Can I retire at age 62 with 970,000?

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 $970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.6%
1 years$80,102$79,388$78,692$78,013$77,349$75,571
2 years$39,654$38,916$38,200$37,506$36,833$35,052
3 years$26,174$25,432$24,718$24,030$23,368$21,639
4 years$19,435$18,695$17,988$17,313$16,666$15,003
5 years$15,392$14,657$13,960$13,298$12,670$11,076
6 years$12,698$11,969$11,282$10,634$10,025$8,503
7 years$10,775$10,051$9,375$8,743$8,153$6,703
8 years$9,333$8,616$7,951$7,334$6,764$5,385
9 years$8,212$7,502$6,848$6,247$5,696$4,388
10 years$7,315$6,612$5,970$5,385$4,853$3,614
11 years$6,583$5,887$5,256$4,687$4,174$3,002
12 years$5,972$5,283$4,665$4,111$3,617$2,511
13 years$5,456$4,775$4,168$3,629$3,154$2,111
14 years$5,015$4,340$3,745$3,222$2,765$1,783
15 years$4,632$3,965$3,381$2,873$2,434$1,512
16 years$4,297$3,638$3,065$2,573$2,152$1,286
17 years$4,003$3,350$2,789$2,311$1,908$1,096
18 years$3,741$3,096$2,546$2,083$1,696$936
19 years$3,507$2,869$2,331$1,882$1,512$801
20 years$3,297$2,666$2,139$1,705$1,350$687
21 years$3,107$2,483$1,968$1,547$1,209$590
22 years$2,934$2,318$1,814$1,407$1,083$507
23 years$2,777$2,168$1,674$1,281$972$436
24 years$2,633$2,031$1,549$1,168$874$375
25 years$2,501$1,906$1,434$1,067$786$323
26 years$2,379$1,792$1,330$976$708$278
27 years$2,266$1,686$1,235$893$639$240
28 years$2,162$1,589$1,148$818$576$207
29 years$2,065$1,499$1,069$750$520$179
30 years$1,975$1,415$995$689$470$154
31 years$1,890$1,338$928$632$425$133
32 years$1,811$1,266$866$581$385$115
33 years$1,737$1,199$808$535$348$99
34 years$1,668$1,136$755$492$315$86
35 years$1,602$1,078$706$453$285$74
36 years$1,541$1,023$661$417$259$64
37 years$1,482$972$618$384$234$55
38 years$1,427$923$579$354$212$48
39 years$1,375$878$542$326$193$41
40 years$1,326$835$508$301$175$36
41 years$1,279$795$477$278$159$31
42 years$1,235$757$447$256$144$27
43 years$1,193$722$420$237$131$23
44 years$1,152$688$394$219$119$20
45 years$1,114$656$370$202$108$17
46 years$1,078$626$347$186$98$15
47 years$1,043$597$326$172$89$13
48 years$1,009$570$307$159$81$11
49 years$978$544$288$147$73$10
50 years$947$520$271$136$66$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $970,000, adding $6,989 every year, while hoping to spend $24,776 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: 27/48/25 Blend
61$970,000$970,000$970,000$970,000
62$1,076,149$1,024,739$1,009,704$1,096,628
63$1,159,555$1,048,590$1,017,168$1,137,377
64$1,250,638$1,072,779$1,024,051$1,178,486
65$1,350,154$1,097,297$1,030,308$1,222,109
66$1,458,938$1,122,132$1,035,892$1,268,477
67$1,577,906$1,147,274$1,040,751$1,317,843
68$1,708,070$1,172,707$1,044,833$1,370,488
69$1,850,540$1,198,416$1,048,082$1,426,721
70$2,006,541$1,224,385$1,050,439$1,486,883
71$2,177,424$1,250,595$1,051,844$1,551,349
72$2,364,672$1,277,025$1,052,231$1,620,534
73$2,569,921$1,303,653$1,051,534$1,694,896
74$2,794,974$1,330,452$1,049,681$1,774,941
75$3,041,814$1,357,397$1,046,598$1,861,226
76$3,312,627$1,384,458$1,042,207$1,954,366
77$3,609,820$1,411,601$1,036,426$2,055,041
78$3,936,045$1,438,793$1,029,170$2,163,999
79$4,294,223$1,465,995$1,020,348$2,282,067
80$4,687,571$1,493,166$1,009,867$2,410,158
81$5,119,633$1,520,261$997,628$2,549,278
82$5,594,315$1,547,233$983,527$2,700,538
83$6,115,917$1,574,029$967,458$2,865,166
84$6,689,179$1,600,595$949,306$3,044,512
85$7,319,320$1,626,870$928,953$3,240,070
86$8,012,094$1,652,789$906,275$3,453,487
87$8,773,835$1,678,283$881,143$3,686,580
88$9,611,526$1,703,279$853,422$3,941,353
89$10,532,859$1,727,696$822,968$4,220,020
90$11,546,307$1,751,450$789,634$4,525,020
91$12,661,209$1,774,450$753,266$4,859,046
92$13,887,852$1,796,598$713,700$5,225,068
93$15,237,571$1,817,790$670,767$5,626,363
94$16,722,857$1,837,914$624,291$6,066,544
95$18,357,469$1,856,853$574,086$6,549,600
96$20,156,572$1,874,480$519,958$7,079,929
97$22,136,872$1,890,659$461,707$7,662,381
98$24,316,780$1,905,248$399,120$8,302,307
99$26,716,579$1,918,093$331,979$9,005,609
100$29,358,621$1,929,031$260,052$9,778,797