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%14.3%
1 years$80,680$79,961$79,260$78,576$77,907$76,522
2 years$39,940$39,197$38,476$37,777$37,099$35,708
3 years$26,362$25,615$24,896$24,204$23,537$22,184
4 years$19,575$18,830$18,118$17,438$16,787$15,482
5 years$15,503$14,763$14,060$13,394$12,761$11,508
6 years$12,790$12,055$11,363$10,711$10,097$8,898
7 years$10,852$10,124$9,443$8,806$8,212$7,066
8 years$9,400$8,678$8,008$7,387$6,813$5,720
9 years$8,271$7,556$6,897$6,292$5,737$4,697
10 years$7,368$6,660$6,013$5,424$4,888$3,900
11 years$6,630$5,929$5,294$4,721$4,204$3,266
12 years$6,015$5,322$4,698$4,141$3,643$2,755
13 years$5,496$4,809$4,198$3,655$3,177$2,337
14 years$5,051$4,371$3,772$3,245$2,785$1,991
15 years$4,665$3,993$3,405$2,894$2,452$1,703
16 years$4,328$3,664$3,087$2,591$2,167$1,462
17 years$4,032$3,374$2,809$2,328$1,922$1,258
18 years$3,768$3,118$2,565$2,098$1,709$1,085
19 years$3,532$2,890$2,348$1,896$1,523$937
20 years$3,321$2,685$2,155$1,717$1,360$811
21 years$3,129$2,501$1,982$1,558$1,217$703
22 years$2,955$2,335$1,827$1,417$1,091$610
23 years$2,797$2,184$1,687$1,290$979$530
24 years$2,652$2,046$1,560$1,177$880$461
25 years$2,519$1,920$1,445$1,075$792$401
26 years$2,396$1,805$1,340$983$714$350
27 years$2,283$1,698$1,244$900$643$305
28 years$2,178$1,600$1,157$824$580$266
29 years$2,080$1,510$1,076$756$524$232
30 years$1,989$1,426$1,003$694$474$202
31 years$1,904$1,348$935$637$428$176
32 years$1,824$1,275$872$585$387$154
33 years$1,750$1,208$814$538$351$135
34 years$1,680$1,145$761$495$317$118
35 years$1,614$1,086$711$456$287$103
36 years$1,552$1,030$665$420$260$90
37 years$1,493$979$623$387$236$78
38 years$1,438$930$583$357$214$69
39 years$1,385$884$546$329$194$60
40 years$1,336$841$512$303$176$52
41 years$1,289$801$480$280$160$46
42 years$1,244$763$450$258$145$40
43 years$1,201$727$423$238$132$35
44 years$1,161$693$397$220$119$31
45 years$1,122$661$373$203$108$27
46 years$1,085$630$350$188$98$23
47 years$1,050$601$329$173$89$21
48 years$1,017$574$309$160$81$18
49 years$985$548$290$148$74$16
50 years$954$524$273$137$67$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $977,000, adding $5,004 every year, while hoping to spend $44,497 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: 69/15/16 Blend
61$977,000$977,000$977,000$977,000
62$1,081,816$1,030,035$1,014,891$1,152,060
63$1,144,816$1,033,162$1,001,546$1,202,613
64$1,212,752$1,034,951$986,261$1,252,148
65$1,286,078$1,035,289$968,927$1,305,218
66$1,365,297$1,034,058$949,425$1,362,168
67$1,450,960$1,031,129$927,633$1,423,376
68$1,543,672$1,026,368$903,423$1,489,260
69$1,644,099$1,019,633$876,660$1,560,282
70$1,752,973$1,010,771$847,204$1,636,952
71$1,871,100$999,622$814,909$1,719,832
72$1,999,364$986,015$779,620$1,809,544
73$2,138,739$969,770$741,178$1,906,773
74$2,290,297$950,695$699,414$2,012,276
75$2,455,216$928,588$654,153$2,126,889
76$2,634,794$903,234$605,212$2,251,533
77$2,830,456$874,406$552,400$2,387,227
78$3,043,773$841,863$495,517$2,535,094
79$3,276,474$805,351$434,353$2,696,374
80$3,530,462$764,600$368,690$2,872,434
81$3,807,829$719,325$298,302$3,064,785
82$4,110,881$669,226$222,948$3,275,092
83$4,442,156$613,983$142,383$3,505,196
84$4,804,448$553,260$56,345$3,757,124
85$5,200,834$486,702$0$4,033,116
86$5,634,700$413,932$0$4,341,696
87$6,109,777$334,552$0$4,690,195
88$6,630,173$248,143$0$5,072,039
89$7,200,410$154,263$0$5,490,597
90$7,825,472$52,441$0$5,949,585
91$8,510,845$0$0$6,453,097
92$9,262,571$0$0$7,015,187
93$10,087,308$0$0$7,641,422
94$10,992,386$0$0$8,328,719
95$11,985,882$0$0$9,083,219
96$13,076,691$0$0$9,911,684
97$14,274,613$0$0$10,821,565
98$15,590,441$0$0$11,821,069
99$17,036,068$0$0$12,919,237
100$18,624,595$0$0$14,126,029