Can I retire at age 62 with 968,000?

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 $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%17.1%
1 years$79,937$79,225$78,530$77,852$77,190$74,959
2 years$39,573$38,836$38,121$37,429$36,757$34,527
3 years$26,120$25,379$24,667$23,981$23,320$21,161
4 years$19,395$18,657$17,951$17,277$16,632$14,561
5 years$15,360$14,627$13,931$13,270$12,643$10,665
6 years$12,672$11,944$11,258$10,612$10,004$8,121
7 years$10,752$10,031$9,356$8,725$8,136$6,348
8 years$9,313$8,598$7,934$7,319$6,750$5,055
9 years$8,195$7,486$6,834$6,234$5,684$4,082
10 years$7,300$6,599$5,958$5,374$4,843$3,331
11 years$6,569$5,874$5,245$4,677$4,165$2,741
12 years$5,960$5,273$4,655$4,102$3,610$2,270
13 years$5,445$4,765$4,159$3,622$3,148$1,889
14 years$5,004$4,331$3,737$3,215$2,759$1,579
15 years$4,622$3,957$3,374$2,867$2,429$1,325
16 years$4,289$3,630$3,059$2,567$2,147$1,115
17 years$3,994$3,343$2,783$2,307$1,904$940
18 years$3,733$3,089$2,541$2,079$1,693$794
19 years$3,500$2,863$2,326$1,878$1,509$672
20 years$3,290$2,660$2,135$1,701$1,348$570
21 years$3,100$2,478$1,964$1,544$1,206$483
22 years$2,928$2,313$1,810$1,404$1,081$410
23 years$2,771$2,164$1,671$1,278$970$349
24 years$2,628$2,027$1,545$1,166$872$297
25 years$2,496$1,902$1,431$1,065$785$253
26 years$2,374$1,788$1,327$974$707$215
27 years$2,262$1,683$1,233$891$637$183
28 years$2,157$1,586$1,146$817$575$156
29 years$2,061$1,496$1,066$749$519$133
30 years$1,970$1,413$993$687$469$113
31 years$1,886$1,335$926$631$424$97
32 years$1,807$1,264$864$580$384$83
33 years$1,734$1,197$807$533$347$70
34 years$1,664$1,134$754$491$314$60
35 years$1,599$1,076$705$452$285$51
36 years$1,537$1,021$659$416$258$44
37 years$1,479$970$617$383$234$37
38 years$1,425$922$578$353$212$32
39 years$1,373$876$541$326$192$27
40 years$1,323$834$507$301$174$23
41 years$1,277$794$476$277$158$20
42 years$1,232$756$446$256$144$17
43 years$1,190$720$419$236$130$14
44 years$1,150$686$393$218$118$12
45 years$1,112$655$369$201$107$11
46 years$1,075$624$347$186$97$9
47 years$1,041$596$326$172$89$8
48 years$1,007$569$306$159$80$7
49 years$976$543$288$147$73$6
50 years$945$519$270$136$66$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $968,000, adding $6,870 every year, while hoping to spend $40,074 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: 51/34/15 Blend
61$968,000$968,000$968,000$968,000
62$1,073,822$1,022,518$1,007,514$1,123,869
63$1,140,714$1,029,983$998,628$1,166,413
64$1,213,085$1,036,471$988,100$1,207,868
65$1,291,453$1,041,891$975,835$1,252,046
66$1,376,385$1,046,148$961,729$1,299,216
67$1,468,506$1,049,139$945,677$1,349,677
68$1,568,503$1,050,756$927,566$1,403,759
69$1,677,132$1,050,884$907,281$1,461,827
70$1,795,222$1,049,401$884,698$1,524,285
71$1,923,689$1,046,176$859,690$1,591,582
72$2,063,539$1,041,072$832,123$1,664,213
73$2,215,877$1,033,942$801,856$1,742,726
74$2,381,923$1,024,631$768,744$1,827,728
75$2,563,016$1,012,974$732,634$1,919,890
76$2,760,631$998,798$693,366$2,019,954
77$2,976,394$981,918$650,771$2,128,741
78$3,212,091$962,136$604,677$2,247,159
79$3,469,690$939,247$554,900$2,376,212
80$3,751,358$913,030$501,249$2,517,010
81$4,059,481$883,253$443,525$2,670,780
82$4,396,686$849,669$381,520$2,838,879
83$4,765,864$812,019$315,017$3,022,805
84$5,170,200$770,027$243,789$3,224,215
85$5,613,203$723,400$167,598$3,444,940
86$6,098,735$671,832$86,198$3,687,003
87$6,631,050$614,996$0$3,952,639
88$7,214,834$552,548$0$4,244,424
89$7,855,247$484,123$0$4,579,707
90$8,557,975$409,337$0$4,947,737
91$9,329,278$327,784$0$5,351,885
92$10,176,052$239,034$0$5,795,876
93$11,105,897$142,634$0$6,283,816
94$12,127,179$38,104$0$6,820,239
95$13,249,120$0$0$7,410,145
96$14,481,876$0$0$8,087,135
97$15,836,634$0$0$8,846,900
98$17,325,723$0$0$9,682,109
99$18,962,722$0$0$10,600,393
100$20,762,593$0$0$11,610,160