Can I retire at age 62 with 954,000?

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 $954,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.3%
1 years$78,780$78,079$77,394$76,726$76,073$75,342
2 years$39,000$38,274$37,570$36,887$36,225$35,488
3 years$25,742$25,012$24,310$23,634$22,983$22,263
4 years$19,114$18,387$17,692$17,027$16,392$15,695
5 years$15,138$14,415$13,729$13,078$12,461$11,789
6 years$12,489$11,771$11,095$10,459$9,860$9,214
7 years$10,597$9,886$9,220$8,599$8,019$7,399
8 years$9,179$8,474$7,820$7,213$6,652$6,059
9 years$8,076$7,378$6,735$6,144$5,602$5,035
10 years$7,195$6,503$5,872$5,296$4,773$4,231
11 years$6,474$5,789$5,169$4,609$4,105$3,588
12 years$5,874$5,196$4,588$4,043$3,557$3,065
13 years$5,366$4,696$4,099$3,569$3,102$2,634
14 years$4,932$4,268$3,683$3,169$2,719$2,275
15 years$4,556$3,899$3,325$2,826$2,394$1,973
16 years$4,227$3,578$3,015$2,530$2,116$1,717
17 years$3,937$3,295$2,743$2,273$1,876$1,498
18 years$3,679$3,045$2,504$2,049$1,668$1,311
19 years$3,449$2,822$2,292$1,851$1,487$1,149
20 years$3,242$2,622$2,104$1,677$1,328$1,010
21 years$3,055$2,442$1,935$1,522$1,189$889
22 years$2,886$2,280$1,784$1,384$1,065$783
23 years$2,731$2,132$1,647$1,260$956$691
24 years$2,590$1,998$1,523$1,149$860$610
25 years$2,460$1,875$1,411$1,050$774$540
26 years$2,340$1,762$1,308$960$697$477
27 years$2,229$1,658$1,215$878$628$423
28 years$2,126$1,563$1,129$805$567$375
29 years$2,031$1,474$1,051$738$512$332
30 years$1,942$1,392$979$677$462$295
31 years$1,859$1,316$913$622$418$261
32 years$1,781$1,245$852$572$378$232
33 years$1,708$1,179$795$526$342$206
34 years$1,640$1,118$743$484$310$183
35 years$1,576$1,060$695$445$281$163
36 years$1,515$1,006$650$410$254$145
37 years$1,458$956$608$378$230$128
38 years$1,404$908$569$348$209$114
39 years$1,353$864$534$321$189$102
40 years$1,304$822$500$296$172$90
41 years$1,258$782$469$273$156$80
42 years$1,215$745$440$252$141$72
43 years$1,173$710$413$233$128$64
44 years$1,133$677$387$215$117$57
45 years$1,096$645$364$199$106$50
46 years$1,060$615$342$183$96$45
47 years$1,026$587$321$169$87$40
48 years$993$561$302$157$79$36
49 years$961$535$284$145$72$32
50 years$931$511$267$134$65$28

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $954,000, adding $4,554 every year, while hoping to spend $55,898 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: 62/13/25 Blend
61$954,000$954,000$954,000$954,000
62$1,056,005$1,005,443$990,656$1,114,212
63$1,104,243$995,235$964,368$1,143,990
64$1,155,527$982,653$935,326$1,169,956
65$1,210,110$967,522$903,379$1,197,082
66$1,268,267$949,656$868,368$1,225,490
67$1,330,300$928,859$830,127$1,255,317
68$1,396,539$904,922$788,485$1,286,716
69$1,467,347$877,624$743,260$1,319,858
70$1,543,120$846,732$694,264$1,354,934
71$1,624,295$811,998$641,298$1,392,155
72$1,711,349$773,162$584,157$1,431,761
73$1,804,805$729,945$522,625$1,474,016
74$1,905,240$682,057$456,478$1,519,214
75$2,013,283$629,187$385,479$1,567,685
76$2,129,629$571,008$309,383$1,619,794
77$2,255,038$507,174$227,934$1,675,948
78$2,390,347$437,320$140,865$1,736,599
79$2,536,474$361,061$47,896$1,802,251
80$2,694,429$277,987$0$1,873,463
81$2,865,321$187,669$0$1,964,545
82$3,050,370$89,651$0$2,077,020
83$3,250,917$0$0$2,198,950
84$3,468,436$0$0$2,333,640
85$3,704,548$0$0$2,493,823
86$3,961,038$0$0$2,667,893
87$4,239,866$0$0$2,857,188
88$4,543,191$0$0$3,063,183
89$4,873,387$0$0$3,287,497
90$5,233,067$0$0$3,531,916
91$5,625,106$0$0$3,798,402
92$6,052,668$0$0$4,089,115
93$6,519,237$0$0$4,406,435
94$7,028,645$0$0$4,752,978
95$7,585,113$0$0$5,131,627
96$8,193,286$0$0$5,545,555
97$8,858,280$0$0$5,998,253
98$9,585,725$0$0$6,493,570
99$10,381,823$0$0$7,035,738
100$11,253,400$0$0$7,629,422