Can I retire at age 62 with 1,340,000?

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 $1,340,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.4%
1 years$110,656$109,670$108,709$107,770$106,853$106,225
2 years$54,780$53,760$52,771$51,813$50,883$50,248
3 years$36,157$35,133$34,146$33,197$32,282$31,662
4 years$26,848$25,826$24,850$23,916$23,024$22,422
5 years$21,263$20,248$19,285$18,370$17,502$16,921
6 years$17,542$16,534$15,585$14,691$13,849$13,289
7 years$14,885$13,885$12,951$12,078$11,263$10,725
8 years$12,893$11,902$10,983$10,132$9,344$8,827
9 years$11,344$10,363$9,460$8,630$7,869$7,374
10 years$10,106$9,135$8,248$7,439$6,705$6,231
11 years$9,093$8,132$7,261$6,474$5,766$5,314
12 years$8,250$7,299$6,444$5,679$4,997$4,565
13 years$7,538$6,596$5,757$5,014$4,357$3,946
14 years$6,927$5,996$5,173$4,451$3,820$3,427
15 years$6,399$5,477$4,670$3,969$3,363$2,990
16 years$5,937$5,025$4,234$3,554$2,972$2,618
17 years$5,529$4,628$3,853$3,193$2,635$2,299
18 years$5,168$4,276$3,517$2,878$2,343$2,025
19 years$4,845$3,963$3,220$2,600$2,089$1,787
20 years$4,554$3,683$2,955$2,355$1,866$1,580
21 years$4,292$3,430$2,718$2,137$1,670$1,400
22 years$4,053$3,202$2,505$1,943$1,496$1,242
23 years$3,836$2,995$2,313$1,770$1,343$1,103
24 years$3,637$2,806$2,139$1,614$1,207$981
25 years$3,455$2,633$1,981$1,474$1,086$873
26 years$3,286$2,475$1,838$1,348$979$778
27 years$3,131$2,329$1,706$1,234$882$694
28 years$2,987$2,195$1,586$1,130$796$619
29 years$2,853$2,071$1,476$1,037$719$553
30 years$2,728$1,955$1,375$951$650$494
31 years$2,611$1,849$1,282$874$587$442
32 years$2,502$1,749$1,196$803$531$395
33 years$2,400$1,656$1,117$738$481$354
34 years$2,304$1,570$1,043$679$435$316
35 years$2,213$1,489$976$625$394$283
36 years$2,128$1,413$913$576$357$254
37 years$2,048$1,342$854$531$324$227
38 years$1,972$1,276$800$489$294$204
39 years$1,900$1,213$749$451$266$182
40 years$1,832$1,154$702$416$241$164
41 years$1,767$1,099$659$384$219$147
42 years$1,706$1,046$618$354$199$131
43 years$1,648$997$580$327$180$118
44 years$1,592$950$544$302$164$106
45 years$1,539$906$511$279$149$95
46 years$1,489$864$480$258$135$85
47 years$1,441$825$451$238$123$76
48 years$1,394$788$424$220$111$68
49 years$1,350$752$398$203$101$61
50 years$1,308$718$374$188$92$55

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,340,000, adding $6,500 every year, while hoping to spend $30,541 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: 35/48/17 Blend
61$1,340,000$1,340,000$1,340,000$1,340,000
62$1,483,385$1,412,365$1,391,595$1,527,356
63$1,602,195$1,449,075$1,405,718$1,596,692
64$1,732,099$1,486,561$1,419,290$1,668,122
65$1,874,199$1,524,828$1,432,262$1,744,545
66$2,029,703$1,563,880$1,444,579$1,826,422
67$2,199,945$1,603,723$1,456,185$1,914,258
68$2,386,394$1,644,359$1,467,021$2,008,611
69$2,590,664$1,685,791$1,477,024$2,110,096
70$2,814,538$1,728,021$1,486,130$2,219,387
71$3,059,974$1,771,047$1,494,269$2,337,229
72$3,329,134$1,814,871$1,501,369$2,464,442
73$3,624,394$1,859,488$1,507,354$2,601,929
74$3,948,375$1,904,896$1,512,143$2,750,685
75$4,303,963$1,951,089$1,515,653$2,911,804
76$4,694,335$1,998,060$1,517,796$3,086,494
77$5,122,993$2,045,802$1,518,478$3,276,086
78$5,593,794$2,094,302$1,517,603$3,482,044
79$6,110,988$2,143,549$1,515,069$3,705,982
80$6,679,253$2,193,527$1,510,768$3,949,681
81$7,303,747$2,244,221$1,504,589$4,215,101
82$7,990,151$2,295,609$1,496,415$4,504,402
83$8,744,723$2,347,670$1,486,121$4,819,965
84$9,574,358$2,400,379$1,473,579$5,164,415
85$10,486,652$2,453,708$1,458,654$5,540,644
86$11,489,975$2,507,624$1,441,204$5,951,840
87$12,593,549$2,562,093$1,421,080$6,401,514
88$13,807,532$2,617,077$1,398,127$6,893,540
89$15,143,118$2,672,532$1,372,182$7,432,184
90$16,612,642$2,728,412$1,343,076$8,022,151
91$18,229,692$2,784,665$1,310,630$8,668,625
92$20,009,243$2,841,235$1,274,658$9,377,320
93$21,967,791$2,898,061$1,234,964$10,154,534
94$24,123,515$2,955,076$1,191,346$11,007,210
95$26,496,447$3,012,208$1,143,588$11,943,000
96$29,108,656$3,069,377$1,091,470$12,970,337
97$31,984,461$3,126,499$1,034,757$14,098,518
98$35,150,661$3,183,482$973,206$15,337,790
99$38,636,782$3,240,227$906,562$16,699,447
100$42,475,361$3,296,625$834,559$18,195,937