Can I retire at age 62 with 982,000?

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 $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%13.3%
1 years$81,093$80,370$79,666$78,978$78,306$77,232
2 years$40,145$39,397$38,673$37,970$37,289$36,208
3 years$26,497$25,747$25,024$24,328$23,657$22,604
4 years$19,675$18,926$18,211$17,527$16,873$15,855
5 years$15,583$14,839$14,132$13,462$12,826$11,847
6 years$12,855$12,117$11,421$10,766$10,149$9,210
7 years$10,908$10,176$9,491$8,851$8,254$7,354
8 years$9,448$8,722$8,049$7,425$6,847$5,988
9 years$8,313$7,594$6,933$6,325$5,767$4,946
10 years$7,406$6,694$6,044$5,452$4,913$4,132
11 years$6,664$5,959$5,321$4,745$4,226$3,483
12 years$6,046$5,349$4,722$4,162$3,662$2,956
13 years$5,524$4,834$4,219$3,674$3,193$2,524
14 years$5,077$4,394$3,791$3,262$2,799$2,165
15 years$4,689$4,014$3,423$2,909$2,465$1,865
16 years$4,351$3,683$3,103$2,604$2,178$1,612
17 years$4,052$3,392$2,824$2,340$1,931$1,397
18 years$3,787$3,134$2,578$2,109$1,717$1,213
19 years$3,550$2,904$2,360$1,906$1,531$1,056
20 years$3,338$2,699$2,166$1,726$1,367$921
21 years$3,145$2,514$1,992$1,566$1,223$805
22 years$2,971$2,347$1,836$1,424$1,097$704
23 years$2,811$2,195$1,695$1,297$984$616
24 years$2,666$2,056$1,568$1,183$885$540
25 years$2,532$1,930$1,452$1,080$796$474
26 years$2,408$1,814$1,347$988$717$416
27 years$2,294$1,707$1,251$904$647$365
28 years$2,189$1,608$1,163$828$583$321
29 years$2,090$1,517$1,082$760$527$282
30 years$1,999$1,433$1,008$697$476$248
31 years$1,913$1,355$939$640$430$219
32 years$1,834$1,282$877$588$389$192
33 years$1,759$1,214$818$541$352$169
34 years$1,688$1,150$765$498$319$149
35 years$1,622$1,091$715$458$289$132
36 years$1,560$1,036$669$422$262$116
37 years$1,501$984$626$389$237$102
38 years$1,445$935$586$358$215$90
39 years$1,392$889$549$331$195$79
40 years$1,343$846$515$305$177$70
41 years$1,295$805$483$281$161$62
42 years$1,250$767$453$260$146$54
43 years$1,207$731$425$240$132$48
44 years$1,167$696$399$221$120$42
45 years$1,128$664$374$204$109$37
46 years$1,091$633$352$189$99$33
47 years$1,056$605$330$174$90$29
48 years$1,022$577$311$161$82$26
49 years$990$551$292$149$74$23
50 years$959$526$274$138$67$20

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $982,000, adding $4,872 every year, while hoping to spend $33,394 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: 43/50/7 Blend
61$982,000$982,000$982,000$982,000
62$1,087,189$1,035,143$1,019,922$1,131,539
63$1,162,552$1,050,335$1,018,559$1,177,987
64$1,244,482$1,065,151$1,016,030$1,224,478
65$1,333,614$1,079,538$1,012,263$1,274,070
66$1,430,648$1,093,440$1,007,178$1,327,058
67$1,536,350$1,106,795$1,000,695$1,383,768
68$1,651,567$1,119,537$992,727$1,444,561
69$1,777,228$1,131,597$983,186$1,509,834
70$1,914,360$1,142,899$971,976$1,580,028
71$2,064,088$1,153,364$959,001$1,655,627
72$2,227,654$1,162,908$944,156$1,737,167
73$2,406,424$1,171,440$927,335$1,825,242
74$2,601,902$1,178,864$908,424$1,920,505
75$2,815,745$1,185,077$887,305$2,023,679
76$3,049,776$1,189,971$863,855$2,135,562
77$3,306,004$1,193,429$837,944$2,257,036
78$3,586,638$1,195,330$809,437$2,389,074
79$3,894,115$1,195,541$778,194$2,532,751
80$4,231,117$1,193,924$744,065$2,689,256
81$4,600,596$1,190,332$706,897$2,859,898
82$5,005,807$1,184,608$666,527$3,046,127
83$5,450,331$1,176,585$622,788$3,249,540
84$5,938,115$1,166,089$575,502$3,471,902
85$6,473,507$1,152,931$524,485$3,715,163
86$7,061,295$1,136,915$469,545$3,981,473
87$7,706,753$1,117,829$410,481$4,273,208
88$8,415,691$1,095,453$347,082$4,592,989
89$9,194,511$1,069,549$279,128$4,943,710
90$10,050,264$1,039,870$206,392$5,328,565
91$10,990,718$1,006,150$128,633$5,751,080
92$12,024,430$968,111$45,602$6,215,146
93$13,160,831$925,457$0$6,725,056
94$14,410,306$877,875$0$7,288,761
95$15,784,301$825,035$0$7,912,122
96$17,295,423$766,585$0$8,597,521
97$18,957,566$702,157$0$9,351,346
98$20,786,034$631,359$0$10,180,645
99$22,797,692$553,779$0$11,093,193
100$25,011,121$468,978$0$12,097,565