Can I retire at age 62 with 978,000?

Use the below retirement simulation to view the chances of a successful retirement.
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%12.4%
1 years$80,762$80,043$79,341$78,656$77,987$77,205
2 years$39,981$39,237$38,515$37,815$37,137$36,349
3 years$26,389$25,642$24,922$24,229$23,561$22,792
4 years$19,595$18,849$18,137$17,455$16,804$16,060
5 years$15,519$14,778$14,075$13,407$12,774$12,057
6 years$12,803$12,067$11,375$10,722$10,108$9,418
7 years$10,863$10,134$9,452$8,815$8,220$7,559
8 years$9,410$8,687$8,016$7,395$6,820$6,186
9 years$8,279$7,563$6,904$6,299$5,743$5,137
10 years$7,376$6,667$6,019$5,430$4,893$4,315
11 years$6,637$5,935$5,299$4,725$4,208$3,657
12 years$6,022$5,327$4,703$4,145$3,647$3,122
13 years$5,501$4,814$4,202$3,659$3,180$2,681
14 years$5,056$4,376$3,775$3,248$2,788$2,314
15 years$4,670$3,997$3,409$2,897$2,455$2,005
16 years$4,333$3,668$3,091$2,594$2,169$1,744
17 years$4,036$3,378$2,812$2,331$1,923$1,521
18 years$3,772$3,121$2,567$2,100$1,710$1,330
19 years$3,536$2,893$2,350$1,898$1,524$1,165
20 years$3,324$2,688$2,157$1,719$1,362$1,023
21 years$3,132$2,504$1,984$1,560$1,219$899
22 years$2,958$2,337$1,828$1,418$1,092$792
23 years$2,800$2,186$1,688$1,292$980$698
24 years$2,655$2,048$1,561$1,178$881$616
25 years$2,521$1,922$1,446$1,076$793$544
26 years$2,399$1,806$1,341$984$714$481
27 years$2,285$1,700$1,245$900$644$426
28 years$2,180$1,602$1,158$825$581$377
29 years$2,082$1,511$1,077$757$525$334
30 years$1,991$1,427$1,004$694$474$296
31 years$1,906$1,349$936$638$429$262
32 years$1,826$1,277$873$586$388$233
33 years$1,751$1,209$815$539$351$207
34 years$1,681$1,146$762$496$318$183
35 years$1,615$1,087$712$456$288$163
36 years$1,553$1,032$666$420$261$145
37 years$1,495$980$623$387$236$128
38 years$1,439$931$584$357$214$114
39 years$1,387$885$547$329$194$101
40 years$1,337$842$513$304$176$90
41 years$1,290$802$481$280$160$80
42 years$1,245$764$451$259$145$71
43 years$1,203$728$423$239$132$63
44 years$1,162$694$397$220$119$56
45 years$1,123$661$373$204$108$50
46 years$1,087$631$350$188$98$44
47 years$1,051$602$329$174$89$40
48 years$1,018$575$309$160$81$35
49 years$986$549$291$148$74$31
50 years$955$524$273$137$67$28

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $978,000, adding $4,613 every year, while hoping to spend $24,728 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: 34/36/30 Blend
61$978,000$978,000$978,000$978,000
62$1,082,514$1,030,680$1,015,521$1,109,388
63$1,166,620$1,054,873$1,023,231$1,154,365
64$1,258,476$1,079,423$1,030,370$1,200,318
65$1,358,847$1,104,321$1,036,893$1,249,403
66$1,468,574$1,129,556$1,042,753$1,301,917
67$1,588,583$1,155,119$1,047,900$1,358,188
68$1,719,894$1,180,996$1,052,281$1,418,577
69$1,863,632$1,207,174$1,055,841$1,483,483
70$2,021,033$1,233,635$1,058,522$1,553,344
71$2,193,458$1,260,364$1,060,263$1,628,646
72$2,382,410$1,287,340$1,061,000$1,709,925
73$2,589,538$1,314,542$1,060,666$1,797,769
74$2,816,663$1,341,948$1,059,191$1,892,831
75$3,065,790$1,369,530$1,056,501$1,995,828
76$3,339,125$1,397,261$1,052,518$2,107,554
77$3,639,100$1,425,111$1,047,161$2,228,882
78$3,968,393$1,453,046$1,040,346$2,360,778
79$4,329,954$1,481,030$1,031,982$2,504,305
80$4,727,032$1,509,024$1,021,977$2,660,637
81$5,163,209$1,536,986$1,010,233$2,831,069
82$5,642,428$1,564,870$996,647$3,017,031
83$6,169,032$1,592,625$981,112$3,220,097
84$6,747,810$1,620,200$963,515$3,442,007
85$7,384,033$1,647,536$943,739$3,684,678
86$8,083,511$1,674,572$921,661$3,950,225
87$8,852,644$1,701,242$897,152$4,240,982
88$9,698,485$1,727,473$870,078$4,559,522
89$10,628,802$1,753,191$840,297$4,908,684
90$11,652,154$1,778,312$807,661$5,291,597
91$12,777,974$1,802,749$772,018$5,711,717
92$14,016,653$1,826,409$733,206$6,172,849
93$15,379,639$1,849,191$691,056$6,679,195
94$16,879,549$1,870,988$645,393$7,235,386
95$18,530,282$1,891,686$596,033$7,846,529
96$20,347,154$1,911,161$542,783$8,518,259
97$22,347,040$1,929,285$485,443$9,256,786
98$24,548,536$1,945,917$423,803$10,068,960
99$26,972,130$1,960,911$357,644$10,962,335
100$29,640,400$1,974,108$286,738$11,945,240