Can I retire at age 62 with 1,230,000?

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 $1,230,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.4%
1 years$101,572$100,667$99,785$98,923$98,082$94,377
2 years$50,283$49,347$48,439$47,559$46,706$43,016
3 years$33,189$32,249$31,343$30,472$29,632$26,074
4 years$24,644$23,706$22,810$21,953$21,134$17,734
5 years$19,518$18,586$17,701$16,862$16,066$12,833
6 years$16,102$15,177$14,305$13,485$12,712$9,649
7 years$13,663$12,745$11,888$11,087$10,338$7,444
8 years$11,834$10,925$10,082$9,300$8,577$5,848
9 years$10,413$9,512$8,683$7,922$7,223$4,656
10 years$9,276$8,385$7,570$6,829$6,154$3,745
11 years$8,347$7,464$6,665$5,943$5,293$3,036
12 years$7,573$6,700$5,915$5,213$4,587$2,476
13 years$6,919$6,055$5,285$4,602$4,000$2,029
14 years$6,359$5,503$4,748$4,085$3,506$1,669
15 years$5,873$5,027$4,287$3,643$3,087$1,378
16 years$5,449$4,613$3,887$3,262$2,728$1,140
17 years$5,076$4,248$3,537$2,931$2,419$945
18 years$4,744$3,925$3,229$2,641$2,151$785
19 years$4,447$3,638$2,956$2,387$1,917$653
20 years$4,180$3,381$2,713$2,162$1,712$544
21 years$3,939$3,149$2,495$1,962$1,532$453
22 years$3,721$2,939$2,300$1,784$1,374$378
23 years$3,521$2,749$2,123$1,625$1,233$315
24 years$3,339$2,576$1,964$1,482$1,108$263
25 years$3,171$2,417$1,819$1,353$997$220
26 years$3,017$2,272$1,687$1,237$898$184
27 years$2,874$2,138$1,566$1,132$810$154
28 years$2,741$2,015$1,456$1,038$731$129
29 years$2,618$1,901$1,355$951$660$108
30 years$2,504$1,795$1,262$873$596$90
31 years$2,397$1,697$1,177$802$539$75
32 years$2,297$1,606$1,098$737$488$63
33 years$2,203$1,520$1,025$678$441$53
34 years$2,115$1,441$958$624$400$44
35 years$2,032$1,367$895$574$362$37
36 years$1,954$1,297$838$529$328$31
37 years$1,880$1,232$784$487$297$26
38 years$1,810$1,171$734$449$269$22
39 years$1,744$1,113$688$414$244$18
40 years$1,682$1,059$645$382$222$15
41 years$1,622$1,008$605$352$201$13
42 years$1,566$960$567$325$182$11
43 years$1,512$915$532$300$166$9
44 years$1,461$872$500$277$150$7
45 years$1,413$832$469$256$136$6
46 years$1,366$793$441$236$124$5
47 years$1,322$757$414$218$112$4
48 years$1,280$723$389$202$102$4
49 years$1,240$690$366$187$93$3
50 years$1,201$659$344$172$84$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,230,000, adding $2,637 every year, while hoping to spend $23,903 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: 60/13/27 Blend
61$1,230,000$1,230,000$1,230,000$1,230,000
62$1,358,180$1,292,990$1,273,925$1,429,628
63$1,471,282$1,330,914$1,291,169$1,516,551
64$1,595,119$1,369,895$1,308,189$1,608,559
65$1,730,761$1,409,960$1,324,954$1,708,450
66$1,879,386$1,451,135$1,341,427$1,816,998
67$2,042,292$1,493,449$1,357,573$1,935,055
68$2,220,907$1,536,930$1,373,353$2,063,557
69$2,416,805$1,581,605$1,388,726$2,203,539
70$2,631,720$1,627,504$1,403,650$2,356,138
71$2,867,561$1,674,658$1,418,077$2,522,609
72$3,126,431$1,723,095$1,431,962$2,704,332
73$3,410,646$1,772,846$1,445,252$2,902,830
74$3,722,760$1,823,943$1,457,895$3,119,779
75$4,065,581$1,876,416$1,469,835$3,357,027
76$4,442,209$1,930,299$1,481,013$3,616,609
77$4,856,053$1,985,622$1,491,366$3,900,768
78$5,310,873$2,042,420$1,500,829$4,211,976
79$5,810,809$2,100,726$1,509,333$4,552,955
80$6,360,422$2,160,572$1,516,807$4,926,707
81$6,964,739$2,221,994$1,523,173$5,336,538
82$7,629,296$2,285,025$1,528,353$5,786,091
83$8,360,193$2,349,700$1,532,262$6,279,382
84$9,164,153$2,416,055$1,534,813$6,820,834
85$10,048,579$2,484,125$1,535,912$7,415,324
86$11,021,632$2,553,945$1,535,463$8,068,225
87$12,092,302$2,625,552$1,533,364$8,785,456
88$13,270,494$2,698,981$1,529,509$9,573,543
89$14,567,121$2,774,268$1,523,785$10,439,676
90$15,994,211$2,851,450$1,516,074$11,391,779
91$17,565,012$2,930,563$1,506,255$12,438,583
92$19,294,126$3,011,644$1,494,197$13,589,712
93$21,197,641$3,094,728$1,479,767$14,855,770
94$23,293,282$3,179,852$1,462,821$16,248,444
95$25,600,584$3,267,051$1,443,213$17,780,612
96$28,141,070$3,356,363$1,420,786$19,466,468
97$30,938,455$3,447,821$1,395,379$21,321,652
98$34,018,874$3,541,461$1,366,821$23,363,402
99$37,411,124$3,637,317$1,334,934$25,610,714
100$41,146,936$3,735,423$1,299,532$28,084,520