Can I retire at age 62 with 948,000?

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 $948,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.1%
1 years$78,285$77,588$76,907$76,243$75,595$73,708
2 years$38,755$38,033$37,334$36,655$35,998$34,108
3 years$25,580$24,855$24,157$23,485$22,838$21,006
4 years$18,994$18,271$17,580$16,920$16,288$14,527
5 years$15,043$14,325$13,643$12,996$12,382$10,697
6 years$12,410$11,697$11,026$10,393$9,798$8,190
7 years$10,530$9,823$9,162$8,545$7,968$6,438
8 years$9,121$8,420$7,770$7,168$6,610$5,157
9 years$8,025$7,331$6,693$6,106$5,567$4,189
10 years$7,149$6,462$5,835$5,263$4,743$3,440
11 years$6,433$5,753$5,137$4,580$4,079$2,849
12 years$5,837$5,164$4,559$4,018$3,535$2,374
13 years$5,333$4,666$4,073$3,547$3,083$1,990
14 years$4,901$4,242$3,660$3,149$2,702$1,675
15 years$4,527$3,875$3,304$2,808$2,379$1,415
16 years$4,200$3,555$2,996$2,514$2,103$1,199
17 years$3,912$3,274$2,726$2,259$1,864$1,018
18 years$3,656$3,025$2,488$2,036$1,658$867
19 years$3,427$2,804$2,278$1,840$1,478$739
20 years$3,222$2,606$2,091$1,666$1,320$631
21 years$3,036$2,427$1,923$1,512$1,181$540
22 years$2,868$2,265$1,772$1,375$1,059$462
23 years$2,714$2,119$1,636$1,252$950$396
24 years$2,573$1,985$1,513$1,142$854$339
25 years$2,444$1,863$1,402$1,043$769$291
26 years$2,325$1,751$1,300$954$692$250
27 years$2,215$1,648$1,207$873$624$215
28 years$2,113$1,553$1,122$800$563$184
29 years$2,018$1,465$1,044$733$509$158
30 years$1,930$1,383$973$673$460$136
31 years$1,847$1,308$907$618$415$117
32 years$1,770$1,237$846$568$376$101
33 years$1,698$1,172$790$522$340$87
34 years$1,630$1,111$738$481$308$75
35 years$1,566$1,053$690$442$279$64
36 years$1,506$1,000$646$407$253$55
37 years$1,449$950$604$375$229$48
38 years$1,395$902$566$346$208$41
39 years$1,344$858$530$319$188$35
40 years$1,296$816$497$294$171$30
41 years$1,250$777$466$272$155$26
42 years$1,207$740$437$251$141$23
43 years$1,166$705$410$231$128$19
44 years$1,126$672$385$214$116$17
45 years$1,089$641$362$197$105$14
46 years$1,053$612$340$182$95$12
47 years$1,019$584$319$168$87$11
48 years$987$557$300$156$79$9
49 years$955$532$282$144$72$8
50 years$926$508$265$133$65$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $948,000, adding $6,201 every year, while hoping to spend $39,763 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: 43/46/11 Blend
61$948,000$948,000$948,000$948,000
62$1,051,092$1,000,848$986,154$1,092,683
63$1,115,996$1,007,582$976,883$1,129,047
64$1,186,188$1,013,314$965,968$1,163,926
65$1,262,164$1,017,951$953,313$1,200,823
66$1,344,472$1,021,398$938,817$1,239,940
67$1,433,712$1,023,551$922,371$1,281,500
68$1,530,547$1,024,301$903,867$1,325,750
69$1,635,702$1,023,531$883,186$1,372,965
70$1,749,978$1,021,118$860,207$1,423,452
71$1,874,254$1,016,932$834,802$1,477,549
72$2,009,499$1,010,832$806,839$1,535,633
73$2,156,777$1,002,671$776,177$1,598,122
74$2,317,259$992,294$742,670$1,665,479
75$2,492,237$979,533$706,166$1,738,218
76$2,683,128$964,214$666,506$1,816,908
77$2,891,496$946,149$623,523$1,902,182
78$3,119,060$925,142$577,043$1,994,739
79$3,367,714$900,984$526,883$2,095,355
80$3,639,542$873,452$472,854$2,204,889
81$3,936,837$842,314$414,758$2,324,294
82$4,262,129$807,321$352,386$2,454,623
83$4,618,197$768,211$285,522$2,597,044
84$5,008,106$724,707$213,940$2,752,850
85$5,435,230$676,514$137,404$2,923,470
86$5,903,284$623,324$55,668$3,110,489
87$6,416,360$564,808$0$3,315,656
88$6,978,964$500,618$0$3,544,615
89$7,596,060$430,390$0$3,803,018
90$8,273,114$353,736$0$4,086,728
91$9,016,150$270,247$0$4,398,402
92$9,831,799$179,491$0$4,740,974
93$10,727,369$81,012$0$5,117,685
94$11,710,907$0$0$5,532,118
95$12,791,281$0$0$6,001,223
96$13,978,257$0$0$6,561,792
97$15,282,597$0$0$7,177,915
98$16,716,154$0$0$7,855,208
99$18,291,987$0$0$8,599,856
100$20,024,485$0$0$9,418,676