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%19.7%
1 years$78,450$77,751$77,070$76,404$75,754$72,806
2 years$38,837$38,113$37,412$36,733$36,073$33,139
3 years$25,634$24,908$24,208$23,535$22,887$20,058
4 years$19,034$18,310$17,617$16,956$16,323$13,622
5 years$15,075$14,355$13,672$13,024$12,408$9,842
6 years$12,436$11,722$11,049$10,415$9,818$7,388
7 years$10,552$9,844$9,182$8,563$7,985$5,689
8 years$9,140$8,438$7,787$7,183$6,624$4,462
9 years$8,042$7,347$6,707$6,118$5,579$3,546
10 years$7,165$6,476$5,847$5,274$4,753$2,847
11 years$6,447$5,765$5,148$4,590$4,088$2,303
12 years$5,849$5,175$4,568$4,026$3,543$1,874
13 years$5,344$4,676$4,082$3,554$3,089$1,533
14 years$4,911$4,251$3,667$3,155$2,708$1,258
15 years$4,536$3,883$3,311$2,814$2,384$1,036
16 years$4,209$3,563$3,002$2,520$2,107$856
17 years$3,920$3,281$2,732$2,264$1,868$708
18 years$3,664$3,032$2,494$2,040$1,661$587
19 years$3,435$2,810$2,283$1,843$1,481$487
20 years$3,229$2,611$2,095$1,670$1,323$404
21 years$3,043$2,432$1,927$1,515$1,184$336
22 years$2,874$2,270$1,776$1,378$1,061$280
23 years$2,720$2,123$1,640$1,255$952$233
24 years$2,579$1,989$1,517$1,144$856$194
25 years$2,449$1,867$1,405$1,045$770$162
26 years$2,330$1,755$1,303$956$694$135
27 years$2,220$1,651$1,210$875$626$113
28 years$2,117$1,556$1,125$801$564$94
29 years$2,022$1,468$1,047$735$510$78
30 years$1,934$1,386$975$674$461$65
31 years$1,851$1,311$909$619$416$55
32 years$1,774$1,240$848$569$377$46
33 years$1,701$1,174$792$523$341$38
34 years$1,633$1,113$740$482$309$32
35 years$1,569$1,056$692$443$280$27
36 years$1,509$1,002$647$408$253$22
37 years$1,452$952$606$376$230$19
38 years$1,398$904$567$347$208$15
39 years$1,347$860$531$320$189$13
40 years$1,299$818$498$295$171$11
41 years$1,253$779$467$272$155$9
42 years$1,209$742$438$251$141$8
43 years$1,168$707$411$232$128$6
44 years$1,129$674$386$214$116$5
45 years$1,091$642$362$198$105$4
46 years$1,055$613$340$183$96$4
47 years$1,021$585$320$169$87$3
48 years$989$558$300$156$79$3
49 years$957$533$282$144$72$2
50 years$928$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 $950,000, adding $3,993 every year, while hoping to spend $42,310 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: 70/20/10 Blend
61$950,000$950,000$950,000$950,000
62$1,051,019$1,000,669$985,944$1,122,245
63$1,113,205$1,004,684$973,955$1,173,974
64$1,180,317$1,007,478$960,147$1,225,022
65$1,252,811$1,008,946$944,414$1,279,750
66$1,331,190$1,008,977$926,645$1,338,510
67$1,416,008$1,007,454$906,724$1,401,691
68$1,507,872$1,004,250$884,530$1,469,725
69$1,607,451$999,234$859,938$1,543,086
70$1,715,478$992,264$832,813$1,622,297
71$1,832,762$983,190$803,017$1,707,936
72$1,960,192$971,854$770,406$1,800,640
73$2,098,744$958,089$734,828$1,901,113
74$2,249,496$941,715$696,125$2,010,131
75$2,413,630$922,544$654,130$2,128,550
76$2,592,448$900,376$608,671$2,257,316
77$2,787,383$875,000$559,567$2,397,469
78$3,000,012$846,191$506,629$2,550,161
79$3,232,072$813,713$449,659$2,716,661
80$3,485,472$777,314$388,452$2,898,369
81$3,762,317$736,729$322,792$3,096,830
82$4,064,922$691,677$252,454$3,313,747
83$4,395,836$641,862$177,203$3,551,002
84$4,757,867$586,968$96,795$3,810,669
85$5,154,105$526,665$10,973$4,095,035
86$5,587,953$460,602$0$4,406,626
87$6,063,161$388,407$0$4,756,828
88$6,583,854$309,690$0$5,141,920
89$7,154,579$224,037$0$5,564,150
90$7,780,342$131,011$0$6,027,286
91$8,466,656$30,150$0$6,535,487
92$9,219,596$0$0$7,093,335
93$10,045,849$0$0$7,723,274
94$10,952,785$0$0$8,422,063
95$11,948,519$0$0$9,189,324
96$13,041,992$0$0$10,031,955
97$14,243,054$0$0$10,957,552
98$15,562,553$0$0$11,974,483
99$17,012,443$0$0$13,091,968
100$18,605,890$0$0$14,320,163