Can I retire at age 62 with 1,060,000?

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 $1,060,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.3%
1 years$87,534$86,754$85,993$85,251$84,526$82,684
2 years$43,334$42,527$41,744$40,986$40,250$38,404
3 years$28,602$27,792$27,011$26,260$25,537$23,743
4 years$21,238$20,430$19,657$18,919$18,213$16,487
5 years$16,820$16,017$15,255$14,532$13,845$12,191
6 years$13,876$13,079$12,328$11,621$10,955$9,374
7 years$11,774$10,984$10,245$9,554$8,909$7,402
8 years$10,199$9,415$8,688$8,015$7,391$5,958
9 years$8,974$8,198$7,483$6,827$6,225$4,863
10 years$7,994$7,226$6,524$5,885$5,304$4,013
11 years$7,193$6,433$5,744$5,122$4,561$3,340
12 years$6,526$5,774$5,097$4,492$3,953$2,799
13 years$5,963$5,218$4,554$3,966$3,447$2,358
14 years$5,480$4,743$4,092$3,521$3,021$1,996
15 years$5,062$4,333$3,695$3,140$2,660$1,695
16 years$4,696$3,975$3,350$2,811$2,351$1,445
17 years$4,374$3,661$3,048$2,526$2,085$1,234
18 years$4,088$3,383$2,782$2,276$1,854$1,057
19 years$3,832$3,135$2,547$2,057$1,652$907
20 years$3,603$2,913$2,338$1,863$1,476$779
21 years$3,395$2,714$2,150$1,691$1,321$670
22 years$3,206$2,533$1,982$1,537$1,184$577
23 years$3,035$2,369$1,830$1,400$1,063$497
24 years$2,877$2,220$1,692$1,277$955$429
25 years$2,733$2,083$1,567$1,166$859$371
26 years$2,600$1,958$1,454$1,066$774$320
27 years$2,477$1,843$1,350$976$698$277
28 years$2,363$1,736$1,255$894$630$239
29 years$2,256$1,638$1,168$820$569$207
30 years$2,158$1,547$1,088$753$514$179
31 years$2,065$1,462$1,014$691$465$155
32 years$1,979$1,384$946$635$420$134
33 years$1,898$1,310$883$584$380$116
34 years$1,822$1,242$825$537$344$101
35 years$1,751$1,178$772$495$312$87
36 years$1,684$1,118$722$456$283$76
37 years$1,620$1,062$676$420$256$66
38 years$1,560$1,009$633$387$232$57
39 years$1,503$960$593$357$211$49
40 years$1,449$913$556$329$191$43
41 years$1,398$869$521$304$173$37
42 years$1,350$828$489$280$157$32
43 years$1,303$789$459$259$143$28
44 years$1,259$752$430$239$130$24
45 years$1,218$717$404$221$118$21
46 years$1,178$684$380$204$107$18
47 years$1,140$653$357$188$97$16
48 years$1,103$623$335$174$88$14
49 years$1,068$595$315$161$80$12
50 years$1,035$568$296$149$73$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,060,000, adding $3,306 every year, while hoping to spend $59,620 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: 44/46/10 Blend
61$1,060,000$1,060,000$1,060,000$1,060,000
62$1,171,530$1,115,350$1,098,920$1,219,585
63$1,227,591$1,106,567$1,072,299$1,244,509
64$1,287,372$1,095,355$1,042,787$1,265,176
65$1,351,189$1,081,533$1,010,226$1,286,231
66$1,419,390$1,064,908$974,448$1,307,731
67$1,492,354$1,045,275$935,278$1,329,743
68$1,570,498$1,022,417$892,534$1,352,346
69$1,654,280$996,106$846,025$1,375,632
70$1,744,200$966,099$795,551$1,399,707
71$1,840,810$932,139$740,903$1,424,692
72$1,944,713$893,955$681,863$1,450,726
73$2,056,572$851,257$618,204$1,477,969
74$2,177,116$803,742$549,688$1,506,603
75$2,307,145$751,089$476,066$1,536,834
76$2,447,538$692,957$397,078$1,568,898
77$2,599,261$628,985$312,454$1,603,062
78$2,763,374$558,794$221,910$1,639,628
79$2,941,045$481,982$125,151$1,678,938
80$3,133,557$398,124$21,869$1,721,376
81$3,342,320$306,772$0$1,767,378
82$3,568,884$207,451$0$1,826,858
83$3,814,955$99,662$0$1,894,043
84$4,082,410$0$0$1,967,252
85$4,373,313$0$0$2,055,883
86$4,689,935$0$0$2,207,370
87$5,034,774$0$0$2,372,475
88$5,410,581$0$0$2,552,530
89$5,820,381$0$0$2,748,998
90$6,267,505$0$0$2,963,495
91$6,755,620$0$0$3,197,794
92$7,288,760$0$0$3,453,850
93$7,871,368$0$0$3,733,815
94$8,508,336$0$0$4,040,058
95$9,205,049$0$0$4,375,188
96$9,967,435$0$0$4,742,077
97$10,802,024$0$0$5,143,888
98$11,716,006$0$0$5,584,104
99$12,717,297$0$0$6,066,563
100$13,814,616$0$0$6,595,487