Can I retire at age 62 with 971,000?

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 $971,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18%
1 years$80,184$79,470$78,773$78,093$77,429$74,920
2 years$39,695$38,956$38,239$37,545$36,871$34,367
3 years$26,201$25,458$24,743$24,055$23,392$20,972
4 years$19,455$18,714$18,007$17,330$16,684$14,365
5 years$15,408$14,672$13,974$13,311$12,683$10,472
6 years$12,711$11,981$11,293$10,645$10,035$7,935
7 years$10,786$10,062$9,385$8,752$8,161$6,171
8 years$9,342$8,625$7,959$7,342$6,771$4,888
9 years$8,220$7,509$6,855$6,254$5,702$3,925
10 years$7,323$6,619$5,976$5,391$4,858$3,185
11 years$6,589$5,893$5,261$4,692$4,178$2,605
12 years$5,979$5,289$4,669$4,115$3,621$2,145
13 years$5,462$4,780$4,172$3,633$3,157$1,775
14 years$5,020$4,345$3,748$3,225$2,768$1,474
15 years$4,637$3,969$3,384$2,876$2,437$1,229
16 years$4,302$3,641$3,068$2,575$2,154$1,027
17 years$4,007$3,354$2,792$2,314$1,910$860
18 years$3,745$3,099$2,549$2,085$1,698$722
19 years$3,511$2,872$2,333$1,884$1,513$607
20 years$3,300$2,669$2,141$1,707$1,352$511
21 years$3,110$2,486$1,970$1,549$1,210$431
22 years$2,937$2,320$1,815$1,408$1,084$363
23 years$2,780$2,170$1,676$1,282$973$306
24 years$2,636$2,033$1,550$1,170$875$259
25 years$2,503$1,908$1,436$1,068$787$219
26 years$2,381$1,793$1,332$977$709$185
27 years$2,269$1,688$1,237$894$639$156
28 years$2,164$1,590$1,150$819$577$132
29 years$2,067$1,500$1,070$751$521$112
30 years$1,977$1,417$996$689$471$95
31 years$1,892$1,339$929$633$426$80
32 years$1,813$1,267$867$582$385$68
33 years$1,739$1,200$809$535$348$57
34 years$1,669$1,138$756$492$315$49
35 years$1,604$1,079$707$453$286$41
36 years$1,542$1,024$661$417$259$35
37 years$1,484$973$619$385$235$30
38 years$1,429$924$580$354$213$25
39 years$1,377$879$543$327$193$21
40 years$1,328$836$509$301$175$18
41 years$1,281$796$477$278$159$15
42 years$1,236$758$448$257$144$13
43 years$1,194$722$420$237$131$11
44 years$1,154$689$394$219$119$9
45 years$1,115$657$370$202$108$8
46 years$1,079$626$348$187$98$7
47 years$1,044$598$327$172$89$6
48 years$1,010$571$307$159$81$5
49 years$979$545$289$147$73$4
50 years$948$521$271$136$67$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $971,000, adding $5,646 every year, while hoping to spend $32,304 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: 47/35/18 Blend
61$971,000$971,000$971,000$971,000
62$1,075,866$1,024,403$1,009,352$1,120,699
63$1,151,233$1,040,227$1,008,794$1,168,300
64$1,233,205$1,055,745$1,007,135$1,216,222
65$1,322,421$1,070,905$1,004,303$1,267,549
66$1,419,585$1,085,657$1,000,225$1,322,614
67$1,525,472$1,099,943$994,822$1,381,781
68$1,640,934$1,113,704$988,011$1,445,456
69$1,766,908$1,126,875$979,709$1,514,084
70$1,904,427$1,139,386$969,824$1,588,158
71$2,054,629$1,151,166$958,263$1,668,223
72$2,218,763$1,162,135$944,927$1,754,880
73$2,398,208$1,172,211$929,713$1,848,793
74$2,594,479$1,181,304$912,513$1,950,693
75$2,809,248$1,189,319$893,213$2,061,391
76$3,044,352$1,196,156$871,697$2,181,780
77$3,301,816$1,201,708$847,839$2,312,847
78$3,583,870$1,205,861$821,511$2,455,680
79$3,892,970$1,208,493$792,576$2,611,481
80$4,231,820$1,209,476$760,894$2,781,579
81$4,603,398$1,208,673$726,316$2,967,437
82$5,010,984$1,205,938$688,688$3,170,673
83$5,458,193$1,201,117$647,848$3,393,071
84$5,949,004$1,194,047$603,626$3,636,603
85$6,487,801$1,184,554$555,846$3,903,441
86$7,079,413$1,172,454$504,323$4,195,986
87$7,729,161$1,157,551$448,865$4,516,884
88$8,442,903$1,139,639$389,270$4,869,059
89$9,227,096$1,118,498$325,328$5,255,735
90$10,088,852$1,093,897$256,818$5,680,468
91$11,036,005$1,065,588$183,512$6,147,184
92$12,077,188$1,033,313$105,170$6,660,214
93$13,221,911$996,794$21,543$7,224,335
94$14,480,650$955,741$0$7,844,820
95$15,864,948$909,845$0$8,540,485
96$17,387,524$858,778$0$9,310,004
97$19,062,390$802,197$0$10,156,363
98$20,904,984$739,735$0$11,087,427
99$22,932,317$671,006$0$12,111,862
100$25,163,131$595,604$0$13,239,225