Can I retire at age 62 with 897,000?

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 $897,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.1%
1 years$74,073$73,414$72,770$72,142$71,528$70,027
2 years$36,670$35,987$35,325$34,683$34,061$32,555
3 years$24,204$23,518$22,858$22,222$21,610$20,147
4 years$17,972$17,288$16,635$16,010$15,412$14,004
5 years$14,234$13,554$12,909$12,297$11,716$10,365
6 years$11,743$11,068$10,432$9,834$9,271$7,979
7 years$9,964$9,295$8,669$8,085$7,539$6,308
8 years$8,630$7,967$7,352$6,782$6,255$5,083
9 years$7,594$6,937$6,333$5,777$5,267$4,154
10 years$6,765$6,115$5,521$4,980$4,488$3,432
11 years$6,087$5,444$4,861$4,334$3,860$2,860
12 years$5,523$4,886$4,314$3,802$3,345$2,400
13 years$5,046$4,415$3,854$3,356$2,917$2,025
14 years$4,637$4,013$3,463$2,979$2,557$1,716
15 years$4,283$3,666$3,126$2,657$2,251$1,460
16 years$3,974$3,364$2,835$2,379$1,990$1,246
17 years$3,701$3,098$2,579$2,138$1,764$1,066
18 years$3,459$2,863$2,355$1,926$1,569$914
19 years$3,243$2,653$2,156$1,741$1,398$785
20 years$3,049$2,465$1,978$1,576$1,249$676
21 years$2,873$2,296$1,820$1,431$1,118$582
22 years$2,713$2,144$1,677$1,301$1,002$502
23 years$2,568$2,005$1,548$1,185$899$433
24 years$2,435$1,878$1,432$1,081$808$375
25 years$2,313$1,763$1,326$987$727$324
26 years$2,200$1,657$1,230$902$655$280
27 years$2,096$1,559$1,142$826$591$243
28 years$1,999$1,469$1,062$757$533$210
29 years$1,909$1,386$988$694$481$182
30 years$1,826$1,309$920$637$435$158
31 years$1,748$1,237$858$585$393$137
32 years$1,675$1,171$801$538$356$119
33 years$1,606$1,109$748$494$322$103
34 years$1,542$1,051$698$455$291$89
35 years$1,482$997$653$419$264$78
36 years$1,425$946$611$386$239$67
37 years$1,371$899$572$355$217$58
38 years$1,320$854$535$327$196$51
39 years$1,272$812$502$302$178$44
40 years$1,226$773$470$278$162$38
41 years$1,183$735$441$257$147$33
42 years$1,142$700$414$237$133$29
43 years$1,103$667$388$219$121$25
44 years$1,066$636$364$202$110$22
45 years$1,030$607$342$187$99$19
46 years$997$579$321$172$90$16
47 years$964$552$302$159$82$14
48 years$933$527$284$147$74$12
49 years$904$503$267$136$68$11
50 years$876$481$251$126$61$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $897,000, adding $2,311 every year, while hoping to spend $52,308 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: 43/41/16 Blend
61$897,000$897,000$897,000$897,000
62$990,878$943,337$929,433$1,028,783
63$1,036,292$933,905$904,914$1,046,215
64$1,084,585$922,258$877,820$1,059,731
65$1,135,996$908,232$848,010$1,073,256
66$1,190,786$891,653$815,337$1,086,814
67$1,249,240$872,338$779,644$1,100,437
68$1,311,671$850,091$740,771$1,114,163
69$1,378,423$824,708$698,549$1,128,037
70$1,449,873$795,968$652,800$1,142,115
71$1,526,432$763,643$603,341$1,156,462
72$1,608,553$727,486$549,978$1,171,157
73$1,696,733$687,241$492,510$1,186,291
74$1,791,516$642,632$430,726$1,201,968
75$1,893,502$593,372$364,406$1,218,313
76$2,003,347$539,155$293,321$1,235,468
77$2,121,772$479,657$217,231$1,253,595
78$2,249,570$414,538$135,886$1,272,882
79$2,387,611$343,436$49,024$1,293,544
80$2,536,854$265,970$0$1,315,826
81$2,698,349$181,739$0$1,347,461
82$2,873,252$90,316$0$1,390,727
83$3,062,836$0$0$1,437,653
84$3,268,497$0$0$1,492,646
85$3,491,773$0$0$1,596,678
86$3,734,355$0$0$1,709,803
87$3,998,102$0$0$1,832,900
88$4,285,061$0$0$1,966,936
89$4,597,483$0$0$2,112,978
90$4,937,845$0$0$2,272,196
91$5,308,875$0$0$2,445,881
92$5,713,571$0$0$2,635,452
93$6,155,237$0$0$2,842,472
94$6,637,507$0$0$3,068,662
95$7,164,384$0$0$3,315,916
96$7,740,273$0$0$3,586,318
97$8,370,024$0$0$3,882,165
98$9,058,976$0$0$4,205,984
99$9,813,011$0$0$4,560,560
100$10,638,604$0$0$4,948,958