Can I retire at age 62 with 961,000?

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 $961,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.5%
1 years$79,358$78,652$77,962$77,289$76,631$75,517
2 years$39,286$38,555$37,846$37,158$36,491$35,371
3 years$25,931$25,196$24,489$23,808$23,152$22,060
4 years$19,254$18,522$17,821$17,152$16,512$15,458
5 years$15,249$14,521$13,830$13,174$12,552$11,538
6 years$12,580$11,858$11,177$10,536$9,932$8,960
7 years$10,675$9,958$9,288$8,662$8,077$7,147
8 years$9,246$8,536$7,877$7,266$6,701$5,812
9 years$8,135$7,432$6,784$6,189$5,643$4,796
10 years$7,248$6,551$5,915$5,335$4,808$4,001
11 years$6,522$5,832$5,207$4,643$4,135$3,368
12 years$5,917$5,234$4,621$4,073$3,584$2,855
13 years$5,406$4,730$4,129$3,596$3,125$2,435
14 years$4,968$4,300$3,710$3,192$2,739$2,086
15 years$4,589$3,928$3,349$2,847$2,412$1,794
16 years$4,258$3,604$3,037$2,549$2,132$1,548
17 years$3,966$3,319$2,763$2,290$1,890$1,340
18 years$3,706$3,067$2,523$2,064$1,681$1,162
19 years$3,474$2,842$2,309$1,865$1,498$1,010
20 years$3,266$2,641$2,119$1,689$1,338$880
21 years$3,078$2,460$1,949$1,533$1,197$767
22 years$2,907$2,297$1,797$1,394$1,073$670
23 years$2,751$2,148$1,659$1,269$963$586
24 years$2,609$2,012$1,534$1,158$866$513
25 years$2,478$1,889$1,421$1,057$779$449
26 years$2,357$1,775$1,318$967$702$393
27 years$2,245$1,670$1,224$885$633$345
28 years$2,142$1,574$1,138$811$571$303
29 years$2,046$1,485$1,059$743$516$266
30 years$1,956$1,402$986$682$466$234
31 years$1,873$1,326$919$627$421$205
32 years$1,794$1,254$858$576$381$180
33 years$1,721$1,188$801$530$345$159
34 years$1,652$1,126$748$487$312$139
35 years$1,587$1,068$700$449$283$123
36 years$1,526$1,014$654$413$256$108
37 years$1,469$963$613$381$232$95
38 years$1,414$915$574$351$211$84
39 years$1,363$870$537$323$191$74
40 years$1,314$828$504$298$173$65
41 years$1,268$788$472$275$157$57
42 years$1,223$750$443$254$143$50
43 years$1,182$715$416$235$129$44
44 years$1,142$681$390$217$117$39
45 years$1,104$650$366$200$107$34
46 years$1,068$620$344$185$97$30
47 years$1,033$592$323$171$88$27
48 years$1,000$565$304$158$80$23
49 years$968$539$286$146$72$21
50 years$938$515$269$135$66$18

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $961,000, adding $3,216 every year, while hoping to spend $41,270 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: 53/33/14 Blend
61$961,000$961,000$961,000$961,000
62$1,062,339$1,011,406$996,511$1,114,525
63$1,126,787$1,017,054$985,983$1,156,137
64$1,196,425$1,021,596$973,719$1,196,711
65$1,271,740$1,024,933$959,618$1,239,921
66$1,353,264$1,026,962$943,572$1,286,027
67$1,441,587$1,027,573$925,471$1,335,319
68$1,537,352$1,026,647$905,198$1,388,115
69$1,641,270$1,024,061$882,631$1,444,770
70$1,754,122$1,019,682$857,641$1,505,675
71$1,876,765$1,013,370$830,095$1,571,265
72$2,010,146$1,004,976$799,854$1,642,019
73$2,155,304$994,342$766,772$1,718,468
74$2,313,381$981,301$730,695$1,801,202
75$2,485,636$965,675$691,463$1,890,869
76$2,673,455$947,277$648,911$1,988,191
77$2,878,361$925,907$602,863$2,093,964
78$3,102,032$901,355$553,138$2,209,067
79$3,346,315$873,397$499,544$2,334,475
80$3,613,243$841,798$441,882$2,471,266
81$3,905,054$806,306$379,946$2,620,629
82$4,224,213$766,659$313,517$2,783,881
83$4,573,433$722,575$242,370$2,962,478
84$4,955,700$673,759$166,267$3,158,028
85$5,374,307$619,897$84,962$3,372,309
86$5,832,874$560,661$0$3,607,285
87$6,335,393$495,698$0$3,865,396
88$6,886,256$424,641$0$4,162,333
89$7,490,305$347,099$0$4,488,081
90$8,152,868$262,659$0$4,845,611
91$8,879,818$170,886$0$5,238,201
92$9,677,619$71,320$0$5,669,468
93$10,553,397$0$0$6,143,405
94$11,514,997$0$0$6,677,679
95$12,571,062$0$0$7,292,980
96$13,731,114$0$0$7,968,968
97$15,005,642$0$0$8,711,768
98$16,406,202$0$0$9,528,127
99$17,945,523$0$0$10,425,480
100$19,637,631$0$0$11,412,015