Can I retire at age 62 with 992,000?

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 $992,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.6%
1 years$81,918$81,189$80,477$79,782$79,103$77,602
2 years$40,554$39,798$39,066$38,357$37,668$36,161
3 years$26,767$26,009$25,279$24,576$23,898$22,433
4 years$19,875$19,119$18,396$17,705$17,044$15,632
5 years$15,741$14,990$14,276$13,599$12,957$11,601
6 years$12,986$12,240$11,537$10,876$10,252$8,955
7 years$11,019$10,279$9,588$8,941$8,338$7,099
8 years$9,544$8,811$8,131$7,501$6,917$5,737
9 years$8,398$7,672$7,003$6,389$5,825$4,703
10 years$7,481$6,762$6,106$5,507$4,963$3,897
11 years$6,732$6,020$5,375$4,793$4,269$3,258
12 years$6,108$5,403$4,770$4,204$3,699$2,743
13 years$5,580$4,883$4,262$3,712$3,226$2,322
14 years$5,128$4,439$3,829$3,295$2,828$1,974
15 years$4,737$4,055$3,458$2,938$2,490$1,685
16 years$4,395$3,720$3,135$2,631$2,200$1,443
17 years$4,093$3,426$2,852$2,364$1,951$1,239
18 years$3,826$3,166$2,604$2,130$1,735$1,067
19 years$3,587$2,934$2,384$1,925$1,546$920
20 years$3,371$2,726$2,188$1,743$1,381$794
21 years$3,177$2,540$2,012$1,582$1,236$687
22 years$3,001$2,371$1,855$1,439$1,108$595
23 years$2,840$2,217$1,712$1,310$994$516
24 years$2,693$2,077$1,584$1,195$894$447
25 years$2,558$1,950$1,467$1,091$804$388
26 years$2,433$1,832$1,360$998$725$337
27 years$2,318$1,724$1,263$913$653$293
28 years$2,211$1,625$1,174$837$589$255
29 years$2,112$1,533$1,093$767$532$222
30 years$2,019$1,448$1,018$704$481$193
31 years$1,933$1,368$949$647$435$168
32 years$1,852$1,295$885$594$393$147
33 years$1,777$1,226$827$547$356$128
34 years$1,705$1,162$772$503$322$111
35 years$1,639$1,102$722$463$292$97
36 years$1,576$1,046$676$426$264$84
37 years$1,516$994$632$393$240$74
38 years$1,460$944$592$362$217$64
39 years$1,407$898$555$334$197$56
40 years$1,356$854$520$308$179$49
41 years$1,308$813$488$284$162$43
42 years$1,263$775$457$262$147$37
43 years$1,220$738$429$242$134$32
44 years$1,179$703$403$224$121$28
45 years$1,139$671$378$206$110$25
46 years$1,102$640$355$191$100$22
47 years$1,066$611$334$176$91$19
48 years$1,032$583$314$163$82$16
49 years$1,000$557$295$150$75$14
50 years$969$532$277$139$68$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $992,000, adding $3,291 every year, while hoping to spend $53,548 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: 72/18/10 Blend
61$992,000$992,000$992,000$992,000
62$1,096,579$1,044,003$1,028,627$1,173,216
63$1,151,455$1,038,184$1,006,111$1,218,500
64$1,210,134$1,030,286$981,046$1,261,130
65$1,272,947$1,020,149$953,291$1,306,344
66$1,340,258$1,007,606$922,696$1,354,384
67$1,412,464$992,479$889,106$1,405,516
68$1,490,004$974,579$852,360$1,460,036
69$1,573,357$953,706$812,287$1,518,268
70$1,663,050$929,649$768,709$1,580,573
71$1,759,662$902,183$721,442$1,647,349
72$1,863,829$871,070$670,291$1,719,035
73$1,976,248$836,061$615,054$1,796,116
74$2,097,686$796,889$555,520$1,879,130
75$2,228,987$753,274$491,466$1,968,670
76$2,371,076$704,917$422,663$2,065,391
77$2,524,973$651,505$348,870$2,170,017
78$2,691,797$592,705$269,833$2,283,348
79$2,872,779$528,166$185,291$2,406,267
80$3,069,273$457,517$94,969$2,539,751
81$3,282,769$380,366$0$2,684,878
82$3,514,905$296,297$0$2,842,991
83$3,767,484$204,874$0$3,026,077
84$4,042,489$105,634$0$3,225,479
85$4,342,101$0$0$3,442,837
86$4,668,724$0$0$3,680,335
87$5,025,000$0$0$3,962,262
88$5,413,837$0$0$4,270,001
89$5,838,440$0$0$4,606,093
90$6,302,332$0$0$4,973,333
91$6,809,394$0$0$5,374,800
92$7,363,901$0$0$5,813,884
93$7,970,555$0$0$6,294,317
94$8,634,537$0$0$6,820,207
95$9,361,552$0$0$7,396,080
96$10,157,880$0$0$8,026,918
97$11,030,439$0$0$8,718,210
98$11,986,848$0$0$9,475,999
99$13,035,497$0$0$10,306,941
100$14,185,626$0$0$11,218,367