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%16.7%
1 years$74,156$73,495$72,851$72,222$71,608$69,651
2 years$36,711$36,027$35,365$34,722$34,099$32,142
3 years$24,231$23,544$22,883$22,247$21,634$19,737
4 years$17,992$17,307$16,653$16,028$15,429$13,608
5 years$14,250$13,569$12,924$12,311$11,729$9,989
6 years$11,756$11,080$10,444$9,845$9,281$7,623
7 years$9,975$9,305$8,679$8,094$7,548$5,972
8 years$8,640$7,976$7,361$6,790$6,262$4,767
9 years$7,602$6,945$6,340$5,784$5,273$3,859
10 years$6,772$6,122$5,527$4,985$4,493$3,157
11 years$6,094$5,450$4,866$4,339$3,864$2,604
12 years$5,529$4,891$4,318$3,806$3,349$2,162
13 years$5,051$4,420$3,858$3,360$2,920$1,804
14 years$4,642$4,018$3,467$2,983$2,560$1,513
15 years$4,288$3,670$3,130$2,660$2,254$1,273
16 years$3,978$3,368$2,838$2,382$1,992$1,074
17 years$3,706$3,101$2,582$2,140$1,766$908
18 years$3,463$2,866$2,357$1,928$1,570$769
19 years$3,247$2,656$2,158$1,743$1,400$653
20 years$3,052$2,468$1,980$1,578$1,250$555
21 years$2,876$2,299$1,822$1,432$1,119$473
22 years$2,716$2,146$1,679$1,302$1,003$403
23 years$2,571$2,007$1,550$1,186$900$343
24 years$2,438$1,881$1,434$1,082$809$293
25 years$2,315$1,765$1,328$988$728$250
26 years$2,202$1,659$1,231$903$656$214
27 years$2,098$1,561$1,144$827$591$183
28 years$2,001$1,471$1,063$758$534$156
29 years$1,912$1,388$989$695$482$134
30 years$1,828$1,310$921$638$435$114
31 years$1,750$1,239$859$586$394$98
32 years$1,677$1,172$802$538$356$84
33 years$1,608$1,110$748$495$322$72
34 years$1,544$1,052$699$455$292$61
35 years$1,483$998$654$419$264$52
36 years$1,426$947$612$386$239$45
37 years$1,372$900$572$356$217$38
38 years$1,322$855$536$328$197$33
39 years$1,273$813$502$302$178$28
40 years$1,228$773$471$279$162$24
41 years$1,184$736$441$257$147$21
42 years$1,143$701$414$237$133$18
43 years$1,104$668$389$219$121$15
44 years$1,067$637$365$202$110$13
45 years$1,031$607$342$187$100$11
46 years$998$579$322$173$90$10
47 years$965$553$302$159$82$8
48 years$935$528$284$147$75$7
49 years$905$504$267$136$68$6
50 years$877$481$251$126$62$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $898,000, adding $4,742 every year, while hoping to spend $48,231 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: 38/37/25 Blend
61$898,000$898,000$898,000$898,000
62$994,487$946,893$932,974$1,024,707
63$1,044,608$941,974$912,912$1,042,271
64$1,098,224$935,197$890,560$1,056,423
65$1,155,641$926,420$865,793$1,070,770
66$1,217,195$915,493$838,475$1,085,360
67$1,283,254$902,257$808,469$1,100,248
68$1,354,220$886,542$775,627$1,115,501
69$1,430,538$868,170$739,798$1,131,194
70$1,512,693$846,950$700,821$1,147,418
71$1,601,219$822,682$658,530$1,164,274
72$1,696,703$795,153$612,750$1,181,881
73$1,799,789$764,138$563,300$1,200,374
74$1,911,186$729,399$509,989$1,219,909
75$2,031,672$690,685$452,618$1,240,663
76$2,162,101$647,727$390,980$1,262,836
77$2,303,416$600,246$324,858$1,286,658
78$2,456,649$547,943$254,026$1,312,387
79$2,622,938$490,503$178,247$1,340,316
80$2,803,533$427,593$97,273$1,370,777
81$2,999,811$358,862$10,849$1,404,142
82$3,213,283$283,938$0$1,440,832
83$3,445,616$202,429$0$1,503,028
84$3,698,641$113,920$0$1,574,051
85$3,974,373$17,974$0$1,651,679
86$4,275,033$0$0$1,736,659
87$4,603,061$0$0$1,864,789
88$4,961,145$0$0$2,012,762
89$5,352,243$0$0$2,174,499
90$5,779,613$0$0$2,351,360
91$6,246,840$0$0$2,544,845
92$6,757,872$0$0$2,756,606
93$7,317,056$0$0$2,988,460
94$7,929,177$0$0$3,242,409
95$8,599,508$0$0$3,520,659
96$9,333,850$0$0$3,825,638
97$10,138,598$0$0$4,160,019
98$11,020,789$0$0$4,526,749
99$11,988,178$0$0$4,929,071
100$13,049,303$0$0$5,370,558