Can I retire at age 62 with 982,000?

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 $982,000?

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$81,093$80,370$79,666$78,978$78,306$75,769
2 years$40,145$39,397$38,673$37,970$37,289$34,756
3 years$26,497$25,747$25,024$24,328$23,657$21,210
4 years$19,675$18,926$18,211$17,527$16,873$14,528
5 years$15,583$14,839$14,132$13,462$12,826$10,591
6 years$12,855$12,117$11,421$10,766$10,149$8,025
7 years$10,908$10,176$9,491$8,851$8,254$6,240
8 years$9,448$8,722$8,049$7,425$6,847$4,944
9 years$8,313$7,594$6,933$6,325$5,767$3,970
10 years$7,406$6,694$6,044$5,452$4,913$3,221
11 years$6,664$5,959$5,321$4,745$4,226$2,635
12 years$6,046$5,349$4,722$4,162$3,662$2,169
13 years$5,524$4,834$4,219$3,674$3,193$1,795
14 years$5,077$4,394$3,791$3,262$2,799$1,491
15 years$4,689$4,014$3,423$2,909$2,465$1,243
16 years$4,351$3,683$3,103$2,604$2,178$1,039
17 years$4,052$3,392$2,824$2,340$1,931$870
18 years$3,787$3,134$2,578$2,109$1,717$730
19 years$3,550$2,904$2,360$1,906$1,531$614
20 years$3,338$2,699$2,166$1,726$1,367$517
21 years$3,145$2,514$1,992$1,566$1,223$435
22 years$2,971$2,347$1,836$1,424$1,097$367
23 years$2,811$2,195$1,695$1,297$984$310
24 years$2,666$2,056$1,568$1,183$885$262
25 years$2,532$1,930$1,452$1,080$796$221
26 years$2,408$1,814$1,347$988$717$187
27 years$2,294$1,707$1,251$904$647$158
28 years$2,189$1,608$1,163$828$583$134
29 years$2,090$1,517$1,082$760$527$113
30 years$1,999$1,433$1,008$697$476$96
31 years$1,913$1,355$939$640$430$81
32 years$1,834$1,282$877$588$389$69
33 years$1,759$1,214$818$541$352$58
34 years$1,688$1,150$765$498$319$49
35 years$1,622$1,091$715$458$289$42
36 years$1,560$1,036$669$422$262$35
37 years$1,501$984$626$389$237$30
38 years$1,445$935$586$358$215$25
39 years$1,392$889$549$331$195$21
40 years$1,343$846$515$305$177$18
41 years$1,295$805$483$281$161$15
42 years$1,250$767$453$260$146$13
43 years$1,207$731$425$240$132$11
44 years$1,167$696$399$221$120$9
45 years$1,128$664$374$204$109$8
46 years$1,091$633$352$189$99$7
47 years$1,056$605$330$174$90$6
48 years$1,022$577$311$161$82$5
49 years$990$551$292$149$74$4
50 years$959$526$274$138$67$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $982,000, adding $5,090 every year, while hoping to spend $51,494 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: 34/47/19 Blend
61$982,000$982,000$982,000$982,000
62$1,087,414$1,035,368$1,020,147$1,117,885
63$1,143,541$1,031,312$999,533$1,136,714
64$1,203,668$1,025,331$976,502$1,151,881
65$1,268,146$1,017,277$950,920$1,167,160
66$1,337,366$1,006,992$922,644$1,182,590
67$1,411,751$994,309$891,527$1,198,218
68$1,491,770$979,051$857,413$1,214,103
69$1,577,936$961,029$820,142$1,230,313
70$1,670,812$940,046$779,543$1,246,927
71$1,771,016$915,890$735,440$1,264,040
72$1,879,230$888,339$687,647$1,281,758
73$1,996,200$857,156$635,971$1,300,209
74$2,122,747$822,092$580,212$1,319,538
75$2,259,775$782,882$520,156$1,339,911
76$2,408,276$739,247$455,585$1,361,518
77$2,569,341$690,890$386,268$1,384,579
78$2,744,170$637,500$311,964$1,409,341
79$2,934,083$578,746$232,423$1,436,087
80$3,140,533$514,278$147,383$1,465,138
81$3,365,117$443,727$56,570$1,496,856
82$3,609,592$366,703$0$1,531,652
83$3,875,893$282,794$0$1,578,168
84$4,166,147$191,564$0$1,641,517
85$4,482,697$92,553$0$1,710,868
86$4,828,120$0$0$1,786,949
87$5,205,255$0$0$1,878,184
88$5,617,224$0$0$2,030,269
89$6,067,466$0$0$2,196,623
90$6,559,768$0$0$2,378,661
91$7,098,297$0$0$2,577,944
92$7,687,644$0$0$2,796,188
93$8,332,861$0$0$3,035,286
94$9,039,515$0$0$3,297,318
95$9,813,733$0$0$3,584,579
96$10,662,265$0$0$3,899,596
97$11,592,545$0$0$4,245,150
98$12,612,760$0$0$4,624,306
99$13,731,926$0$0$5,040,440
100$14,959,976$0$0$5,497,270