Can I retire at age 62 with 993,000?

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 $993,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.5%
1 years$82,001$81,271$80,558$79,862$79,183$78,684
2 years$40,595$39,839$39,106$38,395$37,706$37,203
3 years$26,794$26,035$25,304$24,600$23,922$23,430
4 years$19,895$19,138$18,415$17,723$17,062$16,585
5 years$15,757$15,005$14,291$13,613$12,970$12,509
6 years$12,999$12,253$11,549$10,886$10,263$9,819
7 years$11,030$10,290$9,597$8,950$8,346$7,920
8 years$9,554$8,820$8,139$7,508$6,924$6,515
9 years$8,406$7,680$7,010$6,395$5,831$5,439
10 years$7,489$6,769$6,112$5,513$4,968$4,593
11 years$6,739$6,026$5,381$4,798$4,273$3,915
12 years$6,114$5,409$4,775$4,208$3,703$3,361
13 years$5,586$4,888$4,266$3,715$3,229$2,903
14 years$5,133$4,443$3,833$3,298$2,831$2,520
15 years$4,742$4,059$3,461$2,941$2,492$2,197
16 years$4,399$3,724$3,138$2,634$2,203$1,922
17 years$4,098$3,429$2,855$2,366$1,953$1,687
18 years$3,830$3,169$2,607$2,132$1,737$1,485
19 years$3,590$2,937$2,386$1,927$1,548$1,309
20 years$3,375$2,729$2,190$1,745$1,383$1,157
21 years$3,180$2,542$2,014$1,584$1,237$1,024
22 years$3,004$2,373$1,857$1,440$1,109$908
23 years$2,843$2,219$1,714$1,312$995$806
24 years$2,695$2,079$1,585$1,196$895$716
25 years$2,560$1,951$1,468$1,092$805$637
26 years$2,435$1,834$1,362$999$725$567
27 years$2,320$1,726$1,265$914$654$506
28 years$2,213$1,626$1,176$838$590$451
29 years$2,114$1,534$1,094$768$533$402
30 years$2,021$1,449$1,019$705$481$359
31 years$1,935$1,370$950$647$435$321
32 years$1,854$1,296$886$595$394$287
33 years$1,778$1,227$828$547$356$256
34 years$1,707$1,163$773$503$323$229
35 years$1,640$1,103$723$463$292$205
36 years$1,577$1,047$676$427$265$183
37 years$1,518$995$633$393$240$164
38 years$1,461$945$593$362$218$147
39 years$1,408$899$555$334$197$132
40 years$1,358$855$521$308$179$118
41 years$1,310$814$488$284$162$106
42 years$1,264$775$458$262$147$95
43 years$1,221$739$430$242$134$85
44 years$1,180$704$403$224$121$76
45 years$1,141$671$379$207$110$68
46 years$1,103$641$356$191$100$61
47 years$1,067$611$334$176$91$55
48 years$1,033$584$314$163$82$49
49 years$1,001$557$295$151$75$44
50 years$970$532$277$139$68$39

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $993,000, adding $6,537 every year, while hoping to spend $47,235 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: 35/46/19 Blend
61$993,000$993,000$993,000$993,000
62$1,101,029$1,048,400$1,033,008$1,132,973
63$1,163,076$1,049,514$1,017,357$1,158,051
64$1,229,869$1,049,099$999,597$1,180,228
65$1,301,842$1,047,031$979,610$1,203,171
66$1,379,472$1,043,178$957,269$1,226,975
67$1,463,282$1,037,398$932,441$1,251,748
68$1,553,849$1,029,542$904,990$1,277,615
69$1,651,805$1,019,453$874,771$1,304,714
70$1,757,846$1,006,963$841,632$1,333,202
71$1,872,736$991,894$805,417$1,363,259
72$1,997,315$974,057$765,959$1,395,086
73$2,132,509$953,254$723,086$1,428,908
74$2,279,334$929,272$676,618$1,464,981
75$2,438,909$901,889$626,367$1,503,592
76$2,612,463$870,867$572,136$1,545,062
77$2,801,350$835,955$513,719$1,589,751
78$3,007,060$796,889$450,901$1,638,065
79$3,231,231$753,388$383,457$1,690,456
80$3,475,668$705,155$311,154$1,747,431
81$3,742,355$651,877$233,746$1,809,557
82$4,033,477$593,221$150,979$1,877,465
83$4,351,440$528,837$62,585$1,951,862
84$4,698,892$458,355$0$2,033,537
85$5,078,747$381,382$0$2,129,804
86$5,494,215$297,506$0$2,249,163
87$5,948,830$206,289$0$2,380,067
88$6,446,483$107,270$0$2,523,792
89$6,991,460$0$0$2,681,756
90$7,588,478$0$0$2,855,549
91$8,242,735$0$0$3,105,649
92$8,959,953$0$0$3,379,963
93$9,746,436$0$0$3,680,919
94$10,609,127$0$0$4,011,193
95$11,555,671$0$0$4,373,731
96$12,594,491$0$0$4,771,780
97$13,734,866$0$0$5,208,917
98$14,987,014$0$0$5,689,079
99$16,362,194$0$0$6,216,606
100$17,872,808$0$0$6,796,280