Can I retire at age 62 with 998,000?

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 $998,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.8%
1 years$82,414$81,680$80,964$80,265$79,582$76,455
2 years$40,799$40,039$39,303$38,589$37,896$34,784
3 years$26,929$26,166$25,431$24,724$24,043$21,043
4 years$19,996$19,235$18,508$17,812$17,148$14,284
5 years$15,837$15,080$14,363$13,682$13,035$10,314
6 years$13,065$12,314$11,607$10,941$10,314$7,738
7 years$11,086$10,341$9,646$8,995$8,388$5,956
8 years$9,602$8,865$8,180$7,546$6,959$4,668
9 years$8,449$7,718$7,046$6,428$5,860$3,708
10 years$7,527$6,803$6,143$5,541$4,993$2,974
11 years$6,773$6,056$5,408$4,822$4,294$2,405
12 years$6,145$5,436$4,799$4,230$3,722$1,956
13 years$5,614$4,913$4,288$3,734$3,245$1,599
14 years$5,159$4,465$3,853$3,315$2,845$1,311
15 years$4,766$4,079$3,478$2,956$2,505$1,079
16 years$4,422$3,743$3,154$2,647$2,214$890
17 years$4,118$3,447$2,870$2,378$1,963$736
18 years$3,849$3,185$2,620$2,143$1,745$610
19 years$3,608$2,952$2,398$1,937$1,556$505
20 years$3,392$2,743$2,201$1,754$1,389$420
21 years$3,196$2,555$2,024$1,592$1,243$349
22 years$3,019$2,385$1,866$1,447$1,115$290
23 years$2,857$2,231$1,723$1,318$1,000$241
24 years$2,709$2,090$1,593$1,202$899$201
25 years$2,573$1,961$1,476$1,098$809$167
26 years$2,448$1,843$1,369$1,004$729$139
27 years$2,332$1,735$1,271$919$657$116
28 years$2,224$1,635$1,181$842$593$97
29 years$2,124$1,542$1,099$772$535$81
30 years$2,031$1,456$1,024$709$484$67
31 years$1,945$1,377$955$651$437$56
32 years$1,863$1,303$891$598$396$47
33 years$1,787$1,234$832$550$358$39
34 years$1,716$1,169$777$506$324$33
35 years$1,648$1,109$727$466$294$27
36 years$1,585$1,053$680$429$266$23
37 years$1,525$1,000$636$395$241$19
38 years$1,469$950$596$364$219$16
39 years$1,415$903$558$336$198$13
40 years$1,364$860$523$310$180$11
41 years$1,316$818$491$286$163$9
42 years$1,271$779$460$264$148$8
43 years$1,227$742$432$244$134$6
44 years$1,186$708$405$225$122$5
45 years$1,146$675$381$208$111$4
46 years$1,109$644$357$192$101$4
47 years$1,073$614$336$177$91$3
48 years$1,039$587$316$164$83$3
49 years$1,006$560$297$151$75$2
50 years$974$535$279$140$68$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $998,000, adding $4,432 every year, while hoping to spend $48,758 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: 42/29/29 Blend
61$998,000$998,000$998,000$998,000
62$1,104,368$1,051,474$1,036,005$1,141,215
63$1,165,135$1,051,118$1,018,833$1,167,855
64$1,230,466$1,049,110$999,451$1,191,782
65$1,300,776$1,045,319$977,735$1,216,775
66$1,376,519$1,039,603$953,552$1,242,961
67$1,458,193$1,031,813$926,766$1,270,485
68$1,546,349$1,021,792$897,233$1,299,510
69$1,641,588$1,009,371$864,802$1,330,219
70$1,744,573$994,373$829,316$1,362,818
71$1,856,032$976,610$790,610$1,397,537
72$1,976,766$955,883$748,514$1,434,635
73$2,107,654$931,979$702,848$1,474,401
74$2,249,665$904,676$653,423$1,517,159
75$2,403,862$873,736$600,044$1,563,270
76$2,571,416$838,909$542,505$1,613,139
77$2,753,615$799,930$480,594$1,667,218
78$2,951,875$756,519$414,085$1,726,010
79$3,167,756$708,378$342,747$1,790,076
80$3,402,973$655,194$266,335$1,860,041
81$3,659,413$596,635$184,594$1,936,604
82$3,939,155$532,352$97,259$2,020,539
83$4,244,483$461,972$4,052$2,112,708
84$4,577,917$385,105$0$2,214,072
85$4,942,227$301,338$0$2,355,221
86$5,340,463$210,232$0$2,511,072
87$5,775,985$111,328$0$2,681,784
88$6,252,489$4,137$0$2,868,920
89$6,774,049$0$0$3,074,206
90$7,345,148$0$0$3,335,247
91$7,970,723$0$0$3,622,761
92$8,656,213$0$0$3,937,941
93$9,407,605$0$0$4,283,558
94$10,231,497$0$0$4,662,662
95$11,135,151$0$0$5,078,613
96$12,126,569$0$0$5,535,113
97$13,214,564$0$0$6,036,238
98$14,408,843$0$0$6,586,478
99$15,720,101$0$0$7,190,782
100$17,160,116$0$0$7,854,597