Can I retire at age 62 with 960,000?

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 $960,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.6%
1 years$79,276$78,570$77,881$77,208$76,552$76,037
2 years$39,245$38,515$37,806$37,119$36,453$35,935
3 years$25,904$25,170$24,463$23,783$23,127$22,620
4 years$19,234$18,502$17,803$17,134$16,495$16,003
5 years$15,234$14,506$13,816$13,161$12,539$12,065
6 years$12,567$11,845$11,165$10,525$9,922$9,465
7 years$10,664$9,948$9,278$8,653$8,069$7,630
8 years$9,236$8,527$7,869$7,259$6,694$6,273
9 years$8,127$7,424$6,777$6,183$5,637$5,234
10 years$7,240$6,544$5,909$5,330$4,803$4,417
11 years$6,515$5,826$5,202$4,638$4,131$3,762
12 years$5,911$5,229$4,617$4,068$3,580$3,228
13 years$5,400$4,725$4,125$3,592$3,122$2,787
14 years$4,963$4,295$3,706$3,188$2,736$2,418
15 years$4,584$3,924$3,346$2,844$2,409$2,106
16 years$4,253$3,600$3,034$2,546$2,129$1,842
17 years$3,961$3,316$2,760$2,288$1,888$1,615
18 years$3,702$3,064$2,520$2,062$1,679$1,420
19 years$3,471$2,839$2,307$1,863$1,496$1,252
20 years$3,263$2,639$2,117$1,687$1,337$1,105
21 years$3,075$2,458$1,947$1,531$1,196$978
22 years$2,904$2,294$1,795$1,392$1,072$866
23 years$2,748$2,146$1,657$1,268$962$768
24 years$2,606$2,010$1,533$1,156$865$682
25 years$2,475$1,887$1,420$1,056$778$606
26 years$2,354$1,773$1,317$966$701$540
27 years$2,243$1,669$1,223$884$632$480
28 years$2,140$1,572$1,136$810$570$428
29 years$2,044$1,483$1,058$743$515$382
30 years$1,954$1,401$985$682$465$340
31 years$1,871$1,324$918$626$421$304
32 years$1,792$1,253$857$575$381$271
33 years$1,719$1,187$800$529$344$242
34 years$1,650$1,125$748$487$312$216
35 years$1,586$1,067$699$448$282$193
36 years$1,525$1,013$654$413$256$173
37 years$1,467$962$612$380$232$155
38 years$1,413$914$573$350$210$138
39 years$1,361$869$537$323$191$124
40 years$1,312$827$503$298$173$111
41 years$1,266$787$472$275$157$99
42 years$1,222$750$443$254$142$89
43 years$1,180$714$415$234$129$79
44 years$1,141$681$390$216$117$71
45 years$1,103$649$366$200$106$64
46 years$1,067$619$344$185$97$57
47 years$1,032$591$323$170$88$51
48 years$999$564$304$158$80$46
49 years$967$539$285$146$72$41
50 years$937$515$268$135$66$37

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $960,000, adding $4,004 every year, while hoping to spend $53,023 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: 42/38/20 Blend
61$960,000$960,000$960,000$960,000
62$1,062,050$1,011,170$996,290$1,100,284
63$1,113,963$1,004,301$973,250$1,120,937
64$1,169,394$995,319$947,660$1,137,844
65$1,228,646$984,063$919,381$1,155,061
66$1,292,051$970,365$888,263$1,172,644
67$1,359,973$954,046$854,152$1,190,658
68$1,432,811$934,915$816,887$1,209,179
69$1,511,003$912,771$776,298$1,228,294
70$1,595,030$887,402$732,209$1,248,105
71$1,685,420$858,582$684,435$1,268,729
72$1,782,752$826,071$632,783$1,290,297
73$1,887,663$789,619$577,052$1,312,964
74$2,000,852$748,957$517,030$1,336,902
75$2,123,086$703,803$452,497$1,362,309
76$2,255,209$653,858$383,225$1,389,410
77$2,398,150$598,807$308,972$1,418,457
78$2,552,927$538,314$229,489$1,449,738
79$2,720,662$472,028$144,513$1,483,578
80$2,902,587$399,574$53,771$1,520,341
81$3,100,057$320,560$0$1,560,440
82$3,314,563$234,568$0$1,613,527
83$3,547,746$141,159$0$1,683,774
84$3,801,409$39,868$0$1,760,345
85$4,077,537$0$0$1,843,963
86$4,378,314$0$0$1,964,615
87$4,706,143$0$0$2,114,399
88$5,063,671$0$0$2,277,868
89$5,453,807$0$0$2,456,366
90$5,879,757$0$0$2,651,374
91$6,345,048$0$0$2,864,524
92$6,853,564$0$0$3,097,611
93$7,409,580$0$0$3,352,611
94$8,017,804$0$0$3,631,701
95$8,683,419$0$0$3,937,277
96$9,412,132$0$0$4,271,980
97$10,210,229$0$0$4,638,714
98$11,084,630$0$0$5,040,682
99$12,042,958$0$0$5,481,408
100$13,093,609$0$0$5,964,776