Can I retire at age 62 with 948,000?

Use the below retirement simulation to view the chances of a successful retirement.
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%15.1%
1 years$78,285$77,588$76,907$76,243$75,595$74,008
2 years$38,755$38,033$37,334$36,655$35,998$34,406
3 years$25,580$24,855$24,157$23,485$22,838$21,292
4 years$18,994$18,271$17,580$16,920$16,288$14,800
5 years$15,043$14,325$13,643$12,996$12,382$10,955
6 years$12,410$11,697$11,026$10,393$9,798$8,433
7 years$10,530$9,823$9,162$8,545$7,968$6,667
8 years$9,121$8,420$7,770$7,168$6,610$5,372
9 years$8,025$7,331$6,693$6,106$5,567$4,390
10 years$7,149$6,462$5,835$5,263$4,743$3,627
11 years$6,433$5,753$5,137$4,580$4,079$3,023
12 years$5,837$5,164$4,559$4,018$3,535$2,536
13 years$5,333$4,666$4,073$3,547$3,083$2,140
14 years$4,901$4,242$3,660$3,149$2,702$1,813
15 years$4,527$3,875$3,304$2,808$2,379$1,543
16 years$4,200$3,555$2,996$2,514$2,103$1,316
17 years$3,912$3,274$2,726$2,259$1,864$1,126
18 years$3,656$3,025$2,488$2,036$1,658$966
19 years$3,427$2,804$2,278$1,840$1,478$830
20 years$3,222$2,606$2,091$1,666$1,320$714
21 years$3,036$2,427$1,923$1,512$1,181$615
22 years$2,868$2,265$1,772$1,375$1,059$531
23 years$2,714$2,119$1,636$1,252$950$458
24 years$2,573$1,985$1,513$1,142$854$396
25 years$2,444$1,863$1,402$1,043$769$342
26 years$2,325$1,751$1,300$954$692$296
27 years$2,215$1,648$1,207$873$624$256
28 years$2,113$1,553$1,122$800$563$222
29 years$2,018$1,465$1,044$733$509$193
30 years$1,930$1,383$973$673$460$167
31 years$1,847$1,308$907$618$415$145
32 years$1,770$1,237$846$568$376$126
33 years$1,698$1,172$790$522$340$109
34 years$1,630$1,111$738$481$308$94
35 years$1,566$1,053$690$442$279$82
36 years$1,506$1,000$646$407$253$71
37 years$1,449$950$604$375$229$62
38 years$1,395$902$566$346$208$54
39 years$1,344$858$530$319$188$47
40 years$1,296$816$497$294$171$40
41 years$1,250$777$466$272$155$35
42 years$1,207$740$437$251$141$30
43 years$1,166$705$410$231$128$26
44 years$1,126$672$385$214$116$23
45 years$1,089$641$362$197$105$20
46 years$1,053$612$340$182$95$17
47 years$1,019$584$319$168$87$15
48 years$987$557$300$156$79$13
49 years$955$532$282$144$72$11
50 years$926$508$265$133$65$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $948,000, adding $3,506 every year, while hoping to spend $21,308 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: 52/43/5 Blend
61$948,000$948,000$948,000$948,000
62$1,048,312$998,068$983,374$1,101,465
63$1,132,569$1,024,302$993,646$1,164,104
64$1,224,705$1,051,107$1,003,547$1,229,559
65$1,325,503$1,078,489$1,013,044$1,300,217
66$1,435,822$1,106,453$1,022,099$1,376,574
67$1,556,610$1,135,003$1,030,673$1,459,171
68$1,688,909$1,164,144$1,038,726$1,548,605
69$1,833,870$1,193,879$1,046,215$1,645,536
70$1,992,756$1,224,210$1,053,094$1,750,686
71$2,166,961$1,255,140$1,059,317$1,864,854
72$2,358,020$1,286,671$1,064,833$1,988,915
73$2,567,622$1,318,803$1,069,590$2,123,836
74$2,797,631$1,351,535$1,073,532$2,270,682
75$3,050,095$1,384,866$1,076,602$2,430,624
76$3,327,275$1,418,795$1,078,738$2,604,953
77$3,631,659$1,453,317$1,079,877$2,795,089
78$3,965,987$1,488,429$1,079,952$3,002,597
79$4,333,279$1,524,124$1,078,892$3,229,203
80$4,736,862$1,560,395$1,076,624$3,476,804
81$5,180,401$1,597,233$1,073,069$3,747,494
82$5,667,933$1,634,628$1,068,148$4,043,578
83$6,203,906$1,672,568$1,061,774$4,367,593
84$6,793,219$1,711,039$1,053,859$4,722,339
85$7,441,273$1,750,026$1,044,309$5,110,895
86$8,154,016$1,789,510$1,033,026$5,536,660
87$8,938,001$1,829,471$1,019,908$6,003,372
88$9,800,449$1,869,887$1,004,847$6,515,156
89$10,749,316$1,910,733$987,731$7,076,552
90$11,793,368$1,951,981$968,442$7,692,566
91$12,942,264$1,993,600$946,856$8,368,711
92$14,206,645$2,035,556$922,846$9,111,066
93$15,598,237$2,077,813$896,276$9,926,324
94$17,129,961$2,120,330$867,005$10,821,866
95$18,816,053$2,163,062$834,885$11,805,821
96$20,672,200$2,205,961$799,763$12,887,149
97$22,715,686$2,248,975$761,477$14,075,723
98$24,965,558$2,292,047$719,859$15,382,423
99$27,442,802$2,335,114$674,731$16,819,237
100$30,170,544$2,378,111$625,911$18,399,380