Can I retire at age 62 with 978,000?

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 $978,000?

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$80,762$80,043$79,341$78,656$77,987$75,460
2 years$39,981$39,237$38,515$37,815$37,137$34,615
3 years$26,389$25,642$24,922$24,229$23,561$21,123
4 years$19,595$18,849$18,137$17,455$16,804$14,469
5 years$15,519$14,778$14,075$13,407$12,774$10,548
6 years$12,803$12,067$11,375$10,722$10,108$7,992
7 years$10,863$10,134$9,452$8,815$8,220$6,215
8 years$9,410$8,687$8,016$7,395$6,820$4,923
9 years$8,279$7,563$6,904$6,299$5,743$3,954
10 years$7,376$6,667$6,019$5,430$4,893$3,208
11 years$6,637$5,935$5,299$4,725$4,208$2,624
12 years$6,022$5,327$4,703$4,145$3,647$2,160
13 years$5,501$4,814$4,202$3,659$3,180$1,787
14 years$5,056$4,376$3,775$3,248$2,788$1,485
15 years$4,670$3,997$3,409$2,897$2,455$1,238
16 years$4,333$3,668$3,091$2,594$2,169$1,035
17 years$4,036$3,378$2,812$2,331$1,923$867
18 years$3,772$3,121$2,567$2,100$1,710$727
19 years$3,536$2,893$2,350$1,898$1,524$611
20 years$3,324$2,688$2,157$1,719$1,362$515
21 years$3,132$2,504$1,984$1,560$1,219$434
22 years$2,958$2,337$1,828$1,418$1,092$366
23 years$2,800$2,186$1,688$1,292$980$309
24 years$2,655$2,048$1,561$1,178$881$261
25 years$2,521$1,922$1,446$1,076$793$220
26 years$2,399$1,806$1,341$984$714$186
27 years$2,285$1,700$1,245$900$644$157
28 years$2,180$1,602$1,158$825$581$133
29 years$2,082$1,511$1,077$757$525$113
30 years$1,991$1,427$1,004$694$474$95
31 years$1,906$1,349$936$638$429$81
32 years$1,826$1,277$873$586$388$68
33 years$1,751$1,209$815$539$351$58
34 years$1,681$1,146$762$496$318$49
35 years$1,615$1,087$712$456$288$42
36 years$1,553$1,032$666$420$261$35
37 years$1,495$980$623$387$236$30
38 years$1,439$931$584$357$214$25
39 years$1,387$885$547$329$194$21
40 years$1,337$842$513$304$176$18
41 years$1,290$802$481$280$160$15
42 years$1,245$764$451$259$145$13
43 years$1,203$728$423$239$132$11
44 years$1,162$694$397$220$119$9
45 years$1,123$661$373$204$108$8
46 years$1,087$631$350$188$98$7
47 years$1,051$602$329$174$89$6
48 years$1,018$575$309$160$81$5
49 years$986$549$291$148$74$4
50 years$955$524$273$137$67$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $978,000, adding $5,432 every year, while hoping to spend $34,267 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: 45/42/13 Blend
61$978,000$978,000$978,000$978,000
62$1,083,359$1,031,525$1,016,366$1,127,864
63$1,157,402$1,045,610$1,013,955$1,173,443
64$1,237,849$1,059,237$1,010,314$1,218,932
65$1,325,316$1,072,346$1,005,366$1,267,502
66$1,420,483$1,084,876$999,031$1,319,452
67$1,524,097$1,096,760$991,223$1,375,110
68$1,636,980$1,107,925$981,854$1,434,841
69$1,760,035$1,118,297$970,829$1,499,047
70$1,894,258$1,127,793$958,052$1,568,174
71$2,040,746$1,136,328$943,419$1,642,712
72$2,200,703$1,143,809$926,825$1,723,206
73$2,375,457$1,150,139$908,156$1,810,255
74$2,566,471$1,155,212$887,296$1,904,522
75$2,775,352$1,158,919$864,122$2,006,740
76$3,003,873$1,161,141$838,505$2,117,718
77$3,253,984$1,161,753$810,311$2,238,352
78$3,527,833$1,160,622$779,400$2,369,628
79$3,827,787$1,157,607$745,624$2,512,638
80$4,156,449$1,152,558$708,830$2,668,588
81$4,516,689$1,145,315$668,858$2,838,807
82$4,911,667$1,135,711$625,540$3,024,767
83$5,344,861$1,123,566$578,701$3,228,091
84$5,820,106$1,108,689$528,156$3,450,571
85$6,341,624$1,090,882$473,716$3,694,187
86$6,914,063$1,069,929$415,180$3,961,125
87$7,542,548$1,045,606$352,338$4,253,798
88$8,232,721$1,017,673$284,975$4,574,868
89$8,990,798$985,878$212,860$4,927,278
90$9,823,626$949,953$135,758$5,314,273
91$10,738,749$909,614$53,419$5,739,435
92$11,744,478$864,562$0$6,206,720
93$12,849,968$814,479$0$6,725,270
94$14,065,305$759,029$0$7,303,341
95$15,401,604$697,859$0$7,938,870
96$16,871,107$630,593$0$8,637,764
97$18,487,302$556,835$0$9,406,536
98$20,265,053$476,166$0$10,252,372
99$22,220,735$388,144$0$11,183,198
100$24,372,388$292,301$0$12,207,753