Can I retire at age 62 with 893,000?

Use the below retirement simulation to view the chances of a successful retirement.
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%19.7%
1 years$73,743$73,086$72,445$71,820$71,209$68,438
2 years$36,506$35,827$35,168$34,529$33,909$31,151
3 years$24,096$23,413$22,756$22,123$21,513$18,854
4 years$17,892$17,211$16,560$15,938$15,343$12,804
5 years$14,170$13,494$12,852$12,242$11,664$9,251
6 years$11,690$11,019$10,386$9,790$9,229$6,944
7 years$9,919$9,253$8,631$8,049$7,506$5,348
8 years$8,592$7,932$7,320$6,752$6,227$4,194
9 years$7,560$6,906$6,304$5,751$5,244$3,333
10 years$6,735$6,087$5,496$4,958$4,468$2,676
11 years$6,060$5,419$4,839$4,315$3,843$2,165
12 years$5,498$4,864$4,294$3,785$3,330$1,762
13 years$5,023$4,396$3,837$3,341$2,904$1,441
14 years$4,616$3,996$3,447$2,966$2,545$1,183
15 years$4,264$3,650$3,112$2,645$2,241$974
16 years$3,956$3,349$2,822$2,368$1,981$804
17 years$3,685$3,084$2,568$2,128$1,756$665
18 years$3,444$2,850$2,344$1,918$1,562$551
19 years$3,229$2,641$2,146$1,733$1,392$458
20 years$3,035$2,454$1,969$1,569$1,243$380
21 years$2,860$2,286$1,811$1,424$1,113$316
22 years$2,701$2,134$1,670$1,295$997$263
23 years$2,557$1,996$1,542$1,179$895$219
24 years$2,424$1,870$1,426$1,076$805$183
25 years$2,302$1,755$1,320$982$724$152
26 years$2,190$1,649$1,225$898$652$127
27 years$2,086$1,552$1,137$822$588$106
28 years$1,990$1,463$1,057$753$531$88
29 years$1,901$1,380$984$691$479$74
30 years$1,818$1,303$916$634$433$62
31 years$1,740$1,232$854$582$391$51
32 years$1,667$1,166$797$535$354$43
33 years$1,599$1,104$744$492$320$36
34 years$1,535$1,046$695$453$290$30
35 years$1,475$992$650$417$263$25
36 years$1,418$942$608$384$238$21
37 years$1,365$895$569$354$216$17
38 years$1,314$850$533$326$196$15
39 years$1,266$808$499$301$177$12
40 years$1,221$769$468$277$161$10
41 years$1,178$732$439$256$146$8
42 years$1,137$697$412$236$132$7
43 years$1,098$664$386$218$120$6
44 years$1,061$633$363$201$109$5
45 years$1,026$604$341$186$99$4
46 years$992$576$320$172$90$3
47 years$960$550$300$159$82$3
48 years$929$525$282$147$74$2
49 years$900$501$265$135$67$2
50 years$872$479$250$125$61$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $893,000, adding $3,043 every year, while hoping to spend $38,091 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: 88/6/6 Blend
61$893,000$893,000$893,000$893,000
62$987,225$939,896$926,054$1,073,656
63$1,047,393$945,422$916,549$1,135,899
64$1,112,422$949,943$905,448$1,198,678
65$1,182,767$953,368$892,658$1,266,443
66$1,258,929$955,603$878,082$1,339,667
67$1,341,458$956,546$861,616$1,418,872
68$1,430,960$956,089$843,154$1,504,631
69$1,528,101$954,120$822,582$1,597,575
70$1,633,612$950,517$799,783$1,698,400
71$1,748,298$945,151$774,634$1,807,872
72$1,873,047$937,885$747,007$1,926,833
73$2,008,833$928,576$716,766$2,056,211
74$2,156,727$917,070$683,771$2,197,028
75$2,317,912$903,205$647,876$2,350,410
76$2,493,684$886,808$608,925$2,517,595
77$2,685,475$867,696$566,760$2,699,950
78$2,894,858$845,678$521,210$2,898,977
79$3,123,565$820,548$472,102$3,116,334
80$3,373,504$792,089$419,253$3,353,844
81$3,646,773$760,073$362,469$3,613,518
82$3,945,684$724,257$301,552$3,897,570
83$4,272,783$684,385$236,294$4,208,439
84$4,630,872$640,185$166,475$4,548,813
85$5,023,038$591,371$91,868$4,921,653
86$5,452,679$537,639$12,237$5,330,221
87$5,923,538$478,669$0$5,778,111
88$6,439,737$414,122$0$6,273,942
89$7,005,816$343,640$0$6,818,557
90$7,626,776$266,845$0$7,415,999
91$8,308,124$183,338$0$8,071,584
92$9,055,928$92,697$0$8,791,169
93$9,876,869$0$0$9,581,205
94$10,778,310$0$0$10,449,168
95$11,768,358$0$0$11,409,176
96$12,855,947$0$0$12,463,773
97$14,050,918$0$0$13,622,500
98$15,364,110$0$0$14,895,871
99$16,807,469$0$0$16,295,468
100$18,394,151$0$0$17,834,051