Can I retire at age 62 with 1,170,000?

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 $1,170,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.3%
1 years$96,618$95,757$94,917$94,098$93,297$92,400
2 years$47,830$46,940$46,076$45,239$44,427$43,523
3 years$31,570$30,676$29,814$28,985$28,187$27,304
4 years$23,442$22,550$21,697$20,882$20,103$19,248
5 years$18,566$17,679$16,838$16,040$15,282$14,458
6 years$15,316$14,436$13,608$12,827$12,092$11,300
7 years$12,996$12,124$11,308$10,546$9,834$9,074
8 years$11,257$10,392$9,590$8,847$8,158$7,431
9 years$9,905$9,048$8,260$7,535$6,870$6,175
10 years$8,824$7,976$7,201$6,496$5,854$5,189
11 years$7,940$7,100$6,340$5,653$5,035$4,401
12 years$7,204$6,373$5,626$4,958$4,363$3,759
13 years$6,581$5,759$5,027$4,378$3,805$3,231
14 years$6,048$5,235$4,517$3,886$3,335$2,790
15 years$5,587$4,782$4,078$3,466$2,936$2,419
16 years$5,184$4,388$3,697$3,103$2,595$2,105
17 years$4,828$4,041$3,364$2,788$2,301$1,837
18 years$4,512$3,734$3,071$2,513$2,046$1,608
19 years$4,230$3,461$2,812$2,270$1,824$1,410
20 years$3,976$3,216$2,580$2,056$1,629$1,239
21 years$3,747$2,995$2,373$1,866$1,458$1,090
22 years$3,539$2,796$2,187$1,697$1,307$960
23 years$3,350$2,615$2,020$1,545$1,173$847
24 years$3,176$2,450$1,868$1,409$1,054$748
25 years$3,016$2,299$1,730$1,287$949$662
26 years$2,869$2,161$1,605$1,177$855$585
27 years$2,734$2,034$1,490$1,077$770$518
28 years$2,608$1,916$1,385$987$695$459
29 years$2,491$1,808$1,289$905$628$407
30 years$2,382$1,707$1,201$831$567$361
31 years$2,280$1,614$1,119$763$513$321
32 years$2,185$1,527$1,044$701$464$285
33 years$2,095$1,446$975$645$420$253
34 years$2,011$1,371$911$593$380$224
35 years$1,933$1,300$852$546$344$199
36 years$1,858$1,234$797$503$312$177
37 years$1,788$1,172$746$463$283$158
38 years$1,722$1,114$698$427$256$140
39 years$1,659$1,059$654$394$232$125
40 years$1,600$1,008$613$363$211$111
41 years$1,543$959$575$335$191$99
42 years$1,490$914$539$309$174$88
43 years$1,439$870$506$286$157$78
44 years$1,390$830$475$264$143$69
45 years$1,344$791$446$243$130$62
46 years$1,300$755$419$225$118$55
47 years$1,258$720$394$208$107$49
48 years$1,218$688$370$192$97$44
49 years$1,179$657$348$177$88$39
50 years$1,142$627$327$164$80$35

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,170,000, adding $5,400 every year, while hoping to spend $50,172 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: 42/44/14 Blend
61$1,170,000$1,170,000$1,170,000$1,170,000
62$1,294,910$1,232,900$1,214,765$1,343,773
63$1,373,608$1,239,930$1,202,077$1,385,680
64$1,458,652$1,245,622$1,187,283$1,425,644
65$1,550,636$1,249,859$1,170,258$1,467,830
66$1,650,213$1,252,514$1,150,874$1,512,463
67$1,758,101$1,253,454$1,128,994$1,559,793
68$1,875,091$1,252,536$1,104,479$1,610,101
69$2,002,049$1,249,610$1,077,178$1,663,698
70$2,139,932$1,244,514$1,046,938$1,720,928
71$2,289,790$1,237,080$1,013,595$1,782,177
72$2,452,778$1,227,127$976,980$1,847,871
73$2,630,168$1,214,462$936,915$1,918,486
74$2,823,359$1,198,885$893,215$1,994,548
75$3,033,890$1,180,178$845,686$2,076,642
76$3,263,455$1,158,116$794,125$2,165,419
77$3,513,920$1,132,455$738,321$2,261,600
78$3,787,335$1,102,942$678,050$2,365,984
79$4,085,962$1,069,305$613,084$2,479,460
80$4,412,287$1,031,257$543,179$2,603,011
81$4,769,048$988,497$468,083$2,737,729
82$5,159,260$940,702$387,532$2,884,823
83$5,586,242$887,534$301,252$3,045,633
84$6,053,650$828,634$208,955$3,221,643
85$6,565,507$763,623$110,341$3,414,499
86$7,126,248$692,099$5,096$3,626,022
87$7,740,752$613,639$0$3,858,228
88$8,414,397$527,795$0$4,129,365
89$9,153,101$434,093$0$4,427,742
90$9,963,387$332,033$0$4,755,384
91$10,852,438$221,088$0$5,115,370
92$11,828,164$100,699$0$5,511,106
93$12,899,281$0$0$5,946,351
94$14,075,388$0$0$6,439,655
95$15,367,060$0$0$7,035,130
96$16,785,946$0$0$7,689,410
97$18,344,880$0$0$8,408,433
98$20,057,997$0$0$9,198,740
99$21,940,873$0$0$10,067,536
100$24,010,667$0$0$11,022,760