Can I retire at age 62 with 976,000?

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 $976,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.9%
1 years$80,597$79,879$79,179$78,495$77,828$75,036
2 years$39,900$39,156$38,436$37,738$37,061$34,279
3 years$26,336$25,589$24,871$24,179$23,513$20,828
4 years$19,555$18,811$18,100$17,420$16,770$14,202
5 years$15,487$14,748$14,046$13,380$12,748$10,304
6 years$12,777$12,043$11,351$10,700$10,087$7,769
7 years$10,841$10,113$9,433$8,797$8,203$6,011
8 years$9,390$8,669$8,000$7,380$6,806$4,736
9 years$8,262$7,548$6,890$6,286$5,731$3,782
10 years$7,361$6,653$6,007$5,418$4,883$3,052
11 years$6,623$5,923$5,289$4,716$4,200$2,482
12 years$6,009$5,316$4,693$4,136$3,639$2,031
13 years$5,490$4,804$4,193$3,652$3,174$1,670
14 years$5,046$4,367$3,768$3,242$2,782$1,379
15 years$4,661$3,989$3,402$2,891$2,450$1,142
16 years$4,324$3,660$3,084$2,589$2,165$948
17 years$4,027$3,371$2,806$2,326$1,920$789
18 years$3,764$3,115$2,562$2,096$1,707$658
19 years$3,529$2,887$2,345$1,894$1,521$549
20 years$3,317$2,682$2,152$1,715$1,359$459
21 years$3,126$2,499$1,980$1,557$1,216$384
22 years$2,952$2,332$1,825$1,415$1,090$322
23 years$2,794$2,181$1,685$1,289$978$270
24 years$2,649$2,044$1,558$1,176$879$226
25 years$2,516$1,918$1,443$1,074$791$190
26 years$2,394$1,803$1,338$982$713$159
27 years$2,280$1,697$1,243$899$643$134
28 years$2,175$1,599$1,155$823$580$112
29 years$2,078$1,508$1,075$755$524$94
30 years$1,987$1,424$1,002$693$473$79
31 years$1,902$1,346$934$636$428$67
32 years$1,822$1,274$871$585$387$56
33 years$1,748$1,206$813$538$350$47
34 years$1,678$1,143$760$495$317$40
35 years$1,612$1,085$711$456$287$33
36 years$1,550$1,029$665$420$260$28
37 years$1,492$978$622$387$236$23
38 years$1,436$929$583$356$214$20
39 years$1,384$884$546$329$194$17
40 years$1,334$841$512$303$176$14
41 years$1,287$800$480$280$160$12
42 years$1,243$762$450$258$145$10
43 years$1,200$726$422$238$131$8
44 years$1,160$692$396$220$119$7
45 years$1,121$660$372$203$108$6
46 years$1,084$630$350$188$98$5
47 years$1,049$601$328$173$89$4
48 years$1,016$574$309$160$81$3
49 years$984$548$290$148$74$3
50 years$953$523$273$137$67$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $976,000, adding $2,131 every year, while hoping to spend $36,633 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: 29/49/22 Blend
61$976,000$976,000$976,000$976,000
62$1,077,750$1,026,022$1,010,894$1,101,526
63$1,148,703$1,037,320$1,005,782$1,131,356
64$1,225,666$1,047,944$999,271$1,160,007
65$1,309,213$1,057,821$991,275$1,190,043
66$1,399,974$1,066,877$981,705$1,221,607
67$1,498,647$1,075,028$970,466$1,254,858
68$1,605,993$1,082,190$957,462$1,289,972
69$1,722,856$1,088,268$942,588$1,327,149
70$1,850,159$1,093,165$925,736$1,366,608
71$1,988,922$1,096,777$906,795$1,408,597
72$2,140,265$1,098,992$885,646$1,453,389
73$2,305,422$1,099,693$862,165$1,501,290
74$2,485,751$1,098,753$836,223$1,552,641
75$2,682,746$1,096,041$807,686$1,607,819
76$2,898,054$1,091,415$776,411$1,667,246
77$3,133,485$1,084,724$742,250$1,731,391
78$3,391,035$1,075,810$705,050$1,800,775
79$3,672,900$1,064,504$664,649$1,875,975
80$3,981,499$1,050,628$620,878$1,957,635
81$4,319,495$1,033,991$573,560$2,046,469
82$4,689,820$1,014,394$522,511$2,143,268
83$5,095,706$991,623$467,539$2,248,912
84$5,540,708$965,453$408,442$2,364,377
85$6,028,747$935,646$345,011$2,490,744
86$6,564,136$901,950$277,026$2,629,214
87$7,151,628$864,096$204,257$2,781,115
88$7,796,461$821,804$126,466$2,947,922
89$8,504,401$774,773$43,404$3,131,268
90$9,281,800$722,687$0$3,332,961
91$10,135,658$665,213$0$3,565,623
92$11,073,684$601,997$0$3,832,416
93$12,104,370$532,665$0$4,125,663
94$13,237,072$456,823$0$4,448,151
95$14,482,100$374,053$0$4,802,958
96$15,850,807$283,915$0$5,193,486
97$17,355,707$185,944$0$5,623,495
98$19,010,581$79,647$0$6,097,136
99$20,830,617$0$0$6,618,995
100$22,832,548$0$0$7,213,275