Can I retire at age 62 with 973,000?

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 $973,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.1%
1 years$80,349$79,634$78,935$78,254$77,588$77,229
2 years$39,777$39,036$38,318$37,622$36,947$36,584
3 years$26,255$25,511$24,794$24,105$23,441$23,086
4 years$19,495$18,753$18,044$17,366$16,718$16,374
5 years$15,440$14,703$14,003$13,339$12,709$12,376
6 years$12,737$12,006$11,316$10,667$10,056$9,735
7 years$10,808$10,082$9,404$8,770$8,178$7,870
8 years$9,361$8,642$7,975$7,357$6,785$6,488
9 years$8,237$7,525$6,869$6,267$5,714$5,430
10 years$7,338$6,633$5,989$5,402$4,868$4,596
11 years$6,603$5,905$5,272$4,701$4,187$3,927
12 years$5,991$5,300$4,679$4,124$3,628$3,380
13 years$5,473$4,789$4,180$3,641$3,164$2,927
14 years$5,030$4,353$3,756$3,232$2,773$2,547
15 years$4,646$3,977$3,391$2,882$2,442$2,227
16 years$4,311$3,649$3,075$2,581$2,158$1,954
17 years$4,015$3,360$2,798$2,319$1,914$1,719
18 years$3,752$3,105$2,554$2,090$1,702$1,517
19 years$3,518$2,878$2,338$1,888$1,517$1,342
20 years$3,307$2,674$2,146$1,710$1,355$1,189
21 years$3,116$2,491$1,974$1,552$1,212$1,056
22 years$2,943$2,325$1,819$1,411$1,087$939
23 years$2,786$2,175$1,680$1,285$975$836
24 years$2,641$2,038$1,553$1,172$877$745
25 years$2,509$1,912$1,439$1,070$789$665
26 years$2,386$1,797$1,334$979$711$594
27 years$2,273$1,691$1,239$896$641$531
28 years$2,169$1,594$1,152$821$578$475
29 years$2,071$1,503$1,072$753$522$425
30 years$1,981$1,420$998$691$472$381
31 years$1,896$1,342$931$634$426$341
32 years$1,817$1,270$868$583$386$306
33 years$1,743$1,203$811$536$349$274
34 years$1,673$1,140$758$493$316$246
35 years$1,607$1,081$708$454$286$221
36 years$1,545$1,026$663$418$259$198
37 years$1,487$975$620$385$235$178
38 years$1,432$926$581$355$213$160
39 years$1,380$881$544$328$193$144
40 years$1,330$838$510$302$175$129
41 years$1,283$798$478$279$159$116
42 years$1,239$760$449$257$144$104
43 years$1,196$724$421$237$131$94
44 years$1,156$690$395$219$119$84
45 years$1,118$658$371$202$108$76
46 years$1,081$628$348$187$98$68
47 years$1,046$599$327$173$89$61
48 years$1,013$572$308$160$81$55
49 years$981$546$289$148$73$50
50 years$950$522$272$136$67$45

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $973,000, adding $5,853 every year, while hoping to spend $54,637 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: 57/23/20 Blend
61$973,000$973,000$973,000$973,000
62$1,078,283$1,026,714$1,011,633$1,133,673
63$1,130,135$1,018,890$987,389$1,164,228
64$1,185,444$1,008,851$960,502$1,191,130
65$1,244,506$996,431$930,826$1,219,242
66$1,307,644$981,455$898,206$1,248,694
67$1,375,212$963,734$862,485$1,279,630
68$1,447,599$943,073$823,493$1,312,213
69$1,525,231$919,260$781,057$1,346,623
70$1,608,576$892,075$734,994$1,383,062
71$1,698,147$861,283$685,113$1,421,759
72$1,794,507$826,635$631,213$1,462,965
73$1,898,275$787,869$573,087$1,506,962
74$2,010,130$744,706$510,517$1,554,066
75$2,130,819$696,852$443,275$1,604,627
76$2,261,162$643,996$371,123$1,659,036
77$2,402,058$585,810$293,814$1,717,729
78$2,554,500$521,947$211,088$1,781,191
79$2,719,574$452,037$122,675$1,849,961
80$2,898,478$375,695$28,292$1,924,638
81$3,092,528$292,509$0$2,005,891
82$3,303,171$202,047$0$2,109,917
83$3,531,998$103,851$0$2,229,529
84$3,780,761$0$0$2,359,668
85$4,051,385$0$0$2,502,068
86$4,345,990$0$0$2,685,774
87$4,666,908$0$0$2,885,966
88$5,016,705$0$0$3,104,254
89$5,398,204$0$0$3,342,410
90$5,814,515$0$0$3,602,387
91$6,269,059$0$0$3,886,331
92$6,765,603$0$0$4,196,607
93$7,308,293$0$0$4,535,818
94$7,901,694$0$0$4,906,831
95$8,550,833$0$0$5,312,800
96$9,261,243$0$0$5,757,200
97$10,039,020$0$0$6,243,857
98$10,890,873$0$0$6,776,986
99$11,824,193$0$0$7,361,225
100$12,847,119$0$0$8,001,687