Can I retire at age 62 with 944,000?

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 $944,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.3%
1 years$77,955$77,260$76,583$75,922$75,276$73,636
2 years$38,591$37,873$37,176$36,501$35,846$34,201
3 years$25,472$24,750$24,055$23,386$22,742$21,145
4 years$18,914$18,194$17,506$16,849$16,220$14,682
5 years$14,980$14,264$13,586$12,941$12,330$10,857
6 years$12,358$11,648$10,979$10,349$9,756$8,348
7 years$10,486$9,782$9,124$8,509$7,934$6,592
8 years$9,082$8,385$7,738$7,138$6,582$5,306
9 years$7,992$7,301$6,664$6,080$5,543$4,331
10 years$7,119$6,435$5,810$5,241$4,723$3,574
11 years$6,406$5,729$5,115$4,561$4,062$2,974
12 years$5,812$5,142$4,540$4,001$3,520$2,492
13 years$5,310$4,647$4,056$3,532$3,070$2,100
14 years$4,880$4,224$3,644$3,135$2,691$1,777
15 years$4,508$3,858$3,290$2,796$2,369$1,510
16 years$4,182$3,540$2,983$2,504$2,094$1,287
17 years$3,895$3,260$2,714$2,250$1,857$1,099
18 years$3,641$3,013$2,478$2,027$1,651$941
19 years$3,413$2,792$2,268$1,832$1,471$807
20 years$3,208$2,595$2,082$1,659$1,314$694
21 years$3,023$2,417$1,915$1,506$1,176$597
22 years$2,856$2,256$1,765$1,369$1,054$514
23 years$2,703$2,110$1,630$1,247$946$443
24 years$2,562$1,977$1,507$1,137$851$382
25 years$2,434$1,855$1,396$1,039$765$330
26 years$2,315$1,744$1,295$950$689$285
27 years$2,206$1,641$1,202$869$622$246
28 years$2,104$1,546$1,118$796$561$213
29 years$2,010$1,459$1,040$730$506$184
30 years$1,922$1,378$969$670$458$160
31 years$1,839$1,302$903$616$414$138
32 years$1,763$1,232$843$566$374$120
33 years$1,691$1,167$787$520$339$104
34 years$1,623$1,106$735$479$307$90
35 years$1,559$1,049$687$441$278$78
36 years$1,499$996$643$406$252$67
37 years$1,443$946$602$374$228$58
38 years$1,389$899$564$345$207$51
39 years$1,339$855$528$318$188$44
40 years$1,291$813$495$293$170$38
41 years$1,245$774$464$270$154$33
42 years$1,202$737$435$250$140$29
43 years$1,161$702$408$230$127$25
44 years$1,122$669$383$213$115$21
45 years$1,084$638$360$196$105$19
46 years$1,049$609$338$181$95$16
47 years$1,015$581$318$168$86$14
48 years$982$555$298$155$78$12
49 years$951$530$281$143$71$11
50 years$922$506$264$132$65$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $944,000, adding $2,798 every year, while hoping to spend $38,358 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: 48/46/6 Blend
61$944,000$944,000$944,000$944,000
62$1,043,174$993,142$978,510$1,091,493
63$1,108,765$1,000,993$970,478$1,132,691
64$1,179,761$1,007,944$960,890$1,173,099
65$1,256,672$1,013,909$949,656$1,216,061
66$1,340,061$1,018,798$936,677$1,261,826
67$1,430,544$1,022,516$921,853$1,310,666
68$1,528,801$1,024,961$905,076$1,362,886
69$1,635,579$1,026,024$886,237$1,418,823
70$1,751,700$1,025,591$865,217$1,478,848
71$1,878,067$1,023,540$841,896$1,543,372
72$2,015,677$1,019,740$816,147$1,612,853
73$2,165,623$1,014,054$787,835$1,687,795
74$2,329,111$1,006,337$756,822$1,768,755
75$2,507,466$996,434$722,961$1,856,352
76$2,702,148$984,179$686,101$1,951,269
77$2,914,764$969,401$646,082$2,054,263
78$3,147,082$951,914$602,738$2,166,170
79$3,401,050$931,522$555,894$2,287,915
80$3,678,810$908,020$505,370$2,420,520
81$3,982,724$881,188$450,975$2,565,118
82$4,315,390$850,795$392,511$2,722,959
83$4,679,671$816,595$329,771$2,895,426
84$5,078,718$778,329$262,539$3,084,047
85$5,516,001$735,721$190,589$3,290,513
86$5,995,345$688,483$113,685$3,516,690
87$6,520,957$636,306$31,581$3,764,642
88$7,097,476$578,866$0$4,036,650
89$7,730,009$515,821$0$4,338,821
90$8,424,180$446,806$0$4,672,741
91$9,186,187$371,440$0$5,039,479
92$10,022,855$289,317$0$5,442,450
93$10,941,702$200,010$0$5,885,426
94$11,951,012$103,067$0$6,372,569
95$13,059,910$0$0$6,908,477
96$14,278,447$0$0$7,499,229
97$15,617,697$0$0$8,205,954
98$17,089,860$0$0$8,982,931
99$18,708,377$0$0$9,837,269
100$20,488,057$0$0$10,776,799