Can I retire at age 62 with 983,000?

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 $983,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.2%
1 years$81,175$80,452$79,747$79,058$78,386$77,024
2 years$40,186$39,437$38,712$38,009$37,327$35,959
3 years$26,524$25,773$25,049$24,353$23,682$22,351
4 years$19,695$18,946$18,229$17,545$16,890$15,606
5 years$15,599$14,854$14,147$13,476$12,839$11,606
6 years$12,868$12,129$11,433$10,777$10,159$8,978
7 years$10,919$10,186$9,501$8,860$8,262$7,134
8 years$9,458$8,731$8,057$7,433$6,854$5,778
9 years$8,322$7,602$6,940$6,331$5,772$4,748
10 years$7,413$6,701$6,050$5,457$4,918$3,945
11 years$6,671$5,965$5,327$4,750$4,230$3,306
12 years$6,052$5,354$4,727$4,166$3,666$2,790
13 years$5,530$4,839$4,223$3,678$3,196$2,368
14 years$5,082$4,398$3,795$3,265$2,802$2,019
15 years$4,694$4,018$3,426$2,912$2,467$1,728
16 years$4,355$3,686$3,106$2,607$2,180$1,484
17 years$4,056$3,395$2,827$2,342$1,933$1,278
18 years$3,791$3,137$2,580$2,111$1,719$1,103
19 years$3,554$2,907$2,362$1,907$1,532$954
20 years$3,341$2,702$2,168$1,728$1,369$826
21 years$3,148$2,517$1,994$1,568$1,225$717
22 years$2,974$2,349$1,838$1,426$1,098$623
23 years$2,814$2,197$1,697$1,298$985$541
24 years$2,668$2,059$1,569$1,184$886$471
25 years$2,534$1,932$1,454$1,081$797$410
26 years$2,411$1,816$1,348$989$718$358
27 years$2,297$1,709$1,252$905$647$312
28 years$2,191$1,610$1,164$829$584$272
29 years$2,093$1,519$1,083$760$527$238
30 years$2,001$1,434$1,009$698$477$208
31 years$1,915$1,356$940$641$431$181
32 years$1,835$1,283$877$589$390$158
33 years$1,760$1,215$819$542$353$138
34 years$1,690$1,152$765$498$319$121
35 years$1,624$1,092$716$459$289$106
36 years$1,561$1,037$669$423$262$93
37 years$1,502$985$627$389$238$81
38 years$1,447$936$587$359$215$71
39 years$1,394$890$550$331$195$62
40 years$1,344$847$515$305$177$54
41 years$1,297$806$483$282$161$47
42 years$1,252$768$453$260$146$42
43 years$1,209$731$425$240$132$36
44 years$1,168$697$399$221$120$32
45 years$1,129$665$375$205$109$28
46 years$1,092$634$352$189$99$24
47 years$1,057$605$331$175$90$21
48 years$1,023$578$311$161$82$19
49 years$991$552$292$149$74$16
50 years$960$527$275$138$67$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $983,000, adding $3,481 every year, while hoping to spend $37,716 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: 58/16/26 Blend
61$983,000$983,000$983,000$983,000
62$1,086,857$1,034,758$1,019,521$1,142,033
63$1,157,586$1,045,331$1,013,546$1,190,719
64$1,234,267$1,055,159$1,006,106$1,239,476
65$1,317,464$1,064,164$997,113$1,291,847
66$1,407,803$1,072,266$986,474$1,348,190
67$1,505,969$1,079,377$974,091$1,408,905
68$1,612,717$1,085,406$959,862$1,474,431
69$1,728,878$1,090,253$943,680$1,545,253
70$1,855,364$1,093,816$925,434$1,621,908
71$1,993,180$1,095,983$905,006$1,704,989
72$2,143,435$1,096,636$882,273$1,795,149
73$2,307,344$1,095,650$857,108$1,893,112
74$2,486,248$1,092,892$829,376$1,999,676
75$2,681,622$1,088,220$798,937$2,115,723
76$2,895,090$1,081,486$765,645$2,242,226
77$3,128,441$1,072,530$729,345$2,380,260
78$3,383,641$1,061,184$689,878$2,531,012
79$3,662,860$1,047,269$647,075$2,695,793
80$3,968,482$1,030,595$600,763$2,876,049
81$4,303,136$1,010,964$550,758$3,073,376
82$4,669,716$988,161$496,868$3,289,539
83$5,071,408$961,962$438,894$3,526,481
84$5,511,722$932,128$376,628$3,786,352
85$5,994,524$898,409$309,851$4,071,520
86$6,524,071$860,536$238,336$4,384,601
87$7,105,051$818,228$161,846$4,728,481
88$7,742,631$771,185$80,132$5,106,345
89$8,442,499$719,093$0$5,521,707
90$9,210,923$661,617$0$5,980,406
91$10,054,805$598,405$0$6,508,608
92$10,981,751$529,082$0$7,088,859
93$12,000,138$453,256$0$7,726,444
94$13,119,195$370,509$0$8,427,194
95$14,349,090$280,401$0$9,197,532
96$15,701,024$182,467$0$10,044,539
97$17,187,338$76,217$0$10,976,019
98$18,821,627$0$0$12,000,575
99$20,618,871$0$0$13,134,532
100$22,595,573$0$0$14,396,568