Can I retire at age 62 with 1,580,000?

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 $1,580,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.8%
1 years$130,475$129,313$128,179$127,072$125,991$123,498
2 years$64,592$63,389$62,223$61,092$59,996$57,494
3 years$42,633$41,425$40,262$39,142$38,064$35,632
4 years$31,656$30,452$29,301$28,200$27,147$24,805
5 years$25,072$23,875$22,738$21,660$20,637$18,389
6 years$20,684$19,495$18,376$17,322$16,329$14,179
7 years$17,550$16,372$15,271$14,241$13,280$11,228
8 years$15,202$14,034$12,951$11,947$11,017$9,063
9 years$13,376$12,219$11,154$10,176$9,278$7,420
10 years$11,916$10,771$9,725$8,772$7,905$6,142
11 years$10,722$9,588$8,561$7,634$6,799$5,128
12 years$9,728$8,606$7,598$6,696$5,892$4,311
13 years$8,888$7,777$6,788$5,912$5,138$3,645
14 years$8,168$7,069$6,099$5,248$4,504$3,095
15 years$7,545$6,458$5,507$4,680$3,965$2,638
16 years$7,000$5,925$4,993$4,190$3,505$2,256
17 years$6,520$5,457$4,543$3,765$3,107$1,935
18 years$6,093$5,042$4,147$3,393$2,763$1,663
19 years$5,712$4,673$3,797$3,066$2,463$1,431
20 years$5,370$4,343$3,484$2,777$2,200$1,234
21 years$5,060$4,045$3,205$2,520$1,969$1,066
22 years$4,779$3,776$2,954$2,291$1,765$922
23 years$4,523$3,531$2,727$2,087$1,584$798
24 years$4,289$3,309$2,522$1,903$1,424$691
25 years$4,073$3,105$2,336$1,738$1,281$599
26 years$3,875$2,918$2,167$1,589$1,154$520
27 years$3,692$2,746$2,012$1,455$1,040$451
28 years$3,521$2,588$1,870$1,333$939$392
29 years$3,363$2,441$1,741$1,222$848$340
30 years$3,216$2,306$1,621$1,122$766$296
31 years$3,079$2,180$1,512$1,030$692$257
32 years$2,950$2,062$1,410$947$626$223
33 years$2,830$1,953$1,317$871$567$194
34 years$2,716$1,851$1,230$801$513$169
35 years$2,610$1,756$1,150$737$465$147
36 years$2,509$1,666$1,076$679$421$128
37 years$2,415$1,583$1,007$626$382$111
38 years$2,325$1,504$943$577$346$97
39 years$2,240$1,430$884$532$314$84
40 years$2,160$1,361$828$491$285$73
41 years$2,084$1,295$777$453$258$64
42 years$2,012$1,234$728$418$234$56
43 years$1,943$1,175$684$386$213$48
44 years$1,877$1,120$642$356$193$42
45 years$1,815$1,068$603$329$175$37
46 years$1,755$1,019$566$304$159$32
47 years$1,699$973$532$281$144$28
48 years$1,644$929$500$259$131$24
49 years$1,592$887$470$240$119$21
50 years$1,543$847$441$221$108$18

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,580,000, adding $6,983 every year, while hoping to spend $49,259 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: 66/8/26 Blend
61$1,580,000$1,580,000$1,580,000$1,580,000
62$1,748,363$1,664,623$1,640,133$1,851,459
63$1,874,285$1,693,778$1,642,666$1,950,938
64$2,011,400$1,722,711$1,643,633$2,053,484
65$2,160,797$1,751,359$1,642,930$2,164,495
66$2,323,677$1,779,654$1,640,446$2,284,809
67$2,501,358$1,807,523$1,636,068$2,415,347
68$2,695,294$1,834,889$1,629,673$2,557,128
69$2,907,084$1,861,668$1,621,137$2,711,274
70$3,138,487$1,887,771$1,610,326$2,879,023
71$3,391,442$1,913,101$1,597,101$3,061,739
72$3,668,083$1,937,557$1,581,318$3,260,926
73$3,970,759$1,961,029$1,562,823$3,478,242
74$4,302,056$1,983,399$1,541,458$3,715,518
75$4,664,824$2,004,543$1,517,055$3,974,768
76$5,062,198$2,024,328$1,489,438$4,258,218
77$5,497,634$2,042,612$1,458,426$4,568,318
78$5,974,936$2,059,243$1,423,826$4,907,771
79$6,498,294$2,074,060$1,385,439$5,279,558
80$7,072,322$2,086,892$1,343,053$5,686,965
81$7,702,104$2,097,555$1,296,451$6,133,614
82$8,393,239$2,105,855$1,245,402$6,623,500
83$9,151,893$2,111,586$1,189,667$7,161,027
84$9,984,861$2,114,527$1,128,995$7,751,049
85$10,899,624$2,114,447$1,063,124$8,398,921
86$11,904,427$2,111,096$991,780$9,110,543
87$13,008,350$2,104,212$914,677$9,892,422
88$14,221,399$2,093,515$831,515$10,751,731
89$15,554,594$2,078,709$741,983$11,696,376
90$17,020,076$2,059,480$645,753$12,735,075
91$18,631,224$2,035,494$542,486$13,877,438
92$20,402,774$2,006,399$431,825$15,134,059
93$22,350,965$1,971,820$313,398$16,516,617
94$24,493,684$1,931,360$186,818$18,037,986
95$26,850,643$1,884,600$51,680$19,712,357
96$29,443,558$1,831,095$0$21,555,376
97$32,296,356$1,770,373$0$23,609,957
98$35,435,400$1,701,938$0$25,886,409
99$38,889,739$1,625,260$0$28,391,461
100$42,691,378$1,539,783$0$31,148,344