2,610,628
83$3,655,108$328,209$0$2,773,923
84$3,935,093$251,455$0$2,960,601
85$4,240,712$168,016$0$3,166,905
86$4,574,487$77,471$0$3,392,356
87$4,939,196$0$0$3,638,901
88$5,337,896$0$0$3,913,682
89$5,773,953$0$0$4,234,774
90$6,251,073$0$0$4,586,157
91$6,773,336$0$0$4,970,844
92$7,345,237$0$0$5,392,150
93$7,971,724$0$0$5,853,730
94$8,658,247$0$0$6,359,606
95$9,410,807$0$0$6,914,208
96$10,236,015$0$0$7,522,416
97$11,141,152$0$0$8,189,604
98$12,134,236$0$0$8,921,692
99$13,224,100$0$0$9,725,201
100$14,420,474$0$0$10,607,314