Can I retire at age 62 with 938,000?

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 $938,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.4%
1 years$77,459$76,769$76,096$75,439$74,797$72,548
2 years$38,346$37,632$36,940$36,269$35,618$33,371
3 years$25,310$24,593$23,903$23,238$22,597$20,423
4 years$18,793$18,078$17,395$16,741$16,117$14,032
5 years$14,884$14,174$13,499$12,859$12,252$10,261
6 years$12,279$11,574$10,909$10,283$9,694$7,801
7 years$10,419$9,720$9,066$8,455$7,884$6,087
8 years$9,025$8,332$7,688$7,092$6,541$4,839
9 years$7,941$7,254$6,622$6,041$5,508$3,900
10 years$7,074$6,394$5,773$5,208$4,693$3,177
11 years$6,365$5,692$5,083$4,532$4,036$2,609
12 years$5,775$5,109$4,511$3,975$3,498$2,156
13 years$5,276$4,617$4,030$3,510$3,050$1,791
14 years$4,849$4,197$3,621$3,115$2,674$1,494
15 years$4,479$3,834$3,269$2,778$2,354$1,251
16 years$4,156$3,518$2,964$2,488$2,081$1,050
17 years$3,871$3,240$2,697$2,235$1,845$883
18 years$3,618$2,993$2,462$2,014$1,640$745
19 years$3,391$2,774$2,254$1,820$1,462$629
20 years$3,188$2,578$2,069$1,649$1,306$532
21 years$3,004$2,401$1,903$1,496$1,169$450
22 years$2,837$2,242$1,754$1,360$1,048$381
23 years$2,685$2,096$1,619$1,239$940$323
24 years$2,546$1,964$1,497$1,130$845$274
25 years$2,418$1,843$1,387$1,032$761$233
26 years$2,300$1,732$1,286$944$685$198
27 years$2,192$1,630$1,194$864$618$168
28 years$2,091$1,536$1,110$791$557$143
29 years$1,997$1,449$1,033$726$503$122
30 years$1,909$1,369$963$666$455$103
31 years$1,828$1,294$897$612$411$88
32 years$1,751$1,224$837$562$372$75
33 years$1,680$1,159$782$517$337$64
34 years$1,613$1,099$730$476$305$54
35 years$1,549$1,042$683$438$276$46
36 years$1,490$989$639$403$250$39
37 years$1,434$940$598$371$227$33
38 years$1,380$893$560$342$205$28
39 years$1,330$849$525$316$186$24
40 years$1,282$808$492$291$169$21
41 years$1,237$769$461$269$153$18
42 years$1,194$732$432$248$139$15
43 years$1,153$698$406$229$126$13
44 years$1,114$665$381$211$115$11
45 years$1,077$634$358$195$104$9
46 years$1,042$605$336$180$94$8
47 years$1,008$577$316$167$86$7
48 years$976$551$297$154$78$6
49 years$945$526$279$142$71$5
50 years$916$503$262$131$64$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $938,000, adding $6,120 every year, while hoping to spend $34,210 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: 48/35/17 Blend
61$938,000$938,000$938,000$938,000
62$1,039,989$990,275$975,736$1,084,670
63$1,109,668$1,002,399$972,024$1,128,394
64$1,185,309$1,013,971$967,041$1,171,861
65$1,267,482$1,024,927$960,708$1,218,322
66$1,356,817$1,035,200$952,944$1,268,071
67$1,454,005$1,044,718$943,660$1,321,434
68$1,559,809$1,053,405$932,768$1,378,769
69$1,675,066$1,061,178$920,172$1,440,472
70$1,800,698$1,067,951$905,773$1,506,982
71$1,937,720$1,073,631$889,467$1,578,784
72$2,087,248$1,078,120$871,146$1,656,414
73$2,250,513$1,081,313$850,695$1,740,462
74$2,428,867$1,083,100$827,995$1,831,585
75$2,623,801$1,083,361$802,922$1,930,503
76$2,836,955$1,081,971$775,346$2,038,017
77$3,070,134$1,078,798$745,129$2,155,009
78$3,325,327$1,073,698$712,131$2,282,453
79$3,604,725$1,066,524$676,202$2,421,427
80$3,910,737$1,057,114$637,185$2,573,121
81$4,246,021$1,045,301$594,919$2,738,849
82$4,613,499$1,030,905$549,233$2,920,062
83$5,016,394$1,013,737$499,950$3,118,364
84$5,458,251$993,596$446,884$3,335,524
85$5,942,979$970,268$389,841$3,573,496
86$6,474,881$943,529$328,618$3,834,440
87$7,058,697$913,140$263,005$4,120,739
88$7,699,649$878,849$192,780$4,435,021
89$8,403,488$840,387$117,713$4,780,193
90$9,176,551$797,473$37,564$5,159,458
91$10,025,817$749,807$0$5,576,357
92$10,958,975$697,073$0$6,043,494
93$11,984,498$638,937$0$6,564,317
94$13,111,716$575,044$0$7,136,811
95$14,350,913$505,022$0$7,766,276
96$15,713,413$428,476$0$8,458,559
97$17,211,699$344,989$0$9,220,108
98$18,859,518$254,119$0$10,058,034
99$20,672,020$155,402$0$10,980,178
100$22,665,895$48,346$0$11,995,189