Can I retire at age 62 with 908,000?

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 $908,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.3%
1 years$74,982$74,314$73,662$73,026$72,405$72,009
2 years$37,120$36,428$35,758$35,109$34,479$34,079
3 years$24,501$23,806$23,138$22,495$21,875$21,484
4 years$18,192$17,500$16,839$16,206$15,601$15,222
5 years$14,408$13,720$13,067$12,448$11,860$11,494
6 years$11,887$11,204$10,560$9,955$9,384$9,032
7 years$10,086$9,409$8,776$8,184$7,632$7,293
8 years$8,736$8,065$7,443$6,866$6,331$6,006
9 years$7,687$7,022$6,410$5,848$5,332$5,020
10 years$6,848$6,190$5,589$5,041$4,543$4,244
11 years$6,162$5,510$4,920$4,387$3,907$3,622
12 years$5,591$4,946$4,366$3,848$3,386$3,113
13 years$5,108$4,470$3,901$3,397$2,953$2,693
14 years$4,694$4,063$3,505$3,016$2,588$2,341
15 years$4,336$3,711$3,165$2,690$2,279$2,043
16 years$4,023$3,405$2,869$2,408$2,014$1,790
17 years$3,747$3,136$2,611$2,164$1,786$1,573
18 years$3,502$2,898$2,383$1,950$1,588$1,386
19 years$3,283$2,686$2,182$1,762$1,415$1,224
20 years$3,086$2,496$2,002$1,596$1,264$1,084
21 years$2,908$2,325$1,842$1,448$1,131$961
22 years$2,747$2,170$1,698$1,317$1,014$853
23 years$2,599$2,029$1,567$1,199$910$758
24 years$2,465$1,901$1,450$1,094$818$675
25 years$2,341$1,784$1,343$999$736$601
26 years$2,227$1,677$1,245$913$663$536
27 years$2,121$1,578$1,156$836$598$479
28 years$2,024$1,487$1,075$766$539$427
29 years$1,933$1,403$1,000$702$487$382
30 years$1,848$1,325$932$645$440$342
31 years$1,769$1,253$869$592$398$306
32 years$1,695$1,185$810$544$360$274
33 years$1,626$1,122$757$500$326$245
34 years$1,561$1,064$707$460$295$219
35 years$1,500$1,009$661$424$267$197
36 years$1,442$958$618$390$242$176
37 years$1,388$910$579$360$219$158
38 years$1,336$864$542$331$199$142
39 years$1,288$822$508$306$180$127
40 years$1,241$782$476$282$164$114
41 years$1,198$744$446$260$148$102
42 years$1,156$709$419$240$135$92
43 years$1,116$676$393$222$122$82
44 years$1,079$644$369$205$111$74
45 years$1,043$614$346$189$101$66
46 years$1,009$586$325$175$91$60
47 years$976$559$306$161$83$53
48 years$945$534$287$149$75$48
49 years$915$510$270$138$68$43
50 years$887$487$254$127$62$39

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $908,000, adding $5,448 every year, while hoping to spend $42,737 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: 74/11/15 Blend
61$908,000$908,000$908,000$908,000
62$1,006,236$958,112$944,038$1,076,988
63$1,063,400$959,587$930,191$1,126,017
64$1,124,962$959,703$914,448$1,173,916
65$1,191,327$958,347$896,701$1,225,254
66$1,262,937$955,400$876,834$1,280,361
67$1,340,278$950,737$854,731$1,339,602
68$1,423,887$944,224$830,265$1,403,378
69$1,514,352$935,719$803,307$1,472,134
70$1,612,319$925,072$773,720$1,546,356
71$1,718,498$912,123$741,363$1,626,586
72$1,833,673$896,705$706,086$1,713,418
73$1,958,701$878,637$667,734$1,807,509
74$2,094,529$857,731$626,143$1,909,582
75$2,242,197$833,786$581,145$2,020,436
76$2,402,849$806,589$532,561$2,140,953
77$2,577,744$775,916$480,206$2,272,105
78$2,768,266$741,529$423,886$2,414,963
79$2,975,942$703,176$363,398$2,570,711
80$3,202,447$660,591$298,532$2,740,654
81$3,449,629$613,492$229,065$2,926,231
82$3,719,521$561,583$154,768$3,129,030
83$4,014,359$504,548$75,400$3,350,801
84$4,336,608$442,054$0$3,593,477
85$4,688,979$373,752$0$3,860,676
86$5,074,457$299,268$0$4,166,236
87$5,496,332$218,212$0$4,500,711
88$5,958,222$130,169$0$4,867,006
89$6,464,115$34,702$0$5,268,320
90$7,018,401$0$0$5,708,181
91$7,625,915$0$0$6,198,786
92$8,291,982$0$0$6,741,320
93$9,022,466$0$0$7,336,366
94$9,823,829$0$0$7,989,191
95$10,703,184$0$0$8,705,596
96$11,668,369$0$0$9,491,972
97$12,728,016$0$0$10,355,358
98$13,891,637$0$0$11,303,509
99$15,169,705$0$0$12,344,965
100$16,573,762$0$0$13,489,138