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%12.3%
1 years$77,624$76,933$76,258$75,600$74,957$74,236
2 years$38,428$37,712$37,019$36,346$35,694$34,967
3 years$25,364$24,645$23,953$23,287$22,646$21,936
4 years$18,834$18,117$17,432$16,777$16,151$15,465
5 years$14,916$14,204$13,528$12,886$12,278$11,616
6 years$12,305$11,599$10,933$10,305$9,715$9,079
7 years$10,441$9,740$9,085$8,473$7,901$7,290
8 years$9,044$8,349$7,705$7,108$6,555$5,970
9 years$7,958$7,270$6,636$6,054$5,520$4,961
10 years$7,089$6,408$5,786$5,219$4,703$4,169
11 years$6,379$5,704$5,094$4,542$4,045$3,536
12 years$5,788$5,120$4,520$3,984$3,505$3,020
13 years$5,288$4,627$4,039$3,517$3,057$2,596
14 years$4,859$4,206$3,629$3,122$2,679$2,242
15 years$4,489$3,842$3,276$2,784$2,359$1,944
16 years$4,165$3,525$2,970$2,493$2,085$1,691
17 years$3,879$3,246$2,703$2,240$1,849$1,476
18 years$3,625$3,000$2,467$2,019$1,644$1,292
19 years$3,399$2,780$2,259$1,824$1,465$1,133
20 years$3,195$2,584$2,073$1,652$1,309$995
21 years$3,011$2,406$1,907$1,499$1,171$876
22 years$2,843$2,246$1,757$1,363$1,050$772
23 years$2,691$2,101$1,623$1,242$942$681
24 years$2,552$1,968$1,501$1,132$847$601
25 years$2,423$1,847$1,390$1,034$762$532
26 years$2,305$1,736$1,289$946$687$470
27 years$2,196$1,634$1,197$865$619$417
28 years$2,095$1,540$1,113$793$559$369
29 years$2,001$1,452$1,036$727$504$327
30 years$1,913$1,372$965$667$456$290
31 years$1,832$1,297$899$613$412$258
32 years$1,755$1,227$839$563$373$229
33 years$1,683$1,162$783$518$337$203
34 years$1,616$1,101$732$477$305$180
35 years$1,553$1,045$684$439$277$160
36 years$1,493$991$640$404$251$142
37 years$1,437$942$599$372$227$127
38 years$1,383$895$561$343$206$113
39 years$1,333$851$526$316$187$100
40 years$1,285$810$493$292$169$89
41 years$1,240$771$462$269$154$79
42 years$1,197$734$433$248$139$70
43 years$1,156$699$407$229$127$63
44 years$1,117$667$382$212$115$56
45 years$1,080$636$358$196$104$50
46 years$1,044$606$337$181$95$44
47 years$1,011$579$316$167$86$39
48 years$978$552$297$154$78$35
49 years$947$528$279$143$71$31
50 years$918$504$263$132$64$28

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $940,000, adding $3,224 every year, while hoping to spend $37,638 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: 59/36/5 Blend
61$940,000$940,000$940,000$940,000
62$1,039,206$989,386$974,816$1,099,411
63$1,105,158$997,819$967,425$1,148,543
64$1,176,576$1,005,404$958,526$1,197,483
65$1,253,978$1,012,060$948,027$1,249,882
66$1,337,932$1,017,699$935,835$1,306,074
67$1,429,065$1,022,231$921,850$1,366,425
68$1,528,066$1,025,556$905,968$1,431,342
69$1,635,692$1,027,571$888,081$1,501,272
70$1,752,776$1,028,166$868,075$1,576,709
71$1,880,235$1,027,222$845,831$1,658,200
72$2,019,078$1,024,615$821,226$1,746,345
73$2,170,416$1,020,213$794,129$1,841,812
74$2,335,470$1,013,875$764,404$1,945,334
75$2,515,586$1,005,453$731,909$2,057,723
76$2,712,243$994,787$696,495$2,179,873
77$2,927,071$981,711$658,007$2,312,773
78$3,161,864$966,047$616,282$2,457,514
79$3,418,597$947,606$571,151$2,615,301
80$3,699,445$926,190$522,436$2,787,462
81$4,006,803$901,587$469,951$2,975,467
82$4,343,306$873,575$413,504$3,180,934
83$4,711,859$841,915$352,892$3,405,652
84$5,115,658$806,359$287,904$3,651,595
85$5,558,225$766,641$218,319$3,920,941
86$6,043,439$722,481$143,907$4,216,094
87$6,575,570$673,582$64,428$4,539,706
88$7,159,323$619,633$0$4,894,706
89$7,799,879$560,300$0$5,285,413
90$8,502,947$495,235$0$5,718,041
91$9,274,814$424,068$0$6,193,098
92$10,122,405$346,407$0$6,714,941
93$11,053,349$261,840$0$7,288,372
94$12,076,051$169,930$0$7,918,693
95$13,199,769$70,218$0$8,611,748
96$14,434,703$0$0$9,373,987
97$15,792,090$0$0$10,227,488
98$17,284,310$0$0$11,196,433
99$18,925,000$0$0$12,261,871
100$20,729,189$0$0$13,433,570