Can I retire at age 62 with 996,000?

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 $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%20%
1 years$82,249$81,516$80,801$80,104$79,422$76,241
2 years$40,717$39,959$39,224$38,511$37,820$34,655
3 years$26,875$26,114$25,380$24,675$23,995$20,945
4 years$19,956$19,196$18,470$17,777$17,113$14,203
5 years$15,805$15,050$14,334$13,654$13,009$10,245
6 years$13,039$12,290$11,584$10,919$10,294$7,678
7 years$11,063$10,321$9,626$8,977$8,372$5,903
8 years$9,583$8,847$8,164$7,531$6,945$4,621
9 years$8,432$7,703$7,032$6,415$5,849$3,666
10 years$7,511$6,790$6,130$5,530$4,983$2,937
11 years$6,759$6,044$5,397$4,812$4,286$2,371
12 years$6,132$5,425$4,790$4,221$3,714$1,926
13 years$5,603$4,903$4,279$3,727$3,239$1,572
14 years$5,149$4,456$3,845$3,308$2,839$1,288
15 years$4,756$4,071$3,471$2,950$2,500$1,058
16 years$4,413$3,735$3,147$2,642$2,209$872
17 years$4,110$3,440$2,864$2,373$1,959$720
18 years$3,841$3,179$2,614$2,139$1,742$595
19 years$3,601$2,946$2,393$1,933$1,552$493
20 years$3,385$2,737$2,197$1,750$1,387$408
21 years$3,190$2,550$2,020$1,589$1,241$339
22 years$3,013$2,380$1,862$1,444$1,112$281
23 years$2,851$2,226$1,719$1,315$998$234
24 years$2,704$2,086$1,590$1,200$897$194
25 years$2,568$1,957$1,473$1,096$808$162
26 years$2,443$1,840$1,366$1,002$727$134
27 years$2,327$1,731$1,268$917$656$112
28 years$2,220$1,631$1,179$840$592$93
29 years$2,120$1,539$1,097$770$534$77
30 years$2,027$1,453$1,022$707$483$65
31 years$1,941$1,374$953$649$437$54
32 years$1,860$1,300$889$597$395$45
33 years$1,784$1,231$830$549$357$37
34 years$1,712$1,167$776$505$324$31
35 years$1,645$1,107$725$465$293$26
36 years$1,582$1,050$678$428$266$22
37 years$1,522$998$635$394$241$18
38 years$1,466$948$595$364$218$15
39 years$1,412$902$557$335$198$12
40 years$1,362$858$522$309$179$10
41 years$1,314$817$490$285$163$9
42 years$1,268$778$459$263$148$7
43 years$1,225$741$431$243$134$6
44 years$1,183$706$404$224$122$5
45 years$1,144$674$380$207$110$4
46 years$1,107$643$357$191$100$3
47 years$1,071$613$335$177$91$3
48 years$1,036$585$315$163$83$2
49 years$1,004$559$296$151$75$2
50 years$972$534$278$140$68$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $996,000, adding $3,042 every year, while hoping to spend $29,356 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: 64/9/27 Blend
61$996,000$996,000$996,000$996,000
62$1,100,730$1,047,942$1,032,504$1,163,127
63$1,181,770$1,068,056$1,035,858$1,225,824
64$1,270,092$1,088,173$1,038,341$1,290,785
65$1,366,408$1,108,260$1,039,892$1,361,124
66$1,471,501$1,128,284$1,040,448$1,437,373
67$1,586,234$1,148,210$1,039,943$1,520,117
68$1,711,556$1,167,999$1,038,308$1,610,004
69$1,848,512$1,187,608$1,035,468$1,707,745
70$1,998,253$1,206,993$1,031,348$1,814,128
71$2,162,044$1,226,105$1,025,868$1,930,018
72$2,341,281$1,244,893$1,018,943$2,056,371
73$2,537,500$1,263,301$1,010,486$2,194,241
74$2,752,392$1,281,269$1,000,404$2,344,788
75$2,987,818$1,298,734$988,600$2,509,294
76$3,245,830$1,315,627$974,973$2,689,169
77$3,528,688$1,331,875$959,417$2,885,972
78$3,838,877$1,347,400$941,821$3,101,418
79$4,179,140$1,362,120$922,069$3,337,400
80$4,552,493$1,375,945$900,039$3,596,003
81$4,962,261$1,388,780$875,605$3,879,529
82$5,412,107$1,400,525$848,632$4,190,514
83$5,906,062$1,411,071$818,982$4,531,753
84$6,448,572$1,420,305$786,509$4,906,328
85$7,044,531$1,428,104$751,062$5,317,639
86$7,699,331$1,434,339$712,480$5,769,432
87$8,418,912$1,438,872$670,598$6,265,838
88$9,209,820$1,441,555$625,241$6,811,409
89$10,079,264$1,442,234$576,229$7,411,166
90$11,035,187$1,440,742$523,372$8,070,643
91$12,086,342$1,436,904$466,470$8,795,940
92$13,242,370$1,430,533$405,318$9,593,782
93$14,513,894$1,421,431$339,698$10,471,583
94$15,912,619$1,409,389$269,386$11,437,515
95$17,451,440$1,394,183$194,145$12,500,586
96$19,144,567$1,375,578$113,728$13,670,727
97$21,007,655$1,353,324$27,880$14,958,885
98$23,057,953$1,327,154$0$16,377,125
99$25,314,469$1,296,789$0$17,957,110
100$27,798,144$1,261,932$0$19,704,904