Can I retire at age 62 with 906,000?

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 $906,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.7%
1 years$74,817$74,150$73,500$72,865$72,246$69,710
2 years$37,038$36,348$35,680$35,031$34,403$31,875
3 years$24,447$23,754$23,087$22,445$21,826$19,386
4 years$18,152$17,462$16,801$16,170$15,567$13,232
5 years$14,377$13,690$13,039$12,420$11,834$9,610
6 years$11,860$11,179$10,537$9,933$9,364$7,254
7 years$10,064$9,388$8,756$8,166$7,615$5,619
8 years$8,717$8,047$7,426$6,850$6,317$4,432
9 years$7,670$7,007$6,396$5,835$5,320$3,544
10 years$6,833$6,176$5,576$5,030$4,533$2,863
11 years$6,148$5,498$4,909$4,377$3,899$2,332
12 years$5,578$4,935$4,357$3,840$3,378$1,910
13 years$5,096$4,460$3,893$3,390$2,946$1,573
14 years$4,684$4,054$3,497$3,009$2,583$1,301
15 years$4,326$3,703$3,158$2,684$2,274$1,079
16 years$4,014$3,398$2,863$2,403$2,010$897
17 years$3,739$3,129$2,605$2,159$1,782$748
18 years$3,494$2,891$2,378$1,946$1,584$624
19 years$3,276$2,680$2,177$1,758$1,412$522
20 years$3,079$2,490$1,998$1,592$1,261$437
21 years$2,902$2,319$1,838$1,445$1,129$366
22 years$2,741$2,165$1,694$1,314$1,012$307
23 years$2,594$2,025$1,564$1,197$908$258
24 years$2,459$1,897$1,446$1,091$816$217
25 years$2,336$1,780$1,340$997$735$182
26 years$2,222$1,673$1,242$911$662$153
27 years$2,117$1,575$1,154$834$597$129
28 years$2,019$1,484$1,073$764$538$108
29 years$1,929$1,400$998$701$486$91
30 years$1,844$1,322$930$643$439$77
31 years$1,765$1,250$867$591$397$64
32 years$1,692$1,183$809$543$359$54
33 years$1,623$1,120$755$499$325$46
34 years$1,558$1,061$705$459$294$38
35 years$1,496$1,007$660$423$267$32
36 years$1,439$956$617$389$242$27
37 years$1,385$908$578$359$219$23
38 years$1,333$863$541$331$198$19
39 years$1,285$820$507$305$180$16
40 years$1,239$780$475$281$163$14
41 years$1,195$743$445$260$148$12
42 years$1,153$707$418$239$134$10
43 years$1,114$674$392$221$122$8
44 years$1,076$642$368$204$111$7
45 years$1,041$613$345$189$100$6
46 years$1,007$584$324$174$91$5
47 years$974$558$305$161$83$4
48 years$943$532$286$149$75$3
49 years$913$508$269$137$68$3
50 years$885$486$253$127$62$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $906,000, adding $2,947 every year, while hoping to spend $48,439 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: 45/40/15 Blend
61$906,000$906,000$906,000$906,000
62$1,001,452$953,434$939,391$1,042,095
63$1,052,061$948,613$919,322$1,065,908
64$1,106,209$941,933$896,957$1,086,604
65$1,164,206$933,251$872,168$1,107,997
66$1,226,391$922,416$844,822$1,130,171
67$1,293,137$909,269$814,777$1,153,221
68$1,364,853$893,639$781,888$1,177,258
69$1,441,988$875,348$746,002$1,202,405
70$1,525,036$854,205$706,958$1,228,802
71$1,614,537$830,009$664,589$1,256,607
72$1,711,087$802,546$618,720$1,285,998
73$1,815,339$771,592$569,168$1,317,178
74$1,928,010$736,907$515,742$1,350,372
75$2,049,891$698,239$458,243$1,385,835
76$2,181,848$655,321$396,462$1,423,852
77$2,324,835$607,870$330,182$1,464,746
78$2,479,901$555,588$259,176$1,508,874
79$2,648,198$498,159$183,205$1,556,640
80$2,830,995$435,250$102,023$1,608,495
81$3,029,686$366,507$15,371$1,664,943
82$3,245,807$291,559$0$1,726,546
83$3,481,046$210,011$0$1,806,273
84$3,737,260$121,449$0$1,895,914
85$4,016,494$25,434$0$1,993,835
86$4,320,998$0$0$2,100,958
87$4,653,249$0$0$2,252,855
88$5,015,971$0$0$2,431,007
89$5,412,166$0$0$2,625,703
90$5,845,137$0$0$2,838,580
91$6,318,520$0$0$3,071,440
92$6,836,319$0$0$3,326,267
93$7,402,944$0$0$3,605,244
94$8,023,247$0$0$3,910,777
95$8,702,575$0$0$4,245,515
96$9,446,815$0$0$4,612,376
97$10,262,449$0$0$5,014,572
98$11,156,618$0$0$5,455,641
99$12,137,186$0$0$5,939,481
100$13,212,813$0$0$6,470,385