Can I retire at age 62 with 964,000?

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 $964,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.2%
1 years$79,606$78,897$78,205$77,530$76,871$74,921
2 years$39,409$38,675$37,964$37,274$36,605$34,654
3 years$26,012$25,275$24,565$23,882$23,224$21,331
4 years$19,314$18,579$17,877$17,206$16,563$14,745
5 years$15,297$14,567$13,873$13,215$12,591$10,851
6 years$12,620$11,895$11,212$10,569$9,963$8,303
7 years$10,708$9,989$9,317$8,689$8,103$6,524
8 years$9,275$8,563$7,902$7,289$6,722$5,223
9 years$8,161$7,455$6,806$6,209$5,661$4,240
10 years$7,270$6,571$5,933$5,352$4,823$3,480
11 years$6,542$5,850$5,224$4,658$4,148$2,879
12 years$5,935$5,251$4,636$4,085$3,595$2,399
13 years$5,423$4,745$4,142$3,607$3,135$2,009
14 years$4,984$4,313$3,721$3,202$2,748$1,690
15 years$4,603$3,940$3,360$2,855$2,419$1,427
16 years$4,271$3,615$3,046$2,557$2,138$1,208
17 years$3,978$3,329$2,772$2,297$1,896$1,025
18 years$3,718$3,076$2,530$2,070$1,686$872
19 years$3,485$2,851$2,317$1,871$1,503$743
20 years$3,276$2,650$2,126$1,694$1,342$634
21 years$3,088$2,468$1,955$1,538$1,201$542
22 years$2,916$2,304$1,802$1,398$1,077$463
23 years$2,760$2,155$1,664$1,273$966$397
24 years$2,617$2,019$1,539$1,161$869$340
25 years$2,485$1,894$1,425$1,061$782$291
26 years$2,364$1,781$1,322$970$704$250
27 years$2,252$1,676$1,228$888$635$214
28 years$2,149$1,579$1,141$813$573$184
29 years$2,052$1,490$1,062$746$517$158
30 years$1,962$1,407$989$684$467$136
31 years$1,878$1,330$922$629$422$117
32 years$1,800$1,258$860$578$382$100
33 years$1,726$1,192$803$531$346$86
34 years$1,657$1,129$751$489$313$74
35 years$1,592$1,071$702$450$284$64
36 years$1,531$1,017$657$414$257$55
37 years$1,473$966$614$382$233$47
38 years$1,419$918$575$352$211$41
39 years$1,367$873$539$324$191$35
40 years$1,318$830$505$299$174$30
41 years$1,271$790$474$276$158$26
42 years$1,227$753$444$255$143$22
43 years$1,185$717$417$235$130$19
44 years$1,145$684$392$217$118$16
45 years$1,107$652$368$201$107$14
46 years$1,071$622$345$185$97$12
47 years$1,036$593$324$171$88$10
48 years$1,003$567$305$158$80$9
49 years$972$541$287$146$73$8
50 years$941$517$269$135$66$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $964,000, adding $6,057 every year, while hoping to spend $51,381 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: 63/22/15 Blend
61$964,000$964,000$964,000$964,000
62$1,068,576$1,017,484$1,002,542$1,131,603
63$1,122,902$1,012,672$981,458$1,169,818
64$1,181,046$1,005,901$957,946$1,205,116
65$1,243,346$997,023$931,870$1,242,419
66$1,310,167$985,878$903,088$1,281,923
67$1,381,915$972,296$871,451$1,323,847
68$1,459,031$956,099$836,806$1,368,433
69$1,542,002$937,098$798,989$1,415,949
70$1,631,362$915,092$757,830$1,466,695
71$1,727,697$889,867$713,154$1,521,001
72$1,831,651$861,200$664,773$1,579,232
73$1,943,932$828,851$612,496$1,641,797
74$2,065,317$792,569$556,119$1,709,145
75$2,196,661$752,087$495,431$1,781,775
76$2,338,904$707,122$430,211$1,860,241
77$2,493,079$657,377$360,229$1,945,156
78$2,660,321$602,537$285,245$2,037,198
79$2,841,879$542,267$205,006$2,137,118
80$3,039,128$476,215$119,251$2,245,749
81$3,253,579$404,009$27,706$2,364,011
82$3,486,894$325,256$0$2,492,925
83$3,740,902$239,539$0$2,644,820
84$4,017,618$146,420$0$2,815,202
85$4,319,256$45,435$0$3,001,064
86$4,648,253$0$0$3,203,985
87$5,007,295$0$0$3,441,180
88$5,399,333$0$0$3,712,248
89$5,827,620$0$0$4,008,447
90$6,295,735$0$0$4,332,261
91$6,807,619$0$0$4,686,426
92$7,367,612$0$0$5,073,952
93$7,980,491$0$0$5,498,155
94$8,651,517$0$0$5,962,687
95$9,386,484$0$0$6,471,568
96$10,191,772$0$0$7,029,226
97$11,074,407$0$0$7,640,539
98$12,042,127$0$0$8,310,877
99$13,103,456$0$0$9,046,156
100$14,267,781$0$0$9,852,893