Can I retire at age 62 with 940,000?

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 $940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.2%
1 years$77,624$76,933$76,258$75,600$74,957$73,655
2 years$38,428$37,712$37,019$36,346$35,694$34,386
3 years$25,364$24,645$23,953$23,287$22,646$21,373
4 years$18,834$18,117$17,432$16,777$16,151$14,923
5 years$14,916$14,204$13,528$12,886$12,278$11,099
6 years$12,305$11,599$10,933$10,305$9,715$8,586
7 years$10,441$9,740$9,085$8,473$7,901$6,822
8 years$9,044$8,349$7,705$7,108$6,555$5,525
9 years$7,958$7,270$6,636$6,054$5,520$4,540
10 years$7,089$6,408$5,786$5,219$4,703$3,772
11 years$6,379$5,704$5,094$4,542$4,045$3,161
12 years$5,788$5,120$4,520$3,984$3,505$2,668
13 years$5,288$4,627$4,039$3,517$3,057$2,264
14 years$4,859$4,206$3,629$3,122$2,679$1,931
15 years$4,489$3,842$3,276$2,784$2,359$1,653
16 years$4,165$3,525$2,970$2,493$2,085$1,419
17 years$3,879$3,246$2,703$2,240$1,849$1,222
18 years$3,625$3,000$2,467$2,019$1,644$1,055
19 years$3,399$2,780$2,259$1,824$1,465$912
20 years$3,195$2,584$2,073$1,652$1,309$790
21 years$3,011$2,406$1,907$1,499$1,171$686
22 years$2,843$2,246$1,757$1,363$1,050$596
23 years$2,691$2,101$1,623$1,242$942$518
24 years$2,552$1,968$1,501$1,132$847$451
25 years$2,423$1,847$1,390$1,034$762$392
26 years$2,305$1,736$1,289$946$687$342
27 years$2,196$1,634$1,197$865$619$298
28 years$2,095$1,540$1,113$793$559$260
29 years$2,001$1,452$1,036$727$504$227
30 years$1,913$1,372$965$667$456$198
31 years$1,832$1,297$899$613$412$173
32 years$1,755$1,227$839$563$373$152
33 years$1,683$1,162$783$518$337$132
34 years$1,616$1,101$732$477$305$116
35 years$1,553$1,045$684$439$277$101
36 years$1,493$991$640$404$251$89
37 years$1,437$942$599$372$227$77
38 years$1,383$895$561$343$206$68
39 years$1,333$851$526$316$187$59
40 years$1,285$810$493$292$169$52
41 years$1,240$771$462$269$154$45
42 years$1,197$734$433$248$139$40
43 years$1,156$699$407$229$127$35
44 years$1,117$667$382$212$115$30
45 years$1,080$636$358$196$104$27
46 years$1,044$606$337$181$95$23
47 years$1,011$579$316$167$86$20
48 years$978$552$297$154$78$18
49 years$947$528$279$143$71$16
50 years$918$504$263$132$64$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $940,000, adding $3,060 every year, while hoping to spend $22,496 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: 50/26/24 Blend
61$940,000$940,000$940,000$940,000
62$1,039,036$989,216$974,646$1,083,833
63$1,121,083$1,013,752$983,361$1,139,838
64$1,210,743$1,038,737$991,615$1,198,157
65$1,308,772$1,064,168$999,366$1,261,085
66$1,415,997$1,090,042$1,006,576$1,329,069
67$1,533,332$1,116,357$1,013,199$1,402,600
68$1,661,781$1,143,108$1,019,191$1,482,219
69$1,802,452$1,170,290$1,024,503$1,568,523
70$1,956,563$1,197,895$1,029,084$1,662,169
71$2,125,457$1,225,916$1,032,883$1,763,881
72$2,310,611$1,254,343$1,035,842$1,874,458
73$2,513,654$1,283,167$1,037,904$1,994,779
74$2,736,380$1,312,375$1,039,006$2,125,814
75$2,980,763$1,341,954$1,039,086$2,268,633
76$3,248,979$1,371,888$1,038,073$2,424,412
77$3,543,425$1,402,161$1,035,899$2,594,450
78$3,866,741$1,432,753$1,032,488$2,780,178
79$4,221,834$1,463,644$1,027,762$2,983,173
80$4,611,909$1,494,810$1,021,639$3,205,174
81$5,040,493$1,526,225$1,014,034$3,448,098
82$5,511,475$1,557,862$1,004,856$3,714,056
83$6,029,139$1,589,690$994,012$4,005,377
84$6,598,202$1,621,676$981,402$4,324,628
85$7,223,864$1,653,783$966,924$4,674,637
86$7,911,851$1,685,972$950,469$5,058,522
87$8,668,474$1,718,199$931,924$5,479,722
88$9,500,686$1,750,418$911,171$5,942,025
89$10,416,146$1,782,579$888,086$6,449,606
90$11,423,295$1,814,627$862,538$7,007,070
91$12,531,430$1,846,503$834,393$7,619,491
92$13,750,799$1,878,145$803,508$8,292,461
93$15,092,690$1,909,483$769,735$9,032,146
94$16,569,542$1,940,446$732,919$9,845,342
95$18,195,061$1,970,953$692,897$10,739,538
96$19,984,349$2,000,922$649,501$11,722,991
97$21,954,047$2,030,260$602,553$12,804,802
98$24,122,489$2,058,872$551,868$13,995,000
99$26,509,879$2,086,654$497,252$15,304,643
100$29,138,481$2,113,494$438,504$16,745,917