Can I retire at age 62 with 916,000?

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 $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%17.1%
1 years$75,642$74,969$74,311$73,670$73,043$70,932
2 years$37,447$36,749$36,073$35,418$34,782$32,673
3 years$24,717$24,016$23,342$22,693$22,067$20,025
4 years$18,353$17,654$16,987$16,349$15,739$13,779
5 years$14,535$13,841$13,183$12,557$11,964$10,092
6 years$11,991$11,302$10,653$10,042$9,467$7,685
7 years$10,175$9,492$8,853$8,256$7,699$6,007
8 years$8,813$8,136$7,508$6,926$6,387$4,784
9 years$7,755$7,084$6,467$5,899$5,379$3,863
10 years$6,908$6,244$5,638$5,085$4,583$3,152
11 years$6,216$5,559$4,963$4,426$3,942$2,593
12 years$5,640$4,989$4,405$3,882$3,416$2,148
13 years$5,153$4,509$3,936$3,427$2,979$1,788
14 years$4,735$4,098$3,536$3,042$2,611$1,495
15 years$4,374$3,744$3,193$2,713$2,299$1,254
16 years$4,058$3,435$2,895$2,429$2,032$1,055
17 years$3,780$3,164$2,634$2,183$1,802$889
18 years$3,533$2,923$2,404$1,967$1,602$751
19 years$3,312$2,709$2,201$1,777$1,428$636
20 years$3,113$2,518$2,020$1,610$1,275$539
21 years$2,934$2,345$1,858$1,461$1,141$457
22 years$2,771$2,189$1,713$1,328$1,023$388
23 years$2,622$2,047$1,581$1,210$918$330
24 years$2,486$1,918$1,462$1,103$825$281
25 years$2,362$1,800$1,354$1,008$743$239
26 years$2,247$1,692$1,256$921$669$204
27 years$2,140$1,592$1,166$843$603$173
28 years$2,042$1,500$1,084$773$544$148
29 years$1,950$1,415$1,009$709$491$126
30 years$1,865$1,337$940$650$444$107
31 years$1,785$1,264$876$597$401$92
32 years$1,710$1,196$818$549$363$78
33 years$1,640$1,132$763$505$329$67
34 years$1,575$1,073$713$464$298$57
35 years$1,513$1,018$667$428$270$49
36 years$1,455$966$624$394$244$41
37 years$1,400$918$584$363$221$35
38 years$1,348$872$547$334$201$30
39 years$1,299$829$512$308$182$26
40 years$1,252$789$480$284$165$22
41 years$1,208$751$450$262$150$19
42 years$1,166$715$422$242$136$16
43 years$1,126$681$396$224$123$14
44 years$1,088$650$372$206$112$12
45 years$1,052$619$349$191$102$10
46 years$1,018$591$328$176$92$9
47 years$985$564$308$163$84$7
48 years$953$538$290$150$76$6
49 years$923$514$272$139$69$5
50 years$894$491$256$128$63$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $916,000, adding $6,095 every year, while hoping to spend $45,835 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: 55/19/26 Blend
61$916,000$916,000$916,000$916,000
62$1,015,719$967,171$952,973$1,064,002
63$1,070,554$965,794$936,130$1,096,517
64$1,129,446$962,814$917,186$1,126,641
65$1,192,761$958,103$896,022$1,158,508
66$1,260,899$951,527$872,516$1,192,301
67$1,334,302$942,942$846,536$1,228,223
68$1,413,452$932,198$817,946$1,266,501
69$1,498,882$919,133$786,605$1,307,387
70$1,591,175$903,578$752,364$1,351,162
71$1,690,974$885,352$715,066$1,398,137
72$1,798,983$864,264$674,551$1,448,657
73$1,915,978$840,112$630,648$1,503,107
74$2,042,812$812,682$583,178$1,561,914
75$2,180,423$781,747$531,958$1,625,551
76$2,329,840$747,067$476,794$1,694,543
77$2,492,200$708,389$417,482$1,769,473
78$2,668,748$665,444$353,812$1,850,986
79$2,860,858$617,949$285,562$1,939,800
80$3,070,041$565,603$212,503$2,036,708
81$3,297,957$508,090$134,394$2,142,589
82$3,546,436$445,073$50,984$2,258,418
83$3,817,491$376,200$0$2,385,275
84$4,113,336$301,096$0$2,534,903
85$4,436,412$219,364$0$2,713,856
86$4,789,402$130,589$0$2,909,518
87$5,175,262$34,329$0$3,123,592
88$5,597,246$0$0$3,357,957
89$6,058,936$0$0$3,629,296
90$6,564,279$0$0$3,934,229
91$7,117,617$0$0$4,268,209
92$7,723,735$0$0$4,634,135
93$8,387,900$0$0$5,035,199
94$9,115,916$0$0$5,474,914
95$9,914,171$0$0$5,957,154
96$10,789,704$0$0$6,486,182
97$11,750,266$0$0$7,066,695
98$12,804,396$0$0$7,703,866
99$13,961,498$0$0$8,403,394
100$15,231,934$0$0$9,171,557