Can I retire at age 62 with 941,000?

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 $941,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.7%
1 years$77,707$77,015$76,339$75,680$75,037$74,191
2 years$38,469$37,752$37,058$36,385$35,732$34,881
3 years$25,391$24,672$23,979$23,312$22,670$21,839
4 years$18,854$18,136$17,451$16,795$16,168$15,365
5 years$14,932$14,219$13,542$12,900$12,291$11,517
6 years$12,319$11,611$10,944$10,316$9,725$8,982
7 years$10,453$9,751$9,095$8,482$7,909$7,197
8 years$9,054$8,358$7,713$7,115$6,562$5,880
9 years$7,966$7,277$6,643$6,060$5,526$4,874
10 years$7,097$6,415$5,792$5,224$4,708$4,087
11 years$6,386$5,711$5,099$4,547$4,049$3,457
12 years$5,794$5,125$4,525$3,988$3,509$2,946
13 years$5,293$4,632$4,043$3,521$3,060$2,525
14 years$4,865$4,210$3,633$3,125$2,682$2,175
15 years$4,493$3,846$3,280$2,787$2,362$1,881
16 years$4,169$3,529$2,974$2,496$2,087$1,632
17 years$3,883$3,250$2,706$2,242$1,851$1,420
18 years$3,629$3,003$2,470$2,021$1,646$1,239
19 years$3,402$2,783$2,261$1,826$1,467$1,084
20 years$3,198$2,586$2,075$1,654$1,310$949
21 years$3,014$2,409$1,909$1,501$1,172$833
22 years$2,847$2,249$1,759$1,365$1,051$732
23 years$2,694$2,103$1,624$1,243$943$644
24 years$2,554$1,971$1,502$1,134$848$567
25 years$2,426$1,849$1,391$1,035$763$499
26 years$2,308$1,738$1,290$947$687$441
27 years$2,199$1,636$1,198$866$620$389
28 years$2,097$1,541$1,114$794$559$343
29 years$2,003$1,454$1,037$728$505$303
30 years$1,915$1,373$966$668$456$268
31 years$1,834$1,298$900$614$412$237
32 years$1,757$1,228$840$564$373$210
33 years$1,685$1,163$784$519$338$186
34 years$1,618$1,102$733$477$306$165
35 years$1,554$1,046$685$439$277$146
36 years$1,495$992$641$404$251$129
37 years$1,438$943$600$373$227$114
38 years$1,385$896$562$344$206$101
39 years$1,334$852$526$317$187$90
40 years$1,286$810$493$292$170$80
41 years$1,241$771$463$270$154$71
42 years$1,198$735$434$249$140$63
43 years$1,157$700$407$230$127$55
44 years$1,118$667$382$212$115$49
45 years$1,081$636$359$196$104$44
46 years$1,045$607$337$181$95$39
47 years$1,012$579$317$167$86$34
48 years$979$553$298$154$78$30
49 years$948$528$280$143$71$27
50 years$919$504$263$132$64$24

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $941,000, adding $2,150 every year, while hoping to spend $28,852 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: 40/36/24 Blend
61$941,000$941,000$941,000$941,000
62$1,039,200$989,327$974,741$1,073,316
63$1,114,500$1,007,105$976,697$1,115,895
64$1,196,513$1,024,788$977,751$1,159,051
65$1,285,895$1,042,340$977,843$1,205,167
66$1,383,365$1,059,723$976,909$1,254,533
67$1,489,715$1,076,897$974,882$1,307,466
68$1,605,818$1,093,817$971,693$1,364,316
69$1,732,635$1,110,437$967,268$1,425,470
70$1,871,222$1,126,707$961,530$1,491,358
71$2,022,744$1,142,573$954,398$1,562,451
72$2,188,481$1,157,976$945,788$1,639,272
73$2,369,846$1,172,856$935,611$1,722,397
74$2,568,390$1,187,147$923,775$1,812,464
75$2,785,827$1,200,778$910,182$1,910,177
76$3,024,039$1,213,673$894,731$2,016,311
77$3,285,101$1,225,754$877,314$2,131,726
78$3,571,299$1,236,933$857,822$2,257,368
79$3,885,149$1,247,121$836,137$2,394,284
80$4,229,424$1,256,219$812,137$2,543,629
81$4,607,176$1,264,125$785,694$2,706,678
82$5,021,769$1,270,728$756,676$2,884,839
83$5,476,908$1,275,912$724,943$3,079,666
84$5,976,672$1,279,552$690,349$3,292,875
85$6,525,558$1,281,515$652,741$3,526,361
86$7,128,517$1,281,661$611,959$3,782,212
87$7,791,004$1,279,841$567,839$4,062,737
88$8,519,030$1,275,896$520,204$4,370,481
89$9,319,214$1,269,659$468,875$4,708,254
90$10,198,852$1,260,950$413,660$5,079,158
91$11,165,978$1,249,580$354,361$5,486,613
92$12,229,447$1,235,348$290,771$5,934,396
93$13,399,013$1,218,042$222,674$6,426,673
94$14,685,422$1,197,436$149,843$6,968,039
95$16,100,516$1,173,292$72,044$7,563,565
96$17,657,341$1,145,355$0$8,218,846
97$19,370,271$1,113,359$0$8,942,866
98$21,255,144$1,077,019$0$9,759,490
99$23,329,411$1,036,036$0$10,657,830
100$25,612,300$990,090$0$11,646,241