Can I retire at age 62 with 987,000?

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 $987,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.3%
1 years$81,506$80,780$80,071$79,380$78,705$77,948
2 years$40,349$39,598$38,870$38,163$37,478$36,716
3 years$26,632$25,878$25,151$24,452$23,778$23,033
4 years$19,775$19,023$18,304$17,616$16,959$16,238
5 years$15,662$14,914$14,204$13,531$12,892$12,197
6 years$12,921$12,178$11,479$10,821$10,201$9,533
7 years$10,963$10,227$9,539$8,896$8,296$7,655
8 years$9,496$8,767$8,090$7,463$6,882$6,268
9 years$8,356$7,633$6,968$6,357$5,796$5,209
10 years$7,444$6,728$6,075$5,480$4,938$4,378
11 years$6,698$5,990$5,348$4,769$4,247$3,713
12 years$6,077$5,376$4,746$4,183$3,680$3,171
13 years$5,552$4,858$4,241$3,693$3,209$2,725
14 years$5,102$4,416$3,810$3,278$2,813$2,354
15 years$4,713$4,034$3,440$2,924$2,477$2,041
16 years$4,373$3,701$3,119$2,618$2,189$1,776
17 years$4,073$3,409$2,838$2,352$1,941$1,550
18 years$3,806$3,150$2,591$2,120$1,726$1,356
19 years$3,568$2,919$2,372$1,915$1,538$1,189
20 years$3,355$2,713$2,177$1,735$1,374$1,045
21 years$3,161$2,527$2,002$1,574$1,230$919
22 years$2,986$2,359$1,845$1,431$1,102$810
23 years$2,826$2,206$1,704$1,304$989$715
24 years$2,679$2,067$1,576$1,189$889$631
25 years$2,545$1,940$1,459$1,086$800$558
26 years$2,421$1,823$1,354$993$721$494
27 years$2,306$1,716$1,257$909$650$437
28 years$2,200$1,617$1,168$833$586$388
29 years$2,101$1,525$1,087$764$530$344
30 years$2,009$1,440$1,013$701$478$305
31 years$1,923$1,362$944$644$433$270
32 years$1,843$1,288$881$591$391$240
33 years$1,768$1,220$823$544$354$213
34 years$1,697$1,156$769$500$321$189
35 years$1,630$1,097$719$461$290$168
36 years$1,568$1,041$672$424$263$150
37 years$1,508$989$629$391$238$133
38 years$1,452$940$589$360$216$118
39 years$1,400$893$552$332$196$105
40 years$1,349$850$517$306$178$93
41 years$1,302$809$485$283$161$83
42 years$1,257$771$455$261$146$74
43 years$1,214$734$427$241$133$66
44 years$1,173$700$401$222$121$59
45 years$1,134$667$376$205$109$52
46 years$1,097$637$354$190$99$46
47 years$1,061$608$332$175$90$41
48 years$1,027$580$312$162$82$37
49 years$995$554$293$150$74$33
50 years$964$529$276$138$68$29

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $987,000, adding $5,346 every year, while hoping to spend $50,853 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: 40/44/16 Blend
61$987,000$987,000$987,000$987,000
62$1,093,188$1,040,877$1,025,579$1,131,521
63$1,150,586$1,037,773$1,005,829$1,156,161
64$1,212,135$1,032,813$983,712$1,177,460
65$1,278,203$1,025,851$959,097$1,199,418
66$1,349,196$1,016,734$931,844$1,222,121
67$1,425,561$1,005,301$901,807$1,245,665
68$1,507,785$991,377$868,834$1,270,161
69$1,596,405$974,781$832,767$1,295,735
70$1,692,012$955,319$793,438$1,322,532
71$1,795,254$932,786$750,674$1,350,712
72$1,906,841$906,964$704,293$1,380,460
73$2,027,558$877,624$654,106$1,411,983
74$2,158,263$844,522$599,913$1,445,515
75$2,299,903$807,400$541,507$1,481,321
76$2,453,517$765,987$478,672$1,519,696
77$2,620,249$719,994$411,181$1,560,976
78$2,801,357$669,116$338,798$1,605,534
79$2,998,224$613,031$261,276$1,653,791
80$3,212,372$551,399$178,357$1,706,218
81$3,445,475$483,859$89,774$1,763,344
82$3,699,376$410,031$0$1,825,758
83$3,976,103$329,512$0$1,894,932
84$4,277,887$241,880$0$1,987,201
85$4,607,183$146,684$0$2,088,098
86$4,966,696$43,452$0$2,198,594
87$5,359,401$0$0$2,319,770
88$5,788,574$0$0$2,485,905
89$6,257,821$0$0$2,690,680
90$6,771,115$0$0$2,914,805
91$7,332,827$0$0$3,160,206
92$7,947,772$0$0$3,429,002
93$8,621,252$0$0$3,723,529
94$9,359,105$0$0$4,046,358
95$10,167,761$0$0$4,400,321
96$11,054,303$0$0$4,788,538
97$12,026,528$0$0$5,214,442
98$13,093,028$0$0$5,681,820
99$14,263,265$0$0$6,194,838
100$15,547,660$0$0$6,758,089