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%15.8%
1 years$77,707$77,015$76,339$75,680$75,037$73,252
2 years$38,469$37,752$37,058$36,385$35,732$33,945
3 years$25,391$24,672$23,979$23,312$22,670$20,935
4 years$18,854$18,136$17,451$16,795$16,168$14,500
5 years$14,932$14,219$13,542$12,900$12,291$10,694
6 years$12,319$11,611$10,944$10,316$9,725$8,201
7 years$10,453$9,751$9,095$8,482$7,909$6,458
8 years$9,054$8,358$7,713$7,115$6,562$5,182
9 years$7,966$7,277$6,643$6,060$5,526$4,217
10 years$7,097$6,415$5,792$5,224$4,708$3,469
11 years$6,386$5,711$5,099$4,547$4,049$2,878
12 years$5,794$5,125$4,525$3,988$3,509$2,404
13 years$5,293$4,632$4,043$3,521$3,060$2,019
14 years$4,865$4,210$3,633$3,125$2,682$1,703
15 years$4,493$3,846$3,280$2,787$2,362$1,442
16 years$4,169$3,529$2,974$2,496$2,087$1,224
17 years$3,883$3,250$2,706$2,242$1,851$1,042
18 years$3,629$3,003$2,470$2,021$1,646$889
19 years$3,402$2,783$2,261$1,826$1,467$760
20 years$3,198$2,586$2,075$1,654$1,310$650
21 years$3,014$2,409$1,909$1,501$1,172$557
22 years$2,847$2,249$1,759$1,365$1,051$478
23 years$2,694$2,103$1,624$1,243$943$411
24 years$2,554$1,971$1,502$1,134$848$353
25 years$2,426$1,849$1,391$1,035$763$303
26 years$2,308$1,738$1,290$947$687$261
27 years$2,199$1,636$1,198$866$620$225
28 years$2,097$1,541$1,114$794$559$194
29 years$2,003$1,454$1,037$728$505$167
30 years$1,915$1,373$966$668$456$144
31 years$1,834$1,298$900$614$412$124
32 years$1,757$1,228$840$564$373$107
33 years$1,685$1,163$784$519$338$92
34 years$1,618$1,102$733$477$306$79
35 years$1,554$1,046$685$439$277$69
36 years$1,495$992$641$404$251$59
37 years$1,438$943$600$373$227$51
38 years$1,385$896$562$344$206$44
39 years$1,334$852$526$317$187$38
40 years$1,286$810$493$292$170$33
41 years$1,241$771$463$270$154$28
42 years$1,198$735$434$249$140$24
43 years$1,157$700$407$230$127$21
44 years$1,118$667$382$212$115$18
45 years$1,081$636$359$196$104$16
46 years$1,045$607$337$181$95$14
47 years$1,012$579$317$167$86$12
48 years$979$553$298$154$78$10
49 years$948$528$280$143$71$9
50 years$919$504$263$132$64$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $941,000, adding $5,887 every year, while hoping to spend $58,757 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: 53/28/19 Blend
61$941,000$941,000$941,000$941,000
62$1,043,054$993,181$978,596$1,092,635
63$1,086,929$979,330$948,862$1,113,439
64$1,133,309$962,831$916,163$1,129,407
65$1,182,389$943,492$880,336$1,145,508
66$1,234,380$921,111$841,215$1,161,773
67$1,289,513$895,471$798,621$1,178,239
68$1,348,040$866,345$752,371$1,194,951
69$1,410,236$833,493$702,273$1,211,961
70$1,476,405$796,659$648,124$1,229,332
71$1,546,877$755,573$589,714$1,247,135
72$1,622,012$709,950$526,823$1,265,456
73$1,702,208$659,489$459,223$1,284,393
74$1,787,899$603,869$386,672$1,304,057
75$1,879,560$542,754$308,921$1,324,580
76$1,977,713$475,787$225,708$1,346,110
77$2,082,931$402,592$136,760$1,368,817
78$2,195,841$322,770$41,793$1,392,895
79$2,317,132$235,901$0$1,418,565
80$2,447,561$141,541$0$1,458,150
81$2,587,956$39,221$0$1,509,688
82$2,739,230$0$0$1,565,084
83$2,902,385$0$0$1,646,815
84$3,078,519$0$0$1,748,165
85$3,268,841$0$0$1,857,753
86$3,474,681$0$0$1,976,356
87$3,697,497$0$0$2,104,822
88$3,938,895$0$0$2,244,089
89$4,200,640$0$0$2,395,185
90$4,484,672$0$0$2,559,242
91$4,793,126$0$0$2,737,505
92$5,128,349$0$0$2,931,343
93$5,492,924$0$0$3,142,263
94$5,889,692$0$0$3,371,923
95$6,321,780$0$0$3,622,146
96$6,792,628$0$0$3,894,940
97$7,306,022$0$0$4,192,514
98$7,866,130$0$0$4,517,299
99$8,477,539$0$0$4,871,973
100$9,145,296$0$0$5,259,481