Can I retire at age 62 with 989,000?

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 $989,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.4%
1 years$81,671$80,943$80,233$79,541$78,864$76,493
2 years$40,431$39,678$38,948$38,241$37,554$35,185
3 years$26,686$25,930$25,202$24,501$23,826$21,534
4 years$19,815$19,061$18,341$17,652$16,993$14,794
5 years$15,694$14,944$14,233$13,558$12,918$10,819
6 years$12,947$12,203$11,502$10,843$10,221$8,225
7 years$10,986$10,248$9,559$8,914$8,313$6,418
8 years$9,515$8,785$8,106$7,478$6,896$5,102
9 years$8,373$7,649$6,982$6,370$5,808$4,112
10 years$7,459$6,742$6,087$5,491$4,948$3,349
11 years$6,712$6,002$5,359$4,779$4,256$2,750
12 years$6,089$5,387$4,756$4,191$3,688$2,273
13 years$5,563$4,868$4,249$3,700$3,216$1,888
14 years$5,113$4,425$3,818$3,285$2,819$1,575
15 years$4,723$4,042$3,447$2,929$2,482$1,319
16 years$4,382$3,709$3,125$2,623$2,194$1,107
17 years$4,081$3,416$2,844$2,357$1,945$932
18 years$3,814$3,156$2,596$2,124$1,730$785
19 years$3,576$2,925$2,377$1,919$1,542$663
20 years$3,361$2,718$2,181$1,738$1,377$561
21 years$3,168$2,532$2,006$1,577$1,232$475
22 years$2,992$2,363$1,849$1,434$1,104$402
23 years$2,831$2,210$1,707$1,306$991$341
24 years$2,685$2,071$1,579$1,191$891$289
25 years$2,550$1,944$1,462$1,088$802$246
26 years$2,426$1,827$1,356$995$722$209
27 years$2,311$1,719$1,259$911$651$177
28 years$2,204$1,620$1,171$834$588$151
29 years$2,105$1,528$1,090$765$531$128
30 years$2,013$1,443$1,015$702$479$109
31 years$1,927$1,364$946$645$433$93
32 years$1,847$1,291$883$593$392$79
33 years$1,771$1,223$824$545$355$67
34 years$1,700$1,159$770$501$321$57
35 years$1,634$1,099$720$462$291$49
36 years$1,571$1,043$674$425$264$41
37 years$1,511$991$630$392$239$35
38 years$1,455$942$590$361$217$30
39 years$1,402$895$553$333$196$26
40 years$1,352$852$518$307$178$22
41 years$1,304$811$486$283$162$19
42 years$1,259$772$456$261$147$16
43 years$1,216$736$428$241$133$13
44 years$1,175$701$402$223$121$11
45 years$1,136$669$377$206$110$10
46 years$1,099$638$354$190$100$8
47 years$1,063$609$333$176$90$7
48 years$1,029$581$313$162$82$6
49 years$997$555$294$150$75$5
50 years$966$530$276$139$68$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $989,000, adding $4,092 every year, while hoping to spend $35,536 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: 42/33/25 Blend
61$989,000$989,000$989,000$989,000
62$1,094,099$1,041,682$1,026,352$1,131,891
63$1,167,887$1,054,914$1,022,925$1,172,571
64$1,248,010$1,067,604$1,018,192$1,212,905
65$1,335,078$1,079,687$1,012,072$1,255,888
66$1,429,759$1,091,095$1,004,480$1,301,783
67$1,532,790$1,101,755$995,326$1,350,883
68$1,644,983$1,111,588$984,517$1,403,512
69$1,767,228$1,120,513$971,955$1,460,030
70$1,900,508$1,128,440$957,538$1,520,833
71$2,045,902$1,135,277$941,158$1,586,361
72$2,204,600$1,140,921$922,703$1,657,101
73$2,377,911$1,145,268$902,055$1,733,592
74$2,567,275$1,148,204$879,091$1,816,430
75$2,774,279$1,149,608$853,683$1,906,274
76$3,000,670$1,149,353$825,696$2,003,854
77$3,248,370$1,147,303$794,988$2,109,976
78$3,519,497$1,143,314$761,414$2,225,533
79$3,816,383$1,137,233$724,818$2,351,510
80$4,141,594$1,128,898$685,040$2,489,000
81$4,497,959$1,118,137$641,911$2,639,207
82$4,888,592$1,104,766$595,256$2,803,465
83$5,316,923$1,088,594$544,891$2,983,247
84$5,786,729$1,069,415$490,625$3,180,181
85$6,302,170$1,047,011$432,256$3,396,065
86$6,867,830$1,021,153$369,575$3,632,888
87$7,488,757$991,598$302,364$3,892,844
88$8,170,511$958,087$230,394$4,178,361
89$8,919,218$920,349$153,427$4,492,116
90$9,741,626$878,093$71,214$4,837,070
91$10,645,167$831,015$0$5,216,489
92$11,638,032$778,792$0$5,638,390
93$12,729,241$721,083$0$6,122,909
94$13,928,733$657,526$0$6,655,504
95$15,247,459$587,739$0$7,241,110
96$16,697,481$511,320$0$7,885,170
97$18,292,091$427,842$0$8,593,689
98$20,045,933$336,855$0$9,373,287
99$21,975,140$237,883$0$10,231,267
100$24,097,489$130,423$0$11,175,681