Can I retire at age 62 with 949,000?

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 $949,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.8%
1 years$78,368$77,669$76,988$76,324$75,675$72,701
2 years$38,796$38,073$37,373$36,694$36,036$33,076
3 years$25,607$24,881$24,183$23,510$22,862$20,010
4 years$19,014$18,290$17,599$16,938$16,306$13,582
5 years$15,059$14,340$13,657$13,010$12,395$9,808
6 years$12,423$11,710$11,037$10,404$9,808$7,358
7 years$10,541$9,834$9,172$8,554$7,977$5,664
8 years$9,131$8,429$7,779$7,176$6,617$4,439
9 years$8,034$7,339$6,700$6,112$5,573$3,526
10 years$7,157$6,469$5,841$5,269$4,748$2,828
11 years$6,440$5,759$5,142$4,585$4,084$2,287
12 years$5,843$5,169$4,564$4,022$3,539$1,860
13 years$5,338$4,671$4,077$3,551$3,086$1,520
14 years$4,906$4,246$3,663$3,152$2,705$1,247
15 years$4,532$3,879$3,308$2,811$2,382$1,026
16 years$4,204$3,559$2,999$2,517$2,105$847
17 years$3,916$3,278$2,729$2,261$1,866$700
18 years$3,660$3,029$2,491$2,038$1,660$580
19 years$3,431$2,807$2,280$1,842$1,479$481
20 years$3,225$2,608$2,093$1,668$1,321$399
21 years$3,039$2,430$1,925$1,514$1,182$332
22 years$2,871$2,268$1,774$1,376$1,060$276
23 years$2,717$2,121$1,638$1,253$951$229
24 years$2,576$1,987$1,515$1,143$855$191
25 years$2,447$1,865$1,403$1,044$769$159
26 years$2,327$1,753$1,301$955$693$133
27 years$2,217$1,650$1,209$874$625$110
28 years$2,115$1,554$1,123$801$564$92
29 years$2,020$1,466$1,045$734$509$77
30 years$1,932$1,385$974$674$460$64
31 years$1,849$1,309$908$619$416$53
32 years$1,772$1,239$847$569$376$45
33 years$1,700$1,173$791$523$340$37
34 years$1,632$1,112$739$481$308$31
35 years$1,568$1,055$691$443$279$26
36 years$1,507$1,001$646$408$253$22
37 years$1,450$951$605$376$229$18
38 years$1,397$903$566$346$208$15
39 years$1,346$859$531$319$189$13
40 years$1,297$817$497$295$171$10
41 years$1,252$778$466$272$155$9
42 years$1,208$741$438$251$141$7
43 years$1,167$706$411$232$128$6
44 years$1,128$673$385$214$116$5
45 years$1,090$642$362$197$105$4
46 years$1,054$612$340$182$96$4
47 years$1,020$584$319$169$87$3
48 years$988$558$300$156$79$2
49 years$956$533$282$144$72$2
50 years$927$509$265$133$65$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $949,000, adding $5,689 every year, while hoping to spend $43,164 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: 55/15/30 Blend
61$949,000$949,000$949,000$949,000
62$1,051,666$1,001,369$986,660$1,100,463
63$1,113,010$1,004,510$973,787$1,137,953
64$1,179,164$1,006,358$959,036$1,173,873
65$1,250,574$1,006,805$942,298$1,212,145
66$1,327,728$1,005,734$923,461$1,253,012
67$1,411,164$1,003,023$902,405$1,296,744
68$1,501,473$998,541$879,006$1,343,641
69$1,599,304$992,150$853,133$1,394,033
70$1,705,372$983,704$824,651$1,448,289
71$1,820,460$973,046$793,418$1,506,815
72$1,945,434$960,012$759,284$1,570,064
73$2,081,243$944,427$722,095$1,638,535
74$2,228,931$926,106$681,686$1,712,783
75$2,389,649$904,852$637,890$1,793,420
76$2,564,661$880,457$590,527$1,881,126
77$2,755,359$852,703$539,412$1,976,652
78$2,963,275$821,355$484,352$2,080,830
79$3,190,095$786,167$425,144$2,194,580
80$3,437,674$746,879$361,576$2,318,921
81$3,708,056$703,214$293,427$2,454,980
82$4,003,488$654,882$220,467$2,604,001
83$4,326,446$601,574$142,456$2,767,362
84$4,679,656$542,964$59,140$2,946,586
85$5,066,119$478,707$0$3,143,357
86$5,489,139$408,439$0$3,369,064
87$5,952,354$331,776$0$3,637,058
88$6,459,773$248,311$0$3,930,751
89$7,015,806$157,615$0$4,252,748
90$7,625,315$59,235$0$4,605,925
91$8,293,651$0$0$4,993,449
92$9,026,710$0$0$5,426,621
93$9,830,986$0$0$5,912,691
94$10,713,629$0$0$6,446,216
95$11,682,518$0$0$7,031,969
96$12,746,330$0$0$7,675,209
97$13,914,626$0$0$8,381,727
98$15,197,935$0$0$9,157,905
99$16,607,859$0$0$10,010,772
100$18,157,176$0$0$10,948,073