Can I retire at age 62 with 916,000?

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 $916,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.6%
1 years$75,642$74,969$74,311$73,670$73,043$71,952
2 years$37,447$36,749$36,073$35,418$34,782$33,685
3 years$24,717$24,016$23,342$22,693$22,067$20,999
4 years$18,353$17,654$16,987$16,349$15,739$14,707
5 years$14,535$13,841$13,183$12,557$11,964$10,972
6 years$11,991$11,302$10,653$10,042$9,467$8,515
7 years$10,175$9,492$8,853$8,256$7,699$6,789
8 years$8,813$8,136$7,508$6,926$6,387$5,518
9 years$7,755$7,084$6,467$5,899$5,379$4,550
10 years$6,908$6,244$5,638$5,085$4,583$3,794
11 years$6,216$5,559$4,963$4,426$3,942$3,192
12 years$5,640$4,989$4,405$3,882$3,416$2,704
13 years$5,153$4,509$3,936$3,427$2,979$2,304
14 years$4,735$4,098$3,536$3,042$2,611$1,973
15 years$4,374$3,744$3,193$2,713$2,299$1,696
16 years$4,058$3,435$2,895$2,429$2,032$1,462
17 years$3,780$3,164$2,634$2,183$1,802$1,265
18 years$3,533$2,923$2,404$1,967$1,602$1,096
19 years$3,312$2,709$2,201$1,777$1,428$952
20 years$3,113$2,518$2,020$1,610$1,275$829
21 years$2,934$2,345$1,858$1,461$1,141$722
22 years$2,771$2,189$1,713$1,328$1,023$630
23 years$2,622$2,047$1,581$1,210$918$550
24 years$2,486$1,918$1,462$1,103$825$481
25 years$2,362$1,800$1,354$1,008$743$421
26 years$2,247$1,692$1,256$921$669$369
27 years$2,140$1,592$1,166$843$603$323
28 years$2,042$1,500$1,084$773$544$283
29 years$1,950$1,415$1,009$709$491$249
30 years$1,865$1,337$940$650$444$218
31 years$1,785$1,264$876$597$401$192
32 years$1,710$1,196$818$549$363$168
33 years$1,640$1,132$763$505$329$148
34 years$1,575$1,073$713$464$298$130
35 years$1,513$1,018$667$428$270$114
36 years$1,455$966$624$394$244$100
37 years$1,400$918$584$363$221$88
38 years$1,348$872$547$334$201$78
39 years$1,299$829$512$308$182$68
40 years$1,252$789$480$284$165$60
41 years$1,208$751$450$262$150$53
42 years$1,166$715$422$242$136$46
43 years$1,126$681$396$224$123$41
44 years$1,088$650$372$206$112$36
45 years$1,052$619$349$191$102$32
46 years$1,018$591$328$176$92$28
47 years$985$564$308$163$84$24
48 years$953$538$290$150$76$22
49 years$923$514$272$139$69$19
50 years$894$491$256$128$63$17

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $916,000, adding $2,132 every year, while hoping to spend $40,155 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: 30/41/29 Blend
61$916,000$916,000$916,000$916,000
62$1,011,631$963,083$948,885$1,032,920
63$1,072,093$967,550$937,948$1,054,265
64$1,137,376$970,889$925,299$1,073,574
65$1,207,930$973,004$910,838$1,093,559
66$1,284,248$973,791$894,460$1,114,306
67$1,366,874$973,139$876,057$1,135,915
68$1,456,403$970,931$855,514$1,158,499
69$1,553,494$967,044$832,711$1,182,186
70$1,658,866$961,345$807,523$1,207,119
71$1,773,315$953,695$779,819$1,233,463
72$1,897,712$943,945$749,462$1,261,402
73$2,033,018$931,939$716,309$1,291,141
74$2,180,291$917,509$680,210$1,322,915
75$2,340,693$900,478$641,009$1,356,984
76$2,515,502$880,661$598,542$1,393,643
77$2,706,129$857,858$552,638$1,433,220
78$2,914,121$831,861$503,119$1,476,085
79$3,141,186$802,447$449,798$1,522,650
80$3,389,201$769,380$392,480$1,573,377
81$3,660,233$732,414$330,962$1,628,781
82$3,956,559$691,284$265,031$1,689,439
83$4,280,684$645,713$194,465$1,755,991
84$4,635,367$595,406$119,033$1,829,156
85$5,023,646$540,052$38,492$1,909,731
86$5,448,867$479,324$0$1,998,605
87$5,914,714$412,874$0$2,111,454
88$6,425,245$340,334$0$2,248,359
89$6,984,927$261,318$0$2,398,707
90$7,598,683$175,416$0$2,563,948
91$8,271,932$82,195$0$2,745,686
92$9,010,646$0$0$2,945,700
93$9,821,400$0$0$3,174,438
94$10,711,439$0$0$3,466,400
95$11,688,742$0$0$3,787,140
96$12,762,099$0$0$4,139,562
97$13,941,193$0$0$4,526,863
98$15,236,691$0$0$4,952,569
99$16,660,346$0$0$5,420,562
100$18,225,103$0$0$5,935,119