Can I retire at age 62 with 1,030,000?

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 $1,030,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.3%
1 years$85,056$84,299$83,560$82,838$82,134$80,018
2 years$42,107$41,323$40,563$39,826$39,111$36,994
3 years$27,793$27,005$26,247$25,517$24,814$22,761
4 years$20,637$19,852$19,101$18,384$17,697$15,725
5 years$16,344$15,564$14,823$14,120$13,453$11,567
6 years$13,484$12,709$11,979$11,292$10,645$8,846
7 years$11,441$10,673$9,955$9,284$8,657$6,946
8 years$9,910$9,149$8,443$7,788$7,182$5,558
9 years$8,720$7,966$7,272$6,634$6,048$4,509
10 years$7,768$7,021$6,339$5,718$5,154$3,698
11 years$6,990$6,251$5,581$4,977$4,432$3,058
12 years$6,342$5,610$4,953$4,365$3,841$2,546
13 years$5,794$5,070$4,425$3,854$3,349$2,131
14 years$5,325$4,609$3,976$3,421$2,936$1,791
15 years$4,918$4,210$3,590$3,051$2,585$1,511
16 years$4,563$3,863$3,255$2,732$2,285$1,279
17 years$4,250$3,557$2,962$2,454$2,026$1,084
18 years$3,972$3,287$2,704$2,212$1,801$922
19 years$3,724$3,046$2,475$1,999$1,605$785
20 years$3,501$2,831$2,272$1,810$1,434$669
21 years$3,299$2,637$2,089$1,643$1,283$571
22 years$3,116$2,461$1,926$1,494$1,150$488
23 years$2,949$2,302$1,778$1,360$1,033$418
24 years$2,796$2,157$1,644$1,241$928$357
25 years$2,655$2,024$1,523$1,133$835$306
26 years$2,526$1,902$1,413$1,036$752$262
27 years$2,407$1,790$1,312$948$678$225
28 years$2,296$1,687$1,219$869$612$193
29 years$2,193$1,592$1,135$797$553$166
30 years$2,097$1,503$1,057$731$499$142
31 years$2,007$1,421$985$672$451$122
32 years$1,923$1,344$919$617$408$105
33 years$1,845$1,273$858$568$370$90
34 years$1,771$1,207$802$522$335$77
35 years$1,701$1,145$750$481$303$66
36 years$1,636$1,086$701$443$275$57
37 years$1,574$1,032$657$408$249$49
38 years$1,516$981$615$376$226$42
39 years$1,461$932$576$347$205$36
40 years$1,408$887$540$320$186$31
41 years$1,359$844$506$295$168$27
42 years$1,311$804$475$272$153$23
43 years$1,266$766$446$251$139$20
44 years$1,224$730$418$232$126$17
45 years$1,183$697$393$214$114$15
46 years$1,144$664$369$198$104$13
47 years$1,107$634$347$183$94$11
48 years$1,072$605$326$169$86$9
49 years$1,038$578$306$156$78$8
50 years$1,006$552$288$144$71$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,030,000, adding $4,779 every year, while hoping to spend $29,734 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: 39/37/24 Blend
61$1,030,000$1,030,000$1,030,000$1,030,000
62$1,139,990$1,085,400$1,069,435$1,176,158
63$1,224,632$1,106,947$1,073,624$1,224,350
64$1,316,911$1,128,554$1,076,957$1,273,288
65$1,417,575$1,150,192$1,079,374$1,325,617
66$1,527,446$1,171,830$1,080,811$1,381,662
67$1,647,430$1,193,435$1,081,203$1,441,784
68$1,778,524$1,214,969$1,080,480$1,506,379
69$1,921,826$1,236,396$1,078,569$1,575,886
70$2,078,545$1,257,672$1,075,393$1,650,790
71$2,250,011$1,278,752$1,070,873$1,731,625
72$2,437,689$1,299,587$1,064,924$1,818,981
73$2,643,193$1,320,127$1,057,459$1,913,509
74$2,868,299$1,340,314$1,048,384$2,015,930
75$3,114,964$1,360,088$1,037,604$2,127,035
76$3,385,344$1,379,386$1,025,017$2,247,702
77$3,681,811$1,398,137$1,010,517$2,378,897
78$4,006,979$1,416,269$993,992$2,521,688
79$4,363,727$1,433,703$975,328$2,677,253
80$4,755,226$1,450,353$954,400$2,846,891
81$5,184,971$1,466,132$931,084$3,032,039
82$5,656,807$1,480,942$905,245$3,234,279
83$6,174,974$1,494,681$876,744$3,455,358
84$6,744,142$1,507,240$845,434$3,697,206
85$7,369,453$1,518,504$811,165$3,961,950
86$8,056,574$1,528,347$773,776$4,251,937
87$8,811,748$1,536,640$733,101$4,569,759
88$9,641,851$1,543,240$688,965$4,918,274
89$10,554,462$1,548,001$641,187$5,300,635
90$11,557,926$1,550,762$589,576$5,720,322
91$12,661,442$1,551,357$533,934$6,181,172
92$13,875,141$1,549,605$474,053$6,687,419
93$15,210,188$1,545,318$409,716$7,243,736
94$16,678,883$1,538,295$340,698$7,855,272
95$18,294,779$1,528,321$266,760$8,527,713
96$20,072,807$1,515,169$187,657$9,267,326
97$22,029,420$1,498,600$103,131$10,081,026
98$24,182,748$1,478,358$12,913$10,976,437
99$26,552,765$1,454,174$0$11,961,972
100$29,161,479$1,425,761$0$13,068,253