Can I retire at age 62 with 988,000?

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 $988,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.4%
1 years$81,588$80,861$80,152$79,460$78,785$78,321
2 years$40,390$39,638$38,909$38,202$37,516$37,049
3 years$26,659$25,904$25,177$24,476$23,802$23,345
4 years$19,795$19,042$18,322$17,634$16,976$16,532
5 years$15,678$14,929$14,219$13,545$12,905$12,476
6 years$12,934$12,191$11,491$10,832$10,211$9,798
7 years$10,975$10,238$9,549$8,905$8,304$7,908
8 years$9,506$8,776$8,098$7,470$6,889$6,509
9 years$8,364$7,641$6,975$6,363$5,802$5,437
10 years$7,451$6,735$6,081$5,485$4,943$4,594
11 years$6,705$5,996$5,354$4,774$4,251$3,918
12 years$6,083$5,382$4,751$4,187$3,684$3,366
13 years$5,558$4,863$4,245$3,697$3,213$2,909
14 years$5,108$4,421$3,814$3,281$2,816$2,527
15 years$4,718$4,038$3,444$2,926$2,480$2,205
16 years$4,377$3,705$3,122$2,620$2,192$1,930
17 years$4,077$3,412$2,841$2,354$1,943$1,695
18 years$3,810$3,153$2,593$2,122$1,728$1,493
19 years$3,572$2,922$2,374$1,917$1,540$1,317
20 years$3,358$2,715$2,179$1,736$1,376$1,165
21 years$3,164$2,529$2,004$1,576$1,231$1,032
22 years$2,989$2,361$1,847$1,433$1,103$916
23 years$2,829$2,208$1,706$1,305$990$813
24 years$2,682$2,069$1,577$1,190$890$723
25 years$2,547$1,942$1,461$1,087$801$644
26 years$2,423$1,825$1,355$994$722$574
27 years$2,308$1,717$1,258$910$651$512
28 years$2,202$1,618$1,170$833$587$457
29 years$2,103$1,527$1,088$764$530$408
30 years$2,011$1,442$1,014$701$479$364
31 years$1,925$1,363$945$644$433$326
32 years$1,845$1,290$882$592$392$291
33 years$1,769$1,221$823$544$354$261
34 years$1,699$1,158$769$501$321$233
35 years$1,632$1,098$719$461$291$209
36 years$1,569$1,042$673$425$263$187
37 years$1,510$990$630$391$239$168
38 years$1,454$941$590$361$216$150
39 years$1,401$894$553$333$196$135
40 years$1,351$851$518$307$178$121
41 years$1,303$810$486$283$161$108
42 years$1,258$771$456$261$147$97
43 years$1,215$735$427$241$133$87
44 years$1,174$701$401$223$121$78
45 years$1,135$668$377$206$110$70
46 years$1,098$637$354$190$100$63
47 years$1,062$608$332$175$90$56
48 years$1,028$581$312$162$82$50
49 years$996$554$294$150$75$45
50 years$965$530$276$138$68$41

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $988,000, adding $5,813 every year, while hoping to spend $37,410 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: 60/10/30 Blend
61$988,000$988,000$988,000$988,000
62$1,094,772$1,042,408$1,027,094$1,151,206
63$1,166,635$1,053,682$1,021,698$1,201,719
64$1,244,574$1,064,255$1,014,867$1,252,339
65$1,329,169$1,074,052$1,006,514$1,306,810
66$1,421,059$1,082,996$996,547$1,365,517
67$1,520,946$1,091,001$984,870$1,428,886
68$1,629,602$1,097,980$971,382$1,497,388
69$1,747,877$1,103,836$955,979$1,571,541
70$1,876,705$1,108,469$938,549$1,651,919
71$2,017,116$1,111,771$918,978$1,739,156
72$2,170,242$1,113,628$897,144$1,833,950
73$2,337,330$1,113,918$872,921$1,937,075
74$2,519,750$1,112,513$846,176$2,049,382
75$2,719,014$1,109,275$816,773$2,171,813
76$2,936,784$1,104,060$784,565$2,305,408
77$3,174,889$1,096,713$749,401$2,451,313
78$3,435,346$1,087,070$711,125$2,610,795
79$3,720,373$1,074,958$669,569$2,785,252
80$4,032,413$1,060,193$624,562$2,976,227
81$4,374,158$1,042,581$575,922$3,185,422
82$4,748,568$1,021,914$523,463$3,414,716
83$5,158,909$997,974$466,985$3,666,183
84$5,608,773$970,530$406,284$3,942,111
85$6,102,118$939,336$341,145$4,245,025
86$6,643,303$904,133$271,343$4,577,711
87$7,237,131$864,647$196,644$4,943,242
88$7,888,890$820,586$116,803$5,345,010
89$8,604,406$771,644$31,565$5,786,754
90$9,390,096$717,495$0$6,272,602
91$10,253,030$657,796$0$6,826,119
92$11,200,995$592,184$0$7,445,332
93$12,242,570$520,275$0$8,125,758
94$13,387,207$441,663$0$8,873,602
95$14,645,318$355,920$0$9,695,703
96$16,028,373$262,593$0$10,599,598
97$17,549,011$161,204$0$11,593,592
98$19,221,155$51,248$0$12,686,837
99$21,060,144$0$0$13,889,420
100$23,082,882$0$0$15,219,917