Can I retire at age 62 with 968,000?

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 $968,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.6%
1 years$79,937$79,225$78,530$77,852$77,190$74,510
2 years$39,573$38,836$38,121$37,429$36,757$34,085
3 years$26,120$25,379$24,667$23,981$23,320$20,740
4 years$19,395$18,657$17,951$17,277$16,632$14,163
5 years$15,360$14,627$13,931$13,270$12,643$10,292
6 years$12,672$11,944$11,258$10,612$10,004$7,773
7 years$10,752$10,031$9,356$8,725$8,136$6,024
8 years$9,313$8,598$7,934$7,319$6,750$4,755
9 years$8,195$7,486$6,834$6,234$5,684$3,805
10 years$7,300$6,599$5,958$5,374$4,843$3,076
11 years$6,569$5,874$5,245$4,677$4,165$2,506
12 years$5,960$5,273$4,655$4,102$3,610$2,055
13 years$5,445$4,765$4,159$3,622$3,148$1,693
14 years$5,004$4,331$3,737$3,215$2,759$1,401
15 years$4,622$3,957$3,374$2,867$2,429$1,163
16 years$4,289$3,630$3,059$2,567$2,147$968
17 years$3,994$3,343$2,783$2,307$1,904$807
18 years$3,733$3,089$2,541$2,079$1,693$674
19 years$3,500$2,863$2,326$1,878$1,509$564
20 years$3,290$2,660$2,135$1,701$1,348$473
21 years$3,100$2,478$1,964$1,544$1,206$396
22 years$2,928$2,313$1,810$1,404$1,081$333
23 years$2,771$2,164$1,671$1,278$970$280
24 years$2,628$2,027$1,545$1,166$872$235
25 years$2,496$1,902$1,431$1,065$785$198
26 years$2,374$1,788$1,327$974$707$166
27 years$2,262$1,683$1,233$891$637$140
28 years$2,157$1,586$1,146$817$575$118
29 years$2,061$1,496$1,066$749$519$99
30 years$1,970$1,413$993$687$469$84
31 years$1,886$1,335$926$631$424$70
32 years$1,807$1,264$864$580$384$59
33 years$1,734$1,197$807$533$347$50
34 years$1,664$1,134$754$491$314$42
35 years$1,599$1,076$705$452$285$35
36 years$1,537$1,021$659$416$258$30
37 years$1,479$970$617$383$234$25
38 years$1,425$922$578$353$212$21
39 years$1,373$876$541$326$192$18
40 years$1,323$834$507$301$174$15
41 years$1,277$794$476$277$158$13
42 years$1,232$756$446$256$144$11
43 years$1,190$720$419$236$130$9
44 years$1,150$686$393$218$118$8
45 years$1,112$655$369$201$107$6
46 years$1,075$624$347$186$97$5
47 years$1,041$596$326$172$89$5
48 years$1,007$569$306$159$80$4
49 years$976$543$288$147$73$3
50 years$945$519$270$136$66$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $968,000, adding $5,704 every year, while hoping to spend $24,166 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: 62/28/10 Blend
61$968,000$968,000$968,000$968,000
62$1,072,620$1,021,316$1,006,312$1,136,367
63$1,156,314$1,045,648$1,014,311$1,204,062
64$1,247,736$1,070,362$1,021,768$1,274,620
65$1,347,647$1,095,452$1,028,639$1,351,030
66$1,456,888$1,120,910$1,034,879$1,433,859
67$1,576,382$1,146,726$1,040,439$1,523,730
68$1,707,147$1,172,890$1,045,268$1,621,332
69$1,850,305$1,199,390$1,049,313$1,727,421
70$2,007,089$1,226,213$1,052,518$1,842,831
71$2,178,859$1,253,345$1,054,825$1,968,479
72$2,367,112$1,280,767$1,056,170$2,105,378
73$2,573,495$1,308,463$1,056,490$2,254,641
74$2,799,826$1,336,411$1,055,716$2,417,496
75$3,048,102$1,364,590$1,053,777$2,595,297
76$3,320,528$1,392,974$1,050,598$2,789,531
77$3,619,529$1,421,537$1,046,100$3,001,843
78$3,947,778$1,450,249$1,040,201$3,234,040
79$4,308,218$1,479,078$1,032,815$3,488,115
80$4,704,093$1,507,990$1,023,851$3,766,265
81$5,138,975$1,536,946$1,013,214$4,070,909
82$5,616,799$1,565,905$1,000,806$4,404,716
83$6,141,902$1,594,824$986,522$4,770,621
84$6,719,059$1,623,653$970,254$5,171,866
85$7,353,532$1,652,341$951,886$5,612,016
86$8,051,120$1,680,833$931,302$6,095,006
87$8,818,208$1,709,068$908,374$6,625,167
88$9,661,835$1,736,982$882,974$7,207,277
89$10,589,752$1,764,504$854,964$7,846,598
90$11,610,503$1,791,561$824,202$8,548,930
91$12,733,500$1,818,073$790,538$9,320,664
92$13,969,112$1,843,954$753,816$10,168,845
93$15,328,765$1,869,112$713,873$11,101,236
94$16,825,050$1,893,449$670,538$12,126,392
95$18,471,837$1,916,860$623,633$13,253,741
96$20,284,412$1,939,233$572,972$14,493,676
97$22,279,615$1,960,448$518,360$15,857,647
98$24,476,003$1,980,378$459,593$17,358,274
99$26,894,026$1,998,887$396,459$19,009,468
100$29,556,213$2,015,829$328,737$20,826,556