Can I retire at age 62 with 923,000?

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 $923,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.9%
1 years$76,220$75,542$74,879$74,233$73,601$71,532
2 years$37,733$37,030$36,349$35,689$35,048$32,979
3 years$24,905$24,200$23,520$22,866$22,236$20,232
4 years$18,493$17,789$17,117$16,474$15,859$13,936
5 years$14,646$13,947$13,283$12,653$12,056$10,218
6 years$12,083$11,389$10,735$10,119$9,539$7,789
7 years$10,253$9,564$8,921$8,319$7,758$6,095
8 years$8,880$8,198$7,565$6,979$6,436$4,860
9 years$7,814$7,138$6,516$5,945$5,420$3,929
10 years$6,961$6,292$5,681$5,124$4,618$3,210
11 years$6,264$5,601$5,001$4,460$3,972$2,645
12 years$5,683$5,027$4,439$3,912$3,442$2,193
13 years$5,192$4,543$3,966$3,453$3,001$1,828
14 years$4,772$4,130$3,563$3,066$2,631$1,530
15 years$4,407$3,773$3,217$2,734$2,317$1,285
16 years$4,089$3,461$2,917$2,448$2,047$1,083
17 years$3,809$3,188$2,654$2,199$1,815$915
18 years$3,560$2,946$2,423$1,982$1,614$774
19 years$3,337$2,730$2,218$1,791$1,439$656
20 years$3,137$2,537$2,036$1,622$1,285$557
21 years$2,956$2,363$1,872$1,472$1,150$473
22 years$2,792$2,206$1,726$1,339$1,031$402
23 years$2,642$2,063$1,593$1,219$925$343
24 years$2,505$1,933$1,474$1,112$832$292
25 years$2,380$1,814$1,365$1,015$748$249
26 years$2,264$1,705$1,266$928$674$212
27 years$2,157$1,604$1,175$850$608$181
28 years$2,057$1,512$1,093$779$548$155
29 years$1,965$1,426$1,017$714$495$132
30 years$1,879$1,347$947$655$447$113
31 years$1,799$1,273$883$602$405$96
32 years$1,723$1,205$824$553$366$82
33 years$1,653$1,141$769$509$331$70
34 years$1,587$1,081$719$468$300$60
35 years$1,525$1,026$672$431$272$51
36 years$1,466$973$629$397$246$44
37 years$1,411$925$588$366$223$38
38 years$1,358$879$551$337$202$32
39 years$1,309$836$516$311$183$27
40 years$1,262$795$484$287$166$23
41 years$1,217$757$454$264$151$20
42 years$1,175$721$426$244$137$17
43 years$1,135$687$399$225$124$15
44 years$1,097$655$375$208$113$13
45 years$1,060$624$352$192$102$11
46 years$1,025$595$331$177$93$9
47 years$992$568$311$164$84$8
48 years$961$542$292$151$77$7
49 years$930$518$274$140$70$6
50 years$901$495$258$129$63$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $923,000, adding $6,699 every year, while hoping to spend $47,549 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: 60/21/19 Blend
61$923,000$923,000$923,000$923,000
62$1,024,056$975,137$960,831$1,080,054
63$1,077,918$972,327$942,427$1,115,912
64$1,135,680$967,786$921,812$1,149,180
65$1,197,690$961,378$898,864$1,184,391
66$1,264,330$952,960$873,451$1,221,741
67$1,336,018$942,382$845,438$1,261,446
68$1,413,213$929,480$814,682$1,303,746
69$1,496,422$914,086$781,035$1,348,911
70$1,586,199$896,017$744,341$1,397,235
71$1,683,152$875,084$704,438$1,449,047
72$1,787,953$851,082$661,155$1,504,714
73$1,901,336$823,797$614,316$1,564,639
74$2,024,112$793,002$563,735$1,629,271
75$2,157,169$758,457$509,217$1,699,108
76$2,301,485$719,907$450,562$1,774,699
77$2,458,137$677,082$387,556$1,856,657
78$2,628,307$629,700$319,979$1,945,658
79$2,813,297$577,457$247,601$2,042,450
80$3,014,538$520,038$170,181$2,147,863
81$3,233,606$457,105$87,467$2,262,815
82$3,472,234$388,303$0$2,388,323
83$3,732,329$313,257$0$2,525,675
84$4,015,990$231,570$0$2,694,885
85$4,325,528$142,824$0$2,879,640
86$4,663,486$46,577$0$3,081,522
87$5,032,664$0$0$3,302,279
88$5,436,143$0$0$3,557,160
89$5,877,317$0$0$3,847,691
90$6,359,921$0$0$4,165,580
91$6,888,068$0$0$4,513,544
92$7,466,289$0$0$4,894,577
93$8,099,571$0$0$5,311,976
94$8,793,408$0$0$5,769,371
95$9,553,847$0$0$6,270,761
96$10,387,552$0$0$6,820,550
97$11,301,859$0$0$7,423,588
98$12,304,852$0$0$8,085,217
99$13,405,431$0$0$8,811,321
100$14,613,403$0$0$9,608,383