Can I retire at age 62 with 1,070,000?

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 $1,070,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.1%
1 years$88,360$87,573$86,805$86,055$85,323$84,222
2 years$43,742$42,928$42,138$41,373$40,630$39,522
3 years$28,872$28,054$27,266$26,508$25,777$24,697
4 years$21,438$20,622$19,843$19,097$18,385$17,341
5 years$16,979$16,168$15,399$14,669$13,976$12,971
6 years$14,007$13,203$12,445$11,731$11,059$10,094
7 years$11,885$11,088$10,341$9,644$8,994$8,070
8 years$10,295$9,504$8,770$8,090$7,461$6,578
9 years$9,058$8,275$7,554$6,891$6,283$5,440
10 years$8,070$7,294$6,586$5,940$5,354$4,550
11 years$7,261$6,493$5,798$5,170$4,604$3,840
12 years$6,588$5,828$5,146$4,535$3,990$3,263
13 years$6,019$5,267$4,597$4,003$3,479$2,790
14 years$5,531$4,788$4,131$3,554$3,050$2,397
15 years$5,109$4,373$3,729$3,169$2,685$2,067
16 years$4,741$4,013$3,381$2,838$2,373$1,789
17 years$4,415$3,695$3,077$2,550$2,104$1,552
18 years$4,127$3,415$2,809$2,298$1,871$1,351
19 years$3,869$3,165$2,571$2,076$1,668$1,177
20 years$3,637$2,941$2,360$1,880$1,490$1,028
21 years$3,427$2,739$2,171$1,707$1,333$900
22 years$3,237$2,557$2,000$1,552$1,195$788
23 years$3,063$2,392$1,847$1,413$1,073$691
24 years$2,904$2,241$1,708$1,289$964$607
25 years$2,759$2,103$1,582$1,177$868$533
26 years$2,624$1,976$1,467$1,076$781$469
27 years$2,500$1,860$1,363$985$705$412
28 years$2,385$1,753$1,267$903$636$363
29 years$2,278$1,653$1,179$828$574$320
30 years$2,178$1,561$1,098$760$519$282
31 years$2,085$1,476$1,024$698$469$248
32 years$1,998$1,397$955$641$424$219
33 years$1,916$1,323$892$590$384$193
34 years$1,840$1,254$833$543$348$170
35 years$1,767$1,189$779$499$315$150
36 years$1,699$1,129$729$460$285$133
37 years$1,635$1,072$682$424$259$117
38 years$1,575$1,019$639$391$234$104
39 years$1,517$969$598$360$213$91
40 years$1,463$922$561$332$193$81
41 years$1,411$877$526$306$175$71
42 years$1,362$835$493$283$159$63
43 years$1,316$796$463$261$144$56
44 years$1,271$759$435$241$131$49
45 years$1,229$724$408$223$119$44
46 years$1,189$690$383$206$108$38
47 years$1,150$659$360$190$98$34
48 years$1,113$629$338$176$89$30
49 years$1,078$600$318$162$81$27
50 years$1,045$574$299$150$73$23

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,070,000, adding $3,575 every year, while hoping to spend $49,413 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: 62/20/18 Blend
61$1,070,000$1,070,000$1,070,000$1,070,000
62$1,182,828$1,126,118$1,109,533$1,250,529
63$1,250,901$1,128,722$1,094,127$1,299,169
64$1,324,262$1,129,799$1,076,549$1,346,379
65$1,403,397$1,129,219$1,056,674$1,396,763
66$1,488,842$1,126,849$1,034,371$1,450,636
67$1,581,185$1,122,546$1,009,503$1,508,343
68$1,681,072$1,116,157$981,928$1,570,267
69$1,789,213$1,107,520$951,494$1,636,833
70$1,906,390$1,096,466$918,047$1,708,510
71$2,033,461$1,082,813$881,421$1,785,815
72$2,171,371$1,066,368$841,446$1,869,321
73$2,321,159$1,046,927$797,942$1,959,664
74$2,483,967$1,024,276$750,722$2,057,543
75$2,661,051$998,186$699,592$2,163,733
76$2,853,796$968,414$644,345$2,279,090
77$3,063,722$934,705$584,769$2,404,561
78$3,292,504$896,788$520,641$2,541,191
79$3,541,984$854,376$451,728$2,690,136
80$3,814,191$807,165$377,785$2,852,674
81$4,111,358$754,835$298,560$3,030,215
82$4,435,941$697,047$213,787$3,224,317
83$4,790,646$633,441$123,188$3,436,704
84$5,178,452$563,640$26,474$3,669,275
85$5,602,637$487,241$0$3,924,134
86$6,066,813$403,823$0$4,218,335
87$6,574,955$312,937$0$4,546,089
88$7,131,441$214,112$0$4,905,196
89$7,741,093$106,849$0$5,298,846
90$8,409,221$0$0$5,730,556
91$9,141,671$0$0$6,206,268
92$9,944,884$0$0$6,753,805
93$10,825,954$0$0$7,354,498
94$11,792,694$0$0$8,013,683
95$12,853,710$0$0$8,737,240
96$14,018,481$0$0$9,531,643
97$15,297,451$0$0$10,404,026
98$16,702,122$0$0$11,362,248
99$18,245,165$0$0$12,414,964
100$19,940,541$0$0$13,571,710