Can I retire at age 62 with 994,000?

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 $994,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.1%
1 years$82,084$81,352$80,639$79,943$79,263$76,360
2 years$40,635$39,879$39,145$38,434$37,744$34,851
3 years$26,821$26,061$25,330$24,625$23,947$21,155
4 years$19,915$19,158$18,433$17,741$17,079$14,410
5 years$15,773$15,020$14,305$13,627$12,983$10,445
6 years$13,012$12,265$11,561$10,897$10,273$7,866
7 years$11,041$10,300$9,607$8,959$8,355$6,079
8 years$9,564$8,829$8,147$7,516$6,931$4,784
9 years$8,415$7,687$7,017$6,402$5,837$3,816
10 years$7,496$6,776$6,118$5,518$4,973$3,075
11 years$6,745$6,032$5,386$4,803$4,277$2,498
12 years$6,120$5,414$4,780$4,213$3,707$2,041
13 years$5,591$4,893$4,271$3,719$3,232$1,676
14 years$5,139$4,447$3,837$3,301$2,833$1,382
15 years$4,747$4,063$3,464$2,944$2,495$1,143
16 years$4,404$3,728$3,141$2,636$2,205$948
17 years$4,102$3,433$2,858$2,369$1,955$787
18 years$3,833$3,172$2,609$2,135$1,738$656
19 years$3,594$2,940$2,389$1,929$1,549$546
20 years$3,378$2,732$2,192$1,747$1,384$456
21 years$3,184$2,545$2,016$1,585$1,238$381
22 years$3,007$2,375$1,858$1,442$1,110$319
23 years$2,846$2,222$1,716$1,313$996$267
24 years$2,698$2,082$1,587$1,197$896$223
25 years$2,563$1,953$1,470$1,094$806$187
26 years$2,438$1,836$1,363$1,000$726$157
27 years$2,322$1,728$1,266$915$655$131
28 years$2,215$1,628$1,177$839$591$110
29 years$2,116$1,536$1,095$769$533$92
30 years$2,023$1,451$1,020$706$482$77
31 years$1,937$1,371$951$648$436$65
32 years$1,856$1,297$887$596$394$54
33 years$1,780$1,229$828$548$357$46
34 years$1,709$1,165$774$504$323$38
35 years$1,642$1,105$724$464$292$32
36 years$1,579$1,048$677$427$265$27
37 years$1,519$996$634$394$240$23
38 years$1,463$946$593$363$218$19
39 years$1,409$900$556$335$197$16
40 years$1,359$856$521$309$179$13
41 years$1,311$815$489$285$162$11
42 years$1,266$776$458$263$147$9
43 years$1,222$739$430$243$134$8
44 years$1,181$705$404$224$121$7
45 years$1,142$672$379$207$110$6
46 years$1,104$641$356$191$100$5
47 years$1,069$612$334$177$91$4
48 years$1,034$584$314$163$83$3
49 years$1,002$558$295$151$75$3
50 years$970$533$278$139$68$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $994,000, adding $3,744 every year, while hoping to spend $52,546 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: 55/40/5 Blend
61$994,000$994,000$994,000$994,000
62$1,099,250$1,046,568$1,031,161$1,158,382
63$1,155,465$1,041,941$1,009,796$1,194,033
64$1,215,653$1,035,327$985,955$1,226,642
65$1,280,163$1,026,571$959,498$1,260,841
66$1,349,380$1,015,513$930,281$1,296,788
67$1,423,723$1,001,981$898,153$1,334,659
68$1,503,656$985,791$862,954$1,374,649
69$1,589,686$966,752$824,520$1,416,976
70$1,682,370$944,658$782,677$1,461,882
71$1,782,319$919,294$737,244$1,509,640
72$1,890,206$890,429$688,032$1,560,551
73$2,006,769$857,823$634,843$1,614,949
74$2,132,820$821,217$577,471$1,673,210
75$2,269,251$780,340$515,700$1,735,749
76$2,417,043$734,905$449,304$1,803,028
77$2,577,274$684,608$378,049$1,875,561
78$2,751,131$629,128$301,687$1,953,920
79$2,939,916$568,125$219,964$2,038,740
80$3,145,064$501,240$132,610$2,130,725
81$3,368,154$428,094$39,345$2,230,659
82$3,610,921$348,286$0$2,339,412
83$3,875,276$261,393$0$2,461,157
84$4,163,320$166,967$0$2,596,204
85$4,477,367$64,537$0$2,743,655
86$4,819,962$0$0$2,904,843
87$5,193,909$0$0$3,101,670
88$5,602,290$0$0$3,347,730
89$6,048,502$0$0$3,616,673
90$6,536,284$0$0$3,910,763
91$7,069,750$0$0$4,232,495
92$7,653,433$0$0$4,584,612
93$8,292,323$0$0$4,970,138
94$8,991,914$0$0$5,392,401
95$9,758,257$0$0$5,855,067
96$10,598,017$0$0$6,362,174
97$11,518,530$0$0$6,918,166
98$12,527,881$0$0$7,527,943
99$13,634,971$0$0$8,196,896
100$14,849,605$0$0$8,930,967