Can I retire at age 62 with 896,000?

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 $896,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19%
1 years$73,991$73,332$72,689$72,061$71,448$68,858
2 years$36,629$35,947$35,286$34,645$34,023$31,442
3 years$24,177$23,492$22,832$22,197$21,586$19,095
4 years$17,952$17,269$16,616$15,992$15,395$13,014
5 years$14,218$13,539$12,895$12,283$11,703$9,437
6 years$11,729$11,056$10,421$9,823$9,260$7,111
7 years$9,953$9,285$8,660$8,076$7,531$5,499
8 years$8,621$7,959$7,344$6,775$6,248$4,330
9 years$7,585$6,929$6,326$5,771$5,261$3,456
10 years$6,757$6,108$5,515$4,974$4,483$2,787
11 years$6,080$5,437$4,855$4,329$3,856$2,265
12 years$5,517$4,880$4,309$3,797$3,341$1,852
13 years$5,040$4,410$3,850$3,352$2,914$1,522
14 years$4,632$4,009$3,459$2,976$2,554$1,256
15 years$4,279$3,662$3,123$2,654$2,249$1,039
16 years$3,970$3,360$2,831$2,376$1,987$862
17 years$3,697$3,094$2,576$2,135$1,762$717
18 years$3,456$2,859$2,352$1,924$1,567$597
19 years$3,239$2,650$2,153$1,739$1,397$498
20 years$3,045$2,463$1,976$1,575$1,247$416
21 years$2,870$2,294$1,818$1,429$1,116$348
22 years$2,710$2,141$1,675$1,299$1,001$291
23 years$2,565$2,003$1,547$1,183$898$244
24 years$2,432$1,876$1,430$1,079$807$204
25 years$2,310$1,761$1,325$986$726$171
26 years$2,197$1,655$1,229$901$654$144
27 years$2,093$1,557$1,141$825$590$120
28 years$1,997$1,468$1,061$756$532$101
29 years$1,907$1,384$987$693$481$85
30 years$1,824$1,308$919$636$434$71
31 years$1,746$1,236$857$584$393$60
32 years$1,673$1,170$800$537$355$50
33 years$1,605$1,108$747$494$321$42
34 years$1,540$1,050$698$454$291$35
35 years$1,480$996$652$418$264$30
36 years$1,423$945$610$385$239$25
37 years$1,369$898$571$355$216$21
38 years$1,319$853$535$327$196$18
39 years$1,271$811$501$302$178$15
40 years$1,225$772$470$278$161$12
41 years$1,182$735$440$257$146$10
42 years$1,141$700$413$237$133$9
43 years$1,102$667$388$219$121$7
44 years$1,065$635$364$202$109$6
45 years$1,029$606$342$186$99$5
46 years$995$578$321$172$90$4
47 years$963$552$301$159$82$4
48 years$932$527$283$147$74$3
49 years$903$503$266$136$68$3
50 years$875$480$250$126$61$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $896,000, adding $6,338 every year, while hoping to spend $22,350 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: 37/48/15 Blend
61$896,000$896,000$896,000$896,000
62$993,930$946,442$932,554$1,025,953
63$1,071,530$969,037$940,014$1,072,137
64$1,156,297$991,991$946,975$1,119,386
65$1,248,937$1,015,296$953,397$1,169,941
66$1,350,230$1,038,947$959,237$1,224,109
67$1,461,032$1,062,934$964,450$1,282,228
68$1,582,288$1,087,249$968,990$1,344,672
69$1,715,038$1,111,880$972,807$1,411,851
70$1,860,426$1,136,816$975,850$1,484,219
71$2,019,712$1,162,043$978,064$1,562,274
72$2,194,286$1,187,546$979,393$1,646,566
73$2,385,676$1,213,309$979,775$1,737,700
74$2,595,567$1,239,313$979,149$1,836,345
75$2,825,812$1,265,537$977,448$1,943,236
76$3,078,456$1,291,959$974,604$2,059,184
77$3,355,749$1,318,555$970,543$2,185,083
78$3,660,169$1,345,298$965,190$2,321,920
79$3,994,446$1,372,158$958,464$2,470,780
80$4,361,590$1,399,104$950,283$2,632,860
81$4,764,914$1,426,101$940,559$2,809,481
82$5,208,067$1,453,113$929,200$3,002,099
83$5,695,072$1,480,097$916,110$3,212,318
84$6,230,358$1,507,011$901,189$3,441,906
85$6,818,807$1,533,806$884,331$3,692,815
86$7,465,796$1,560,433$865,426$3,967,192
87$8,177,248$1,586,836$844,359$4,267,410
88$8,959,692$1,612,956$821,010$4,596,080
89$9,820,319$1,638,729$795,252$4,956,084
90$10,767,052$1,664,087$766,953$5,350,597
91$11,808,621$1,688,957$735,976$5,783,122
92$12,954,645$1,713,260$702,176$6,257,518
93$14,215,723$1,736,913$665,402$6,778,040
94$15,603,530$1,759,826$625,497$7,349,382
95$17,130,935$1,781,903$582,296$7,976,714
96$18,812,115$1,803,040$535,627$8,665,740
97$20,662,690$1,823,128$485,310$9,422,747
98$22,699,874$1,842,051$431,157$10,254,663
99$24,942,632$1,859,682$372,972$11,169,130
100$27,411,864$1,875,890$310,550$12,174,571