Can I retire at age 62 with 950,000?

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 $950,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.6%
1 years$78,450$77,751$77,070$76,404$75,754$73,714
2 years$38,837$38,113$37,412$36,733$36,073$34,032
3 years$25,634$24,908$24,208$23,535$22,887$20,908
4 years$19,034$18,310$17,617$16,956$16,323$14,423
5 years$15,075$14,355$13,672$13,024$12,408$10,592
6 years$12,436$11,722$11,049$10,415$9,818$8,088
7 years$10,552$9,844$9,182$8,563$7,985$6,340
8 years$9,140$8,438$7,787$7,183$6,624$5,064
9 years$8,042$7,347$6,707$6,118$5,579$4,101
10 years$7,165$6,476$5,847$5,274$4,753$3,357
11 years$6,447$5,765$5,148$4,590$4,088$2,771
12 years$5,849$5,175$4,568$4,026$3,543$2,302
13 years$5,344$4,676$4,082$3,554$3,089$1,923
14 years$4,911$4,251$3,667$3,155$2,708$1,613
15 years$4,536$3,883$3,311$2,814$2,384$1,358
16 years$4,209$3,563$3,002$2,520$2,107$1,147
17 years$3,920$3,281$2,732$2,264$1,868$970
18 years$3,664$3,032$2,494$2,040$1,661$823
19 years$3,435$2,810$2,283$1,843$1,481$699
20 years$3,229$2,611$2,095$1,670$1,323$595
21 years$3,043$2,432$1,927$1,515$1,184$507
22 years$2,874$2,270$1,776$1,378$1,061$432
23 years$2,720$2,123$1,640$1,255$952$369
24 years$2,579$1,989$1,517$1,144$856$315
25 years$2,449$1,867$1,405$1,045$770$269
26 years$2,330$1,755$1,303$956$694$230
27 years$2,220$1,651$1,210$875$626$197
28 years$2,117$1,556$1,125$801$564$168
29 years$2,022$1,468$1,047$735$510$144
30 years$1,934$1,386$975$674$461$123
31 years$1,851$1,311$909$619$416$106
32 years$1,774$1,240$848$569$377$90
33 years$1,701$1,174$792$523$341$78
34 years$1,633$1,113$740$482$309$66
35 years$1,569$1,056$692$443$280$57
36 years$1,509$1,002$647$408$253$49
37 years$1,452$952$606$376$230$42
38 years$1,398$904$567$347$208$36
39 years$1,347$860$531$320$189$31
40 years$1,299$818$498$295$171$26
41 years$1,253$779$467$272$155$23
42 years$1,209$742$438$251$141$19
43 years$1,168$707$411$232$128$17
44 years$1,129$674$386$214$116$14
45 years$1,091$642$362$198$105$12
46 years$1,055$613$340$183$96$10
47 years$1,021$585$320$169$87$9
48 years$989$558$300$156$79$8
49 years$957$533$282$144$72$7
50 years$928$509$265$133$65$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $950,000, adding $5,825 every year, while hoping to spend $58,146 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: 59/17/24 Blend
61$950,000$950,000$950,000$950,000
62$1,052,908$1,002,558$987,833$1,107,929
63$1,098,438$989,817$959,059$1,133,318
64$1,146,663$974,502$927,372$1,154,231
65$1,197,797$956,427$892,613$1,175,786
66$1,252,073$935,393$854,616$1,198,058
67$1,309,746$911,189$813,207$1,221,132
68$1,371,096$883,592$768,205$1,245,106
69$1,436,427$852,368$719,420$1,270,089
70$1,506,075$817,267$666,653$1,296,204
71$1,580,406$778,024$609,697$1,323,592
72$1,659,821$734,361$548,336$1,352,411
73$1,744,760$685,982$482,342$1,382,837
74$1,835,706$632,574$411,480$1,415,071
75$1,933,186$573,809$335,504$1,449,336
76$2,037,783$509,337$254,154$1,485,884
77$2,150,131$438,789$167,163$1,524,996
78$2,270,931$361,776$74,249$1,566,987
79$2,400,949$277,887$0$1,612,212
80$2,541,028$186,685$0$1,667,442
81$2,692,093$87,713$0$1,747,445
82$2,855,161$0$0$1,833,763
83$3,031,349$0$0$1,930,680
84$3,221,884$0$0$2,053,294
85$3,428,117$0$0$2,186,075
86$3,651,529$0$0$2,329,984
87$3,893,752$0$0$2,486,082
88$4,156,580$0$0$2,655,532
89$4,441,985$0$0$2,839,616
90$4,752,136$0$0$3,039,743
91$5,089,420$0$0$3,257,464
92$5,456,463$0$0$3,494,483
93$5,856,154$0$0$3,752,678
94$6,291,672$0$0$4,034,115
95$6,766,515$0$0$4,341,066
96$7,284,536$0$0$4,676,033
97$7,849,971$0$0$5,041,770
98$8,467,487$0$0$5,441,310
99$9,142,218$0$0$5,877,989
100$9,879,821$0$0$6,355,481