Can I retire at age 62 with 940,000?

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 $940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.7%
1 years$77,624$76,933$76,258$75,600$74,957$74,422
2 years$38,428$37,712$37,019$36,346$35,694$35,155
3 years$25,364$24,645$23,953$23,287$22,646$22,119
4 years$18,834$18,117$17,432$16,777$16,151$15,640
5 years$14,916$14,204$13,528$12,886$12,278$11,785
6 years$12,305$11,599$10,933$10,305$9,715$9,240
7 years$10,441$9,740$9,085$8,473$7,901$7,445
8 years$9,044$8,349$7,705$7,108$6,555$6,117
9 years$7,958$7,270$6,636$6,054$5,520$5,101
10 years$7,089$6,408$5,786$5,219$4,703$4,303
11 years$6,379$5,704$5,094$4,542$4,045$3,663
12 years$5,788$5,120$4,520$3,984$3,505$3,141
13 years$5,288$4,627$4,039$3,517$3,057$2,709
14 years$4,859$4,206$3,629$3,122$2,679$2,349
15 years$4,489$3,842$3,276$2,784$2,359$2,045
16 years$4,165$3,525$2,970$2,493$2,085$1,787
17 years$3,879$3,246$2,703$2,240$1,849$1,566
18 years$3,625$3,000$2,467$2,019$1,644$1,376
19 years$3,399$2,780$2,259$1,824$1,465$1,212
20 years$3,195$2,584$2,073$1,652$1,309$1,069
21 years$3,011$2,406$1,907$1,499$1,171$945
22 years$2,843$2,246$1,757$1,363$1,050$837
23 years$2,691$2,101$1,623$1,242$942$742
24 years$2,552$1,968$1,501$1,132$847$658
25 years$2,423$1,847$1,390$1,034$762$584
26 years$2,305$1,736$1,289$946$687$520
27 years$2,196$1,634$1,197$865$619$462
28 years$2,095$1,540$1,113$793$559$412
29 years$2,001$1,452$1,036$727$504$367
30 years$1,913$1,372$965$667$456$327
31 years$1,832$1,297$899$613$412$291
32 years$1,755$1,227$839$563$373$260
33 years$1,683$1,162$783$518$337$232
34 years$1,616$1,101$732$477$305$207
35 years$1,553$1,045$684$439$277$185
36 years$1,493$991$640$404$251$165
37 years$1,437$942$599$372$227$148
38 years$1,383$895$561$343$206$132
39 years$1,333$851$526$316$187$118
40 years$1,285$810$493$292$169$105
41 years$1,240$771$462$269$154$94
42 years$1,197$734$433$248$139$84
43 years$1,156$699$407$229$127$75
44 years$1,117$667$382$212$115$67
45 years$1,080$636$358$196$104$60
46 years$1,044$606$337$181$95$54
47 years$1,011$579$316$167$86$48
48 years$978$552$297$154$78$43
49 years$947$528$279$143$71$39
50 years$918$504$263$132$64$35

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $940,000, adding $6,849 every year, while hoping to spend $27,727 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: 40/39/21 Blend
61$940,000$940,000$940,000$940,000
62$1,042,945$993,125$978,555$1,077,935
63$1,119,824$1,012,287$981,835$1,122,822
64$1,203,615$1,031,458$984,296$1,168,197
65$1,294,995$1,050,610$985,881$1,216,721
66$1,394,706$1,069,712$986,530$1,268,696
67$1,503,569$1,088,730$986,181$1,324,455
68$1,622,483$1,107,628$984,768$1,384,367
69$1,752,441$1,126,367$982,222$1,448,839
70$1,894,535$1,144,905$978,473$1,518,320
71$2,049,969$1,163,196$973,442$1,593,304
72$2,220,066$1,181,192$967,053$1,674,338
73$2,406,284$1,198,842$959,220$1,762,026
74$2,610,229$1,216,090$949,859$1,857,034
75$2,833,670$1,232,876$938,876$1,960,098
76$3,078,553$1,249,135$926,177$2,072,029
77$3,347,024$1,264,801$911,663$2,193,722
78$3,641,444$1,279,800$895,227$2,326,168
79$3,964,415$1,294,054$876,761$2,470,456
80$4,318,803$1,307,480$856,150$2,627,792
81$4,707,764$1,319,990$833,274$2,799,504
82$5,134,775$1,331,488$808,007$2,987,060
83$5,603,666$1,341,875$780,219$3,192,078
84$6,118,655$1,351,043$749,773$3,416,343
85$6,684,391$1,358,877$716,523$3,661,828
86$7,305,994$1,365,257$680,322$3,930,707
87$7,989,104$1,370,053$641,011$4,225,379
88$8,739,935$1,373,128$598,427$4,548,491
89$9,565,332$1,374,335$552,399$4,902,966
90$10,472,839$1,373,521$502,747$5,292,025
91$11,470,765$1,370,519$449,285$5,719,223
92$12,568,264$1,365,156$391,817$6,188,483
93$13,775,425$1,357,246$330,140$6,704,130
94$15,103,359$1,346,592$264,041$7,270,936
95$16,564,312$1,332,985$193,297$7,894,166
96$18,171,775$1,316,205$117,675$8,579,626
97$19,940,613$1,296,016$36,935$9,333,720
98$21,887,205$1,272,170$0$10,163,512
99$24,029,598$1,244,405$0$11,087,822
100$26,387,677$1,212,441$0$12,113,760