Can I retire at age 62 with 894,000?

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 $894,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.1%
1 years$73,826$73,168$72,527$71,900$71,289$68,952
2 years$36,547$35,867$35,207$34,567$33,947$31,615
3 years$24,123$23,439$22,781$22,148$21,537$19,283
4 years$17,912$17,230$16,579$15,956$15,361$13,202
5 years$14,186$13,509$12,866$12,256$11,677$9,619
6 years$11,703$11,031$10,398$9,801$9,240$7,284
7 years$9,930$9,264$8,640$8,058$7,514$5,661
8 years$8,601$7,941$7,328$6,760$6,234$4,482
9 years$7,568$6,914$6,311$5,758$5,250$3,597
10 years$6,742$6,094$5,502$4,963$4,473$2,917
11 years$6,067$5,425$4,844$4,320$3,847$2,385
12 years$5,504$4,869$4,299$3,789$3,334$1,962
13 years$5,029$4,401$3,841$3,345$2,907$1,622
14 years$4,622$4,000$3,451$2,969$2,548$1,347
15 years$4,269$3,654$3,116$2,648$2,244$1,122
16 years$3,961$3,353$2,825$2,371$1,983$937
17 years$3,689$3,088$2,571$2,130$1,758$784
18 years$3,448$2,853$2,347$1,920$1,563$658
19 years$3,232$2,644$2,148$1,735$1,393$552
20 years$3,038$2,457$1,972$1,571$1,245$465
21 years$2,863$2,289$1,813$1,426$1,114$391
22 years$2,704$2,136$1,671$1,297$998$330
23 years$2,559$1,998$1,543$1,181$896$278
24 years$2,427$1,872$1,427$1,077$806$235
25 years$2,305$1,757$1,322$984$725$198
26 years$2,193$1,651$1,226$899$653$167
27 years$2,089$1,554$1,138$823$589$141
28 years$1,993$1,464$1,058$754$531$119
29 years$1,903$1,381$985$692$480$101
30 years$1,820$1,305$917$635$433$85
31 years$1,742$1,233$855$583$392$72
32 years$1,669$1,167$798$536$354$61
33 years$1,601$1,105$745$493$321$52
34 years$1,537$1,047$696$453$290$44
35 years$1,477$993$651$417$263$37
36 years$1,420$943$609$384$238$31
37 years$1,366$896$570$354$216$27
38 years$1,316$851$534$326$196$22
39 years$1,268$809$500$301$178$19
40 years$1,222$770$469$278$161$16
41 years$1,179$733$439$256$146$14
42 years$1,138$698$412$236$133$12
43 years$1,099$665$387$218$120$10
44 years$1,062$634$363$201$109$8
45 years$1,027$605$341$186$99$7
46 years$993$577$320$172$90$6
47 years$961$550$301$159$82$5
48 years$930$525$283$147$74$4
49 years$901$502$266$136$67$4
50 years$873$479$250$125$61$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $894,000, adding $5,169 every year, while hoping to spend $50,862 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: 74/5/21 Blend
61$894,000$894,000$894,000$894,000
62$990,520$943,138$929,281$1,058,450
63$1,037,436$935,235$906,295$1,096,357
64$1,087,433$925,240$880,834$1,131,224
65$1,140,771$912,997$852,763$1,168,135
66$1,197,737$898,340$821,936$1,207,283
67$1,258,641$881,094$788,207$1,248,884
68$1,323,828$861,073$751,417$1,293,172
69$1,393,674$838,081$711,405$1,340,409
70$1,468,590$811,909$667,999$1,390,883
71$1,549,030$782,336$621,020$1,444,913
72$1,635,490$749,130$570,284$1,502,851
73$1,728,516$712,042$515,594$1,565,088
74$1,828,705$670,813$456,747$1,632,054
75$1,936,716$625,166$393,531$1,704,225
76$2,053,271$574,810$325,724$1,782,125
77$2,179,164$519,434$253,095$1,866,337
78$2,315,266$458,713$175,401$1,957,502
79$2,462,535$392,303$92,389$2,056,329
80$2,622,027$319,839$3,797$2,163,600
81$2,794,898$240,935$0$2,280,182
82$2,982,423$155,187$0$2,427,362
83$3,186,003$62,163$0$2,588,092
84$3,407,178$0$0$2,762,753
85$3,647,643$0$0$2,954,824
86$3,909,264$0$0$3,167,548
87$4,194,090$0$0$3,399,176
88$4,504,381$0$0$3,651,550
89$4,842,619$0$0$3,926,694
90$5,211,540$0$0$4,226,837
91$5,614,153$0$0$4,554,433
92$6,053,769$0$0$4,912,182
93$6,534,037$0$0$5,303,057
94$7,058,969$0$0$5,730,331
95$7,632,985$0$0$6,197,607
96$8,260,953$0$0$6,708,854
97$8,948,229$0$0$7,268,438
98$9,700,714$0$0$7,881,172
99$10,524,906$0$0$8,552,352
100$11,427,958$0$0$9,287,813