Can I retire at age 62 with 944,000?

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 $944,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.9%
1 years$77,955$77,260$76,583$75,922$75,276$72,866
2 years$38,591$37,873$37,176$36,501$35,846$33,440
3 years$25,472$24,750$24,055$23,386$22,742$20,416
4 years$18,914$18,194$17,506$16,849$16,220$13,991
5 years$14,980$14,264$13,586$12,941$12,330$10,205
6 years$12,358$11,648$10,979$10,349$9,756$7,737
7 years$10,486$9,782$9,124$8,509$7,934$6,020
8 years$9,082$8,385$7,738$7,138$6,582$4,772
9 years$7,992$7,301$6,664$6,080$5,543$3,834
10 years$7,119$6,435$5,810$5,241$4,723$3,113
11 years$6,406$5,729$5,115$4,561$4,062$2,548
12 years$5,812$5,142$4,540$4,001$3,520$2,099
13 years$5,310$4,647$4,056$3,532$3,070$1,738
14 years$4,880$4,224$3,644$3,135$2,691$1,445
15 years$4,508$3,858$3,290$2,796$2,369$1,205
16 years$4,182$3,540$2,983$2,504$2,094$1,008
17 years$3,895$3,260$2,714$2,250$1,857$845
18 years$3,641$3,013$2,478$2,027$1,651$710
19 years$3,413$2,792$2,268$1,832$1,471$597
20 years$3,208$2,595$2,082$1,659$1,314$503
21 years$3,023$2,417$1,915$1,506$1,176$424
22 years$2,856$2,256$1,765$1,369$1,054$358
23 years$2,703$2,110$1,630$1,247$946$302
24 years$2,562$1,977$1,507$1,137$851$256
25 years$2,434$1,855$1,396$1,039$765$216
26 years$2,315$1,744$1,295$950$689$183
27 years$2,206$1,641$1,202$869$622$155
28 years$2,104$1,546$1,118$796$561$131
29 years$2,010$1,459$1,040$730$506$111
30 years$1,922$1,378$969$670$458$94
31 years$1,839$1,302$903$616$414$80
32 years$1,763$1,232$843$566$374$67
33 years$1,691$1,167$787$520$339$57
34 years$1,623$1,106$735$479$307$48
35 years$1,559$1,049$687$441$278$41
36 years$1,499$996$643$406$252$35
37 years$1,443$946$602$374$228$30
38 years$1,389$899$564$345$207$25
39 years$1,339$855$528$318$188$21
40 years$1,291$813$495$293$170$18
41 years$1,245$774$464$270$154$15
42 years$1,202$737$435$250$140$13
43 years$1,161$702$408$230$127$11
44 years$1,122$669$383$213$115$9
45 years$1,084$638$360$196$105$8
46 years$1,049$609$338$181$95$7
47 years$1,015$581$318$168$86$6
48 years$982$555$298$155$78$5
49 years$951$530$281$143$71$4
50 years$922$506$264$132$65$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $944,000, adding $5,560 every year, while hoping to spend $37,542 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: 58/37/5 Blend
61$944,000$944,000$944,000$944,000
62$1,046,023$995,991$981,359$1,105,409
63$1,112,773$1,004,850$974,290$1,154,753
64$1,185,073$1,012,885$965,726$1,203,740
65$1,263,450$1,020,016$955,578$1,256,181
66$1,348,483$1,026,158$943,750$1,312,409
67$1,440,808$1,031,219$930,146$1,372,790
68$1,541,126$1,035,104$914,661$1,437,729
69$1,650,206$1,037,710$897,188$1,507,674
70$1,768,898$1,038,929$877,614$1,583,118
71$1,898,133$1,038,643$855,821$1,664,606
72$2,038,937$1,036,731$831,686$1,752,740
73$2,192,439$1,033,062$805,079$1,848,186
74$2,359,884$1,027,498$775,864$1,951,675
75$2,542,637$1,019,891$743,901$2,064,020
76$2,742,206$1,010,085$709,042$2,186,113
77$2,960,248$997,916$671,132$2,318,944
78$3,198,588$983,209$630,009$2,463,601
79$3,459,235$965,777$585,505$2,621,289
80$3,744,401$945,424$537,444$2,793,336
81$4,056,523$921,943$485,641$2,981,209
82$4,398,282$895,111$429,903$3,186,527
83$4,772,632$864,697$370,031$3,411,077
84$5,182,826$830,453$305,812$3,656,832
85$5,632,447$792,118$237,029$3,925,968
86$6,125,439$749,415$163,453$4,220,889
87$6,666,149$702,051$84,844$4,544,247
88$7,259,363$649,718$953$4,898,968
89$7,910,353$592,089$0$5,288,281
90$8,624,925$528,817$0$5,720,475
91$9,409,476$459,539$0$6,195,119
92$10,271,054$383,867$0$6,716,517
93$11,217,419$301,394$0$7,289,470
94$12,257,123$211,690$0$7,919,277
95$13,399,587$114,299$0$8,611,784
96$14,655,187$8,742$0$9,373,436
97$16,035,356$0$0$10,211,344
98$17,552,691$0$0$11,176,301
99$19,221,069$0$0$12,241,317
100$21,055,778$0$0$13,412,603