Can I retire at age 62 with 996,000?

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 $996,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.9%
1 years$82,249$81,516$80,801$80,104$79,422$76,574
2 years$40,717$39,959$39,224$38,511$37,820$34,981
3 years$26,875$26,114$25,380$24,675$23,995$21,254
4 years$19,956$19,196$18,470$17,777$17,113$14,493
5 years$15,805$15,050$14,334$13,654$13,009$10,515
6 years$13,039$12,290$11,584$10,919$10,294$7,928
7 years$11,063$10,321$9,626$8,977$8,372$6,134
8 years$9,583$8,847$8,164$7,531$6,945$4,833
9 years$8,432$7,703$7,032$6,415$5,849$3,860
10 years$7,511$6,790$6,130$5,530$4,983$3,114
11 years$6,759$6,044$5,397$4,812$4,286$2,533
12 years$6,132$5,425$4,790$4,221$3,714$2,072
13 years$5,603$4,903$4,279$3,727$3,239$1,704
14 years$5,149$4,456$3,845$3,308$2,839$1,407
15 years$4,756$4,071$3,471$2,950$2,500$1,165
16 years$4,413$3,735$3,147$2,642$2,209$968
17 years$4,110$3,440$2,864$2,373$1,959$805
18 years$3,841$3,179$2,614$2,139$1,742$671
19 years$3,601$2,946$2,393$1,933$1,552$561
20 years$3,385$2,737$2,197$1,750$1,387$469
21 years$3,190$2,550$2,020$1,589$1,241$392
22 years$3,013$2,380$1,862$1,444$1,112$328
23 years$2,851$2,226$1,719$1,315$998$275
24 years$2,704$2,086$1,590$1,200$897$231
25 years$2,568$1,957$1,473$1,096$808$194
26 years$2,443$1,840$1,366$1,002$727$162
27 years$2,327$1,731$1,268$917$656$136
28 years$2,220$1,631$1,179$840$592$115
29 years$2,120$1,539$1,097$770$534$96
30 years$2,027$1,453$1,022$707$483$81
31 years$1,941$1,374$953$649$437$68
32 years$1,860$1,300$889$597$395$57
33 years$1,784$1,231$830$549$357$48
34 years$1,712$1,167$776$505$324$40
35 years$1,645$1,107$725$465$293$34
36 years$1,582$1,050$678$428$266$29
37 years$1,522$998$635$394$241$24
38 years$1,466$948$595$364$218$20
39 years$1,412$902$557$335$198$17
40 years$1,362$858$522$309$179$14
41 years$1,314$817$490$285$163$12
42 years$1,268$778$459$263$148$10
43 years$1,225$741$431$243$134$8
44 years$1,183$706$404$224$122$7
45 years$1,144$674$380$207$110$6
46 years$1,107$643$357$191$100$5
47 years$1,071$613$335$177$91$4
48 years$1,036$585$315$163$83$4
49 years$1,004$559$296$151$75$3
50 years$972$534$278$140$68$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $996,000, adding $2,947 every year, while hoping to spend $53,455 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: 37/43/20 Blend
61$996,000$996,000$996,000$996,000
62$1,100,632$1,047,844$1,032,406$1,134,622
63$1,156,021$1,042,312$1,010,116$1,154,029
64$1,215,267$1,034,718$985,287$1,169,746
65$1,278,709$1,024,904$957,779$1,185,622
66$1,346,716$1,012,703$927,443$1,201,702
67$1,419,693$997,938$894,125$1,218,039
68$1,498,086$980,421$857,662$1,234,698
69$1,582,383$959,953$817,885$1,251,752
70$1,673,120$936,325$774,618$1,269,289
71$1,770,886$909,313$727,676$1,287,410
72$1,876,328$878,681$676,865$1,306,234
73$1,990,157$844,179$621,983$1,325,895
74$2,113,153$805,544$562,820$1,346,549
75$2,246,175$762,496$499,155$1,368,376
76$2,390,165$714,740$430,757$1,391,577
77$2,546,162$661,962$357,387$1,416,387
78$2,715,305$603,832$278,794$1,443,068
79$2,898,847$540,001$194,715$1,471,921
80$3,098,168$470,099$104,876$1,503,285
81$3,314,784$393,737$8,992$1,537,543
82$3,550,364$310,502$0$1,575,129
83$3,806,743$219,959$0$1,636,447
84$4,085,942$121,648$0$1,705,472
85$4,390,183$15,084$0$1,780,970
86$4,721,912$0$0$1,863,706
87$5,083,821$0$0$2,001,968
88$5,478,873$0$0$2,160,813
89$5,910,331$0$0$2,334,432
90$6,381,784$0$0$2,524,286
91$6,897,187$0$0$2,731,985
92$7,460,891$0$0$2,959,301
93$8,077,690$0$0$3,208,186
94$8,752,858$0$0$3,480,789
95$9,492,209$0$0$3,779,476
96$10,302,139$0$0$4,106,854
97$11,189,697$0$0$4,465,795
98$12,162,643$0$0$4,859,458
99$13,229,525$0$0$5,291,326
100$14,399,757$0$0$5,765,236