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%11.6%
1 years$82,249$81,516$80,801$80,104$79,422$78,889
2 years$40,717$39,959$39,224$38,511$37,820$37,282
3 years$26,875$26,114$25,380$24,675$23,995$23,469
4 years$19,956$19,196$18,470$17,777$17,113$16,603
5 years$15,805$15,050$14,334$13,654$13,009$12,517
6 years$13,039$12,290$11,584$10,919$10,294$9,820
7 years$11,063$10,321$9,626$8,977$8,372$7,916
8 years$9,583$8,847$8,164$7,531$6,945$6,508
9 years$8,432$7,703$7,032$6,415$5,849$5,430
10 years$7,511$6,790$6,130$5,530$4,983$4,583
11 years$6,759$6,044$5,397$4,812$4,286$3,904
12 years$6,132$5,425$4,790$4,221$3,714$3,349
13 years$5,603$4,903$4,279$3,727$3,239$2,891
14 years$5,149$4,456$3,845$3,308$2,839$2,508
15 years$4,756$4,071$3,471$2,950$2,500$2,185
16 years$4,413$3,735$3,147$2,642$2,209$1,911
17 years$4,110$3,440$2,864$2,373$1,959$1,676
18 years$3,841$3,179$2,614$2,139$1,742$1,474
19 years$3,601$2,946$2,393$1,933$1,552$1,299
20 years$3,385$2,737$2,197$1,750$1,387$1,147
21 years$3,190$2,550$2,020$1,589$1,241$1,014
22 years$3,013$2,380$1,862$1,444$1,112$899
23 years$2,851$2,226$1,719$1,315$998$797
24 years$2,704$2,086$1,590$1,200$897$708
25 years$2,568$1,957$1,473$1,096$808$629
26 years$2,443$1,840$1,366$1,002$727$560
27 years$2,327$1,731$1,268$917$656$498
28 years$2,220$1,631$1,179$840$592$444
29 years$2,120$1,539$1,097$770$534$396
30 years$2,027$1,453$1,022$707$483$353
31 years$1,941$1,374$953$649$437$315
32 years$1,860$1,300$889$597$395$281
33 years$1,784$1,231$830$549$357$251
34 years$1,712$1,167$776$505$324$225
35 years$1,645$1,107$725$465$293$201
36 years$1,582$1,050$678$428$266$179
37 years$1,522$998$635$394$241$160
38 years$1,466$948$595$364$218$144
39 years$1,412$902$557$335$198$128
40 years$1,362$858$522$309$179$115
41 years$1,314$817$490$285$163$103
42 years$1,268$778$459$263$148$92
43 years$1,225$741$431$243$134$82
44 years$1,183$706$404$224$122$74
45 years$1,144$674$380$207$110$66
46 years$1,107$643$357$191$100$59
47 years$1,071$613$335$177$91$53
48 years$1,036$585$315$163$83$47
49 years$1,004$559$296$151$75$42
50 years$972$534$278$140$68$38

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $996,000, adding $5,511 every year, while hoping to spend $57,501 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: 43/31/26 Blend
61$996,000$996,000$996,000$996,000
62$1,103,277$1,050,489$1,035,051$1,142,150
63$1,154,630$1,040,782$1,008,544$1,160,736
64$1,209,295$1,028,672$979,223$1,174,953
65$1,267,547$1,013,982$946,931$1,189,237
66$1,329,691$996,521$911,507$1,203,627
67$1,396,058$976,089$872,781$1,218,168
68$1,467,013$952,474$830,576$1,232,919
69$1,542,954$925,452$784,707$1,247,944
70$1,624,321$894,784$734,980$1,263,323
71$1,711,592$860,219$681,192$1,279,146
72$1,805,295$821,491$623,133$1,295,520
73$1,906,009$778,317$560,581$1,312,569
74$2,014,367$730,399$493,306$1,330,434
75$2,131,066$677,423$421,066$1,349,278
76$2,256,873$619,055$343,610$1,369,288
77$2,392,629$554,943$260,675$1,390,679
78$2,539,256$484,715$171,986$1,413,692
79$2,697,770$407,976$77,258$1,438,604
80$2,869,288$324,312$0$1,465,730
81$3,055,035$233,283$0$1,502,034
82$3,256,360$134,425$0$1,564,610
83$3,474,746$27,250$0$1,632,544
84$3,711,825$0$0$1,706,440
85$3,969,389$0$0$1,817,249
86$4,249,411$0$0$1,947,935
87$4,554,063$0$0$2,090,228
88$4,885,733$0$0$2,245,258
89$5,247,048$0$0$2,414,269
90$5,640,901$0$0$2,598,630
91$6,070,474$0$0$2,799,845
92$6,539,272$0$0$3,019,573
93$7,051,149$0$0$3,259,639
94$7,610,352$0$0$3,522,051
95$8,221,553$0$0$3,809,023
96$8,889,896$0$0$4,122,989
97$9,621,048$0$0$4,466,631
98$10,421,246$0$0$4,842,902
99$11,297,357$0$0$5,255,054
100$12,256,946$0$0$5,706,667