Can I retire at age 62 with 916,000?

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 $916,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.8%
1 years$75,642$74,969$74,311$73,670$73,043$70,173
2 years$37,447$36,749$36,073$35,418$34,782$31,926
3 years$24,717$24,016$23,342$22,693$22,067$19,314
4 years$18,353$17,654$16,987$16,349$15,739$13,110
5 years$14,535$13,841$13,183$12,557$11,964$9,467
6 years$11,991$11,302$10,653$10,042$9,467$7,102
7 years$10,175$9,492$8,853$8,256$7,699$5,467
8 years$8,813$8,136$7,508$6,926$6,387$4,285
9 years$7,755$7,084$6,467$5,899$5,379$3,403
10 years$6,908$6,244$5,638$5,085$4,583$2,730
11 years$6,216$5,559$4,963$4,426$3,942$2,207
12 years$5,640$4,989$4,405$3,882$3,416$1,795
13 years$5,153$4,509$3,936$3,427$2,979$1,467
14 years$4,735$4,098$3,536$3,042$2,611$1,204
15 years$4,374$3,744$3,193$2,713$2,299$991
16 years$4,058$3,435$2,895$2,429$2,032$817
17 years$3,780$3,164$2,634$2,183$1,802$676
18 years$3,533$2,923$2,404$1,967$1,602$559
19 years$3,312$2,709$2,201$1,777$1,428$464
20 years$3,113$2,518$2,020$1,610$1,275$385
21 years$2,934$2,345$1,858$1,461$1,141$320
22 years$2,771$2,189$1,713$1,328$1,023$266
23 years$2,622$2,047$1,581$1,210$918$221
24 years$2,486$1,918$1,462$1,103$825$184
25 years$2,362$1,800$1,354$1,008$743$154
26 years$2,247$1,692$1,256$921$669$128
27 years$2,140$1,592$1,166$843$603$107
28 years$2,042$1,500$1,084$773$544$89
29 years$1,950$1,415$1,009$709$491$74
30 years$1,865$1,337$940$650$444$62
31 years$1,785$1,264$876$597$401$52
32 years$1,710$1,196$818$549$363$43
33 years$1,640$1,132$763$505$329$36
34 years$1,575$1,073$713$464$298$30
35 years$1,513$1,018$667$428$270$25
36 years$1,455$966$624$394$244$21
37 years$1,400$918$584$363$221$17
38 years$1,348$872$547$334$201$15
39 years$1,299$829$512$308$182$12
40 years$1,252$789$480$284$165$10
41 years$1,208$751$450$262$150$8
42 years$1,166$715$422$242$136$7
43 years$1,126$681$396$224$123$6
44 years$1,088$650$372$206$112$5
45 years$1,052$619$349$191$102$4
46 years$1,018$591$328$176$92$3
47 years$985$564$308$163$84$3
48 years$953$538$290$150$76$2
49 years$923$514$272$139$69$2
50 years$894$491$256$128$63$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $916,000, adding $2,195 every year, while hoping to spend $39,390 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: 41/46/13 Blend
61$916,000$916,000$916,000$916,000
62$1,011,696$963,148$948,950$1,049,203
63$1,072,978$968,432$938,829$1,081,117
64$1,139,191$972,654$927,049$1,111,578
65$1,210,796$975,721$913,513$1,143,686
66$1,288,300$977,535$898,118$1,177,607
67$1,372,261$977,988$880,759$1,213,528
68$1,463,291$976,968$861,324$1,251,656
69$1,562,064$974,357$839,696$1,292,224
70$1,669,322$970,028$815,753$1,335,489
71$1,785,880$963,847$789,368$1,381,737
72$1,912,635$955,670$760,407$1,431,287
73$2,050,573$945,348$728,730$1,484,494
74$2,200,782$932,720$694,192$1,541,751
75$2,364,454$917,616$656,641$1,603,495
76$2,542,906$899,857$615,915$1,670,214
77$2,737,584$879,251$571,850$1,742,446
78$2,950,081$855,598$524,271$1,820,790
79$3,182,150$828,684$472,995$1,905,912
80$3,435,723$798,282$417,833$1,998,549
81$3,712,923$764,154$358,587$2,099,519
82$4,016,090$726,047$295,049$2,209,729
83$4,347,800$683,692$227,002$2,330,186
84$4,710,890$636,808$154,221$2,462,004
85$5,108,483$585,093$76,470$2,606,418
86$5,544,019$528,233$0$2,764,796
87$6,021,285$465,893$0$2,939,558
88$6,544,453$397,719$0$3,142,857
89$7,118,118$323,337$0$3,365,970
90$7,747,339$242,355$0$3,610,993
91$8,437,692$154,354$0$3,880,244
92$9,195,314$58,894$0$4,176,283
93$10,026,968$0$0$4,501,942
94$10,940,103$0$0$4,882,869
95$11,942,926$0$0$5,334,071
96$13,044,475$0$0$5,829,821
97$14,254,708$0$0$6,374,614
98$15,584,595$0$0$6,973,406
99$17,046,221$0$0$7,631,656
100$18,652,902$0$0$8,355,376