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%13%
1 years$81,588$80,861$80,152$79,460$78,785$77,800
2 years$40,390$39,638$38,909$38,202$37,516$36,526
3 years$26,659$25,904$25,177$24,476$23,802$22,836
4 years$19,795$19,042$18,322$17,634$16,976$16,042
5 years$15,678$14,929$14,219$13,545$12,905$12,006
6 years$12,934$12,191$11,491$10,832$10,211$9,348
7 years$10,975$10,238$9,549$8,905$8,304$7,477
8 years$9,506$8,776$8,098$7,470$6,889$6,098
9 years$8,364$7,641$6,975$6,363$5,802$5,047
10 years$7,451$6,735$6,081$5,485$4,943$4,224
11 years$6,705$5,996$5,354$4,774$4,251$3,566
12 years$6,083$5,382$4,751$4,187$3,684$3,033
13 years$5,558$4,863$4,245$3,697$3,213$2,595
14 years$5,108$4,421$3,814$3,281$2,816$2,230
15 years$4,718$4,038$3,444$2,926$2,480$1,925
16 years$4,377$3,705$3,122$2,620$2,192$1,667
17 years$4,077$3,412$2,841$2,354$1,943$1,448
18 years$3,810$3,153$2,593$2,122$1,728$1,260
19 years$3,572$2,922$2,374$1,917$1,540$1,100
20 years$3,358$2,715$2,179$1,736$1,376$961
21 years$3,164$2,529$2,004$1,576$1,231$841
22 years$2,989$2,361$1,847$1,433$1,103$738
23 years$2,829$2,208$1,706$1,305$990$647
24 years$2,682$2,069$1,577$1,190$890$569
25 years$2,547$1,942$1,461$1,087$801$500
26 years$2,423$1,825$1,355$994$722$440
27 years$2,308$1,717$1,258$910$651$387
28 years$2,202$1,618$1,170$833$587$341
29 years$2,103$1,527$1,088$764$530$301
30 years$2,011$1,442$1,014$701$479$265
31 years$1,925$1,363$945$644$433$234
32 years$1,845$1,290$882$592$392$207
33 years$1,769$1,221$823$544$354$182
34 years$1,699$1,158$769$501$321$161
35 years$1,632$1,098$719$461$291$142
36 years$1,569$1,042$673$425$263$126
37 years$1,510$990$630$391$239$111
38 years$1,454$941$590$361$216$98
39 years$1,401$894$553$333$196$87
40 years$1,351$851$518$307$178$77
41 years$1,303$810$486$283$161$68
42 years$1,258$771$456$261$147$60
43 years$1,215$735$427$241$133$53
44 years$1,174$701$401$223$121$47
45 years$1,135$668$377$206$110$42
46 years$1,098$637$354$190$100$37
47 years$1,062$608$332$175$90$32
48 years$1,028$581$312$162$82$29
49 years$996$554$294$150$75$25
50 years$965$530$276$138$68$22

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $988,000, adding $2,003 every year, while hoping to spend $36,909 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: 43/33/24 Blend
61$988,000$988,000$988,000$988,000
62$1,090,842$1,038,478$1,023,164$1,130,041
63$1,162,837$1,050,093$1,018,169$1,169,752
64$1,240,939$1,061,039$1,011,770$1,209,048
65$1,325,730$1,071,246$1,003,880$1,250,891
66$1,417,855$1,080,637$994,410$1,295,536
67$1,518,018$1,089,131$983,265$1,343,268
68$1,626,998$1,096,640$970,346$1,394,399
69$1,745,649$1,103,072$955,550$1,449,278
70$1,874,912$1,108,330$938,768$1,508,290
71$2,015,824$1,112,309$919,887$1,571,861
72$2,169,523$1,114,897$898,789$1,640,463
73$2,337,263$1,115,976$875,348$1,714,620
74$2,520,427$1,115,422$849,434$1,794,909
75$2,720,533$1,113,100$820,913$1,881,972
76$2,939,256$1,108,870$789,642$1,976,517
77$3,178,436$1,102,581$755,471$2,079,328
78$3,440,104$1,094,075$718,247$2,191,274
79$3,726,492$1,083,182$677,805$2,313,314
80$4,040,059$1,069,723$633,977$2,446,509
81$4,383,515$1,053,509$586,585$2,592,034
82$4,759,841$1,034,339$535,443$2,751,185
83$5,172,322$1,011,999$480,358$2,925,399
84$5,624,577$986,264$421,128$3,116,261
85$6,120,589$956,896$357,540$3,325,524
86$6,664,746$923,642$289,375$3,555,126
87$7,261,883$886,233$216,402$3,807,207
88$7,917,324$844,387$138,381$4,084,133
89$8,636,934$797,805$55,059$4,388,518
90$9,427,174$746,170$0$4,723,248
91$10,295,160$689,147$0$5,100,184
92$11,248,732$626,381$0$5,529,786
93$12,296,529$557,500$0$6,001,902
94$13,448,064$482,106$0$6,520,905
95$14,713,820$399,783$0$7,091,616
96$16,105,346$310,088$0$7,719,355
97$17,635,365$212,557$0$8,409,987
98$19,317,895$106,695$0$9,169,986
99$21,168,381$0$0$10,006,488
100$23,203,838$0$0$10,930,278