Can I retire at age 62 with 941,000?

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 $941,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.8%
1 years$77,707$77,015$76,339$75,680$75,037$74,161
2 years$38,469$37,752$37,058$36,385$35,732$34,850
3 years$25,391$24,672$23,979$23,312$22,670$21,809
4 years$18,854$18,136$17,451$16,795$16,168$15,336
5 years$14,932$14,219$13,542$12,900$12,291$11,490
6 years$12,319$11,611$10,944$10,316$9,725$8,956
7 years$10,453$9,751$9,095$8,482$7,909$7,172
8 years$9,054$8,358$7,713$7,115$6,562$5,856
9 years$7,966$7,277$6,643$6,060$5,526$4,852
10 years$7,097$6,415$5,792$5,224$4,708$4,065
11 years$6,386$5,711$5,099$4,547$4,049$3,437
12 years$5,794$5,125$4,525$3,988$3,509$2,927
13 years$5,293$4,632$4,043$3,521$3,060$2,507
14 years$4,865$4,210$3,633$3,125$2,682$2,158
15 years$4,493$3,846$3,280$2,787$2,362$1,865
16 years$4,169$3,529$2,974$2,496$2,087$1,617
17 years$3,883$3,250$2,706$2,242$1,851$1,406
18 years$3,629$3,003$2,470$2,021$1,646$1,226
19 years$3,402$2,783$2,261$1,826$1,467$1,071
20 years$3,198$2,586$2,075$1,654$1,310$938
21 years$3,014$2,409$1,909$1,501$1,172$822
22 years$2,847$2,249$1,759$1,365$1,051$722
23 years$2,694$2,103$1,624$1,243$943$634
24 years$2,554$1,971$1,502$1,134$848$558
25 years$2,426$1,849$1,391$1,035$763$492
26 years$2,308$1,738$1,290$947$687$433
27 years$2,199$1,636$1,198$866$620$382
28 years$2,097$1,541$1,114$794$559$337
29 years$2,003$1,454$1,037$728$505$298
30 years$1,915$1,373$966$668$456$263
31 years$1,834$1,298$900$614$412$232
32 years$1,757$1,228$840$564$373$205
33 years$1,685$1,163$784$519$338$182
34 years$1,618$1,102$733$477$306$161
35 years$1,554$1,046$685$439$277$142
36 years$1,495$992$641$404$251$126
37 years$1,438$943$600$373$227$111
38 years$1,385$896$562$344$206$99
39 years$1,334$852$526$317$187$87
40 years$1,286$810$493$292$170$77
41 years$1,241$771$463$270$154$69
42 years$1,198$735$434$249$140$61
43 years$1,157$700$407$230$127$54
44 years$1,118$667$382$212$115$48
45 years$1,081$636$359$196$104$42
46 years$1,045$607$337$181$95$37
47 years$1,012$579$317$167$86$33
48 years$979$553$298$154$78$29
49 years$948$528$280$143$71$26
50 years$919$504$263$132$64$23

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $941,000, adding $4,459 every year, while hoping to spend $57,725 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: 69/21/10 Blend
61$941,000$941,000$941,000$941,000
62$1,041,581$991,708$977,123$1,111,060
63$1,086,404$978,883$948,438$1,144,899
64$1,133,863$963,495$916,857$1,174,495
65$1,184,168$945,357$882,222$1,205,339
66$1,237,545$924,271$844,369$1,237,542
67$1,294,244$900,030$803,124$1,271,230
68$1,354,536$872,410$758,307$1,306,542
69$1,418,718$841,177$709,730$1,343,634
70$1,487,116$806,084$657,195$1,382,678
71$1,560,087$766,867$600,496$1,423,867
72$1,638,021$723,249$539,418$1,467,414
73$1,721,348$674,937$473,737$1,513,558
74$1,810,535$621,619$403,217$1,562,562
75$1,906,098$562,967$327,614$1,614,721
76$2,008,602$498,633$246,670$1,670,361
77$2,118,665$428,253$160,120$1,729,845
78$2,236,969$351,437$67,683$1,793,577
79$2,364,258$267,776$0$1,862,002
80$2,501,354$176,838$0$1,938,924
81$2,649,155$78,166$0$2,029,509
82$2,808,651$0$0$2,127,175
83$2,980,928$0$0$2,239,272
84$3,167,180$0$0$2,380,032
85$3,368,718$0$0$2,532,389
86$3,586,986$0$0$2,697,438
87$3,823,569$0$0$2,876,385
88$4,080,210$0$0$3,070,554
89$4,358,829$0$0$3,281,403
90$4,661,533$0$0$3,510,535
91$4,990,643$0$0$3,759,713
92$5,348,711$0$0$4,030,876
93$5,738,547$0$0$4,326,160
94$6,163,241$0$0$4,647,913
95$6,626,194$0$0$4,998,720
96$7,131,148$0$0$5,381,427
97$7,682,223$0$0$5,799,163
98$8,283,955$0$0$6,255,377
99$8,941,334$0$0$6,753,863
100$9,659,858$0$0$7,298,798