Can I retire at age 62 with 977,000?

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 $977,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.2%
1 years$80,680$79,961$79,260$78,576$77,907$75,626
2 years$39,940$39,197$38,476$37,777$37,099$34,818
3 years$26,362$25,615$24,896$24,204$23,537$21,330
4 years$19,575$18,830$18,118$17,438$16,787$14,669
5 years$15,503$14,763$14,060$13,394$12,761$10,739
6 years$12,790$12,055$11,363$10,711$10,097$8,173
7 years$10,852$10,124$9,443$8,806$8,212$6,385
8 years$9,400$8,678$8,008$7,387$6,813$5,082
9 years$8,271$7,556$6,897$6,292$5,737$4,101
10 years$7,368$6,660$6,013$5,424$4,888$3,344
11 years$6,630$5,929$5,294$4,721$4,204$2,750
12 years$6,015$5,322$4,698$4,141$3,643$2,276
13 years$5,496$4,809$4,198$3,655$3,177$1,893
14 years$5,051$4,371$3,772$3,245$2,785$1,581
15 years$4,665$3,993$3,405$2,894$2,452$1,326
16 years$4,328$3,664$3,087$2,591$2,167$1,114
17 years$4,032$3,374$2,809$2,328$1,922$939
18 years$3,768$3,118$2,565$2,098$1,709$793
19 years$3,532$2,890$2,348$1,896$1,523$671
20 years$3,321$2,685$2,155$1,717$1,360$568
21 years$3,129$2,501$1,982$1,558$1,217$481
22 years$2,955$2,335$1,827$1,417$1,091$409
23 years$2,797$2,184$1,687$1,290$979$347
24 years$2,652$2,046$1,560$1,177$880$295
25 years$2,519$1,920$1,445$1,075$792$251
26 years$2,396$1,805$1,340$983$714$213
27 years$2,283$1,698$1,244$900$643$182
28 years$2,178$1,600$1,157$824$580$155
29 years$2,080$1,510$1,076$756$524$132
30 years$1,989$1,426$1,003$694$474$112
31 years$1,904$1,348$935$637$428$96
32 years$1,824$1,275$872$585$387$82
33 years$1,750$1,208$814$538$351$69
34 years$1,680$1,145$761$495$317$59
35 years$1,614$1,086$711$456$287$51
36 years$1,552$1,030$665$420$260$43
37 years$1,493$979$623$387$236$37
38 years$1,438$930$583$357$214$31
39 years$1,385$884$546$329$194$27
40 years$1,336$841$512$303$176$23
41 years$1,289$801$480$280$160$19
42 years$1,244$763$450$258$145$17
43 years$1,201$727$423$238$132$14
44 years$1,161$693$397$220$119$12
45 years$1,122$661$373$203$108$10
46 years$1,085$630$350$188$98$9
47 years$1,050$601$329$173$89$7
48 years$1,017$574$309$160$81$6
49 years$985$548$290$148$74$5
50 years$954$524$273$137$67$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $977,000, adding $2,715 every year, while hoping to spend $52,566 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: 60/18/22 Blend
61$977,000$977,000$977,000$977,000
62$1,079,455$1,027,674$1,012,530$1,137,783
63$1,133,629$1,022,100$990,520$1,172,091
64$1,191,568$1,014,491$966,011$1,203,527
65$1,253,599$1,004,692$938,863$1,236,660
66$1,320,082$992,539$908,932$1,271,664
67$1,391,414$977,856$876,064$1,308,732
68$1,468,026$960,460$840,101$1,348,081
69$1,550,396$940,153$800,875$1,389,950
70$1,639,046$916,730$758,214$1,434,607
71$1,734,549$889,970$711,934$1,482,347
72$1,837,535$859,640$661,846$1,533,501
73$1,948,696$825,496$607,751$1,588,435
74$2,068,794$787,276$549,441$1,647,555
75$2,198,664$744,705$486,700$1,711,313
76$2,339,224$697,492$419,301$1,780,210
77$2,491,485$645,329$347,008$1,854,802
78$2,656,557$587,891$269,573$1,935,706
79$2,835,660$524,832$186,738$2,023,605
80$3,030,138$455,790$98,235$2,119,259
81$3,241,469$380,380$3,782$2,223,507
82$3,471,276$298,195$0$2,337,280
83$3,721,347$208,808$0$2,484,384
84$3,993,650$111,765$0$2,645,616
85$4,290,348$6,588$0$2,821,426
86$4,613,824$0$0$3,013,295
87$4,966,700$0$0$3,244,093
88$5,351,859$0$0$3,497,504
89$5,772,480$0$0$3,774,323
90$6,232,058$0$0$4,076,859
91$6,734,443$0$0$4,407,657
92$7,283,872$0$0$4,769,517
93$7,885,013$0$0$5,165,524
94$8,543,003$0$0$5,599,073
95$9,263,500$0$0$6,073,905
96$10,052,734$0$0$6,594,136
97$10,917,568$0$0$7,164,303
98$11,865,557$0$0$7,789,400
99$12,905,025$0$0$8,474,929
100$14,045,138$0$0$9,226,949