Can I retire at age 62 with 898,000?

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 $898,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.7%
1 years$74,156$73,495$72,851$72,222$71,608$70,509
2 years$36,711$36,027$35,365$34,722$34,099$32,994
3 years$24,231$23,544$22,883$22,247$21,634$20,558
4 years$17,992$17,307$16,653$16,028$15,429$14,391
5 years$14,250$13,569$12,924$12,311$11,729$10,730
6 years$11,756$11,080$10,444$9,845$9,281$8,323
7 years$9,975$9,305$8,679$8,094$7,548$6,632
8 years$8,640$7,976$7,361$6,790$6,262$5,387
9 years$7,602$6,945$6,340$5,784$5,273$4,440
10 years$6,772$6,122$5,527$4,985$4,493$3,700
11 years$6,094$5,450$4,866$4,339$3,864$3,111
12 years$5,529$4,891$4,318$3,806$3,349$2,634
13 years$5,051$4,420$3,858$3,360$2,920$2,243
14 years$4,642$4,018$3,467$2,983$2,560$1,919
15 years$4,288$3,670$3,130$2,660$2,254$1,648
16 years$3,978$3,368$2,838$2,382$1,992$1,420
17 years$3,706$3,101$2,582$2,140$1,766$1,227
18 years$3,463$2,866$2,357$1,928$1,570$1,063
19 years$3,247$2,656$2,158$1,743$1,400$923
20 years$3,052$2,468$1,980$1,578$1,250$802
21 years$2,876$2,299$1,822$1,432$1,119$699
22 years$2,716$2,146$1,679$1,302$1,003$609
23 years$2,571$2,007$1,550$1,186$900$532
24 years$2,438$1,881$1,434$1,082$809$465
25 years$2,315$1,765$1,328$988$728$406
26 years$2,202$1,659$1,231$903$656$356
27 years$2,098$1,561$1,144$827$591$311
28 years$2,001$1,471$1,063$758$534$273
29 years$1,912$1,388$989$695$482$239
30 years$1,828$1,310$921$638$435$210
31 years$1,750$1,239$859$586$394$184
32 years$1,677$1,172$802$538$356$161
33 years$1,608$1,110$748$495$322$142
34 years$1,544$1,052$699$455$292$124
35 years$1,483$998$654$419$264$109
36 years$1,426$947$612$386$239$96
37 years$1,372$900$572$356$217$84
38 years$1,322$855$536$328$197$74
39 years$1,273$813$502$302$178$65
40 years$1,228$773$471$279$162$57
41 years$1,184$736$441$257$147$50
42 years$1,143$701$414$237$133$44
43 years$1,104$668$389$219$121$39
44 years$1,067$637$365$202$110$34
45 years$1,031$607$342$187$100$30
46 years$998$579$322$173$90$26
47 years$965$553$302$159$82$23
48 years$935$528$284$147$75$20
49 years$905$504$267$136$68$18
50 years$877$481$251$126$62$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $898,000, adding $5,524 every year, while hoping to spend $50,549 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: 62/33/5 Blend
61$898,000$898,000$898,000$898,000
62$995,294$947,700$933,781$1,055,881
63$1,043,030$940,354$911,279$1,089,614
64$1,093,941$930,953$886,329$1,119,992
65$1,148,298$919,344$858,795$1,151,831
66$1,206,396$905,364$828,537$1,185,269
67$1,268,561$888,839$795,405$1,220,461
68$1,335,149$869,587$759,246$1,257,579
69$1,406,550$847,413$719,897$1,296,814
70$1,483,194$822,112$677,189$1,338,380
71$1,565,550$793,466$630,945$1,382,514
72$1,654,136$761,245$580,981$1,429,479
73$1,749,517$725,205$527,104$1,479,569
74$1,852,317$685,090$469,111$1,533,110
75$1,963,220$640,626$406,793$1,590,464
76$2,082,977$591,525$339,929$1,652,034
77$2,212,413$537,482$268,289$1,718,265
78$2,352,437$478,176$191,634$1,789,656
79$2,504,045$413,266$109,714$1,866,757
80$2,668,335$342,394$22,266$1,950,179
81$2,846,512$265,177$0$2,040,601
82$3,039,902$181,217$0$2,142,566
83$3,249,963$90,088$0$2,254,632
84$3,478,301$0$0$2,376,552
85$3,726,680$0$0$2,512,511
86$3,997,041$0$0$2,696,171
87$4,291,522$0$0$2,896,277
88$4,612,474$0$0$3,114,434
89$4,962,484$0$0$3,352,410
90$5,344,401$0$0$3,612,149
91$5,761,359$0$0$3,895,791
92$6,216,809$0$0$4,205,694
93$6,714,550$0$0$4,544,452
94$7,258,766$0$0$4,914,921
95$7,854,060$0$0$5,320,246
96$8,505,504$0$0$5,763,891
97$9,218,681$0$0$6,249,668
98$9,999,738$0$0$6,781,778
99$10,855,447$0$0$7,364,843
100$11,793,264$0$0$8,003,958