Can I retire at age 62 with 943,000?

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 $943,000?

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$77,872$77,178$76,502$75,841$75,196$72,935
2 years$38,551$37,833$37,137$36,462$35,808$33,549
3 years$25,445$24,724$24,030$23,362$22,718$20,532
4 years$18,894$18,175$17,488$16,831$16,203$14,106
5 years$14,964$14,249$13,571$12,928$12,317$10,316
6 years$12,345$11,636$10,967$10,338$9,746$7,842
7 years$10,475$9,772$9,114$8,500$7,926$6,120
8 years$9,073$8,376$7,729$7,130$6,575$4,865
9 years$7,983$7,293$6,657$6,073$5,537$3,921
10 years$7,112$6,428$5,804$5,235$4,718$3,194
11 years$6,399$5,723$5,110$4,556$4,058$2,623
12 years$5,806$5,136$4,535$3,996$3,516$2,167
13 years$5,305$4,642$4,052$3,528$3,066$1,801
14 years$4,875$4,219$3,640$3,132$2,688$1,502
15 years$4,503$3,854$3,287$2,793$2,367$1,257
16 years$4,178$3,536$2,980$2,501$2,092$1,056
17 years$3,891$3,257$2,712$2,247$1,855$888
18 years$3,637$3,009$2,475$2,025$1,649$749
19 years$3,409$2,789$2,266$1,830$1,470$632
20 years$3,205$2,592$2,080$1,657$1,313$535
21 years$3,020$2,414$1,913$1,504$1,175$453
22 years$2,853$2,254$1,763$1,368$1,053$383
23 years$2,700$2,108$1,628$1,245$945$325
24 years$2,560$1,975$1,505$1,136$850$276
25 years$2,431$1,853$1,394$1,037$765$234
26 years$2,313$1,742$1,293$949$689$199
27 years$2,203$1,639$1,201$868$621$169
28 years$2,102$1,545$1,116$795$560$144
29 years$2,007$1,457$1,039$729$506$122
30 years$1,920$1,376$968$669$457$104
31 years$1,837$1,301$902$615$413$88
32 years$1,761$1,231$842$565$374$75
33 years$1,689$1,166$786$520$338$64
34 years$1,621$1,105$734$478$306$55
35 years$1,558$1,048$687$440$277$46
36 years$1,498$995$642$405$251$40
37 years$1,441$945$601$373$228$34
38 years$1,388$898$563$344$207$29
39 years$1,337$854$527$317$187$24
40 years$1,289$812$494$293$170$21
41 years$1,244$773$464$270$154$18
42 years$1,201$736$435$249$140$15
43 years$1,160$702$408$230$127$13
44 years$1,120$669$383$212$115$11
45 years$1,083$638$360$196$105$9
46 years$1,048$608$338$181$95$8
47 years$1,014$581$317$167$86$7
48 years$981$554$298$155$78$6
49 years$950$529$280$143$71$5
50 years$921$506$263$132$65$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $943,000, adding $3,407 every year, while hoping to spend $27,356 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: 41/49/10 Blend
61$943,000$943,000$943,000$943,000
62$1,042,700$992,721$978,105$1,082,226
63$1,119,949$1,012,258$981,765$1,129,805
64$1,204,161$1,031,835$984,630$1,178,276
65$1,296,016$1,051,426$986,646$1,230,122
66$1,396,265$1,071,001$987,754$1,285,660
67$1,505,733$1,090,529$987,893$1,345,241
68$1,625,329$1,109,976$986,999$1,409,253
69$1,756,053$1,129,306$985,004$1,478,120
70$1,899,006$1,148,478$981,837$1,552,313
71$2,055,401$1,167,450$977,426$1,632,350
72$2,226,574$1,186,177$971,691$1,718,804
73$2,413,995$1,204,609$964,553$1,812,305
74$2,619,282$1,222,695$955,925$1,913,548
75$2,844,218$1,240,377$945,718$2,023,302
76$3,090,768$1,257,595$933,840$2,142,413
77$3,361,094$1,274,285$920,191$2,271,815
78$3,657,578$1,290,377$904,669$2,412,537
79$3,982,843$1,305,797$887,168$2,565,717
80$4,339,779$1,320,468$867,574$2,732,608
81$4,731,570$1,334,303$845,771$2,914,592
82$5,161,720$1,347,215$821,635$3,113,196
83$5,634,093$1,359,106$795,037$3,330,102
84$6,152,944$1,369,875$765,844$3,567,165
85$6,722,959$1,379,414$733,914$3,826,433
86$7,349,301$1,387,605$699,101$4,110,165
87$8,037,659$1,394,327$661,250$4,420,852
88$8,794,299$1,399,449$620,201$4,761,241
89$9,626,126$1,402,830$575,786$5,134,362
90$10,540,746$1,404,324$527,830$5,543,560
91$11,546,539$1,403,772$476,149$5,992,519
92$12,652,738$1,401,009$420,552$6,485,306
93$13,869,515$1,395,856$360,838$7,026,407
94$15,208,079$1,388,127$296,800$7,620,766
95$16,680,778$1,377,620$228,218$8,273,838
96$18,301,219$1,364,125$154,865$8,991,639
97$20,084,394$1,347,418$76,503$9,780,803
98$22,046,820$1,327,259$0$10,648,646
99$24,206,700$1,303,399$0$11,603,994
100$26,584,087$1,275,569$0$12,663,744