Can I retire at age 62 with 961,000?

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 $961,000?

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$79,358$78,652$77,962$77,289$76,631$75,300
2 years$39,286$38,555$37,846$37,158$36,491$35,154
3 years$25,931$25,196$24,489$23,808$23,152$21,850
4 years$19,254$18,522$17,821$17,152$16,512$15,257
5 years$15,249$14,521$13,830$13,174$12,552$11,347
6 years$12,580$11,858$11,177$10,536$9,932$8,778
7 years$10,675$9,958$9,288$8,662$8,077$6,974
8 years$9,246$8,536$7,877$7,266$6,701$5,649
9 years$8,135$7,432$6,784$6,189$5,643$4,642
10 years$7,248$6,551$5,915$5,335$4,808$3,856
11 years$6,522$5,832$5,207$4,643$4,135$3,232
12 years$5,917$5,234$4,621$4,073$3,584$2,727
13 years$5,406$4,730$4,129$3,596$3,125$2,315
14 years$4,968$4,300$3,710$3,192$2,739$1,974
15 years$4,589$3,928$3,349$2,847$2,412$1,690
16 years$4,258$3,604$3,037$2,549$2,132$1,451
17 years$3,966$3,319$2,763$2,290$1,890$1,250
18 years$3,706$3,067$2,523$2,064$1,681$1,079
19 years$3,474$2,842$2,309$1,865$1,498$933
20 years$3,266$2,641$2,119$1,689$1,338$808
21 years$3,078$2,460$1,949$1,533$1,197$701
22 years$2,907$2,297$1,797$1,394$1,073$609
23 years$2,751$2,148$1,659$1,269$963$529
24 years$2,609$2,012$1,534$1,158$866$461
25 years$2,478$1,889$1,421$1,057$779$401
26 years$2,357$1,775$1,318$967$702$350
27 years$2,245$1,670$1,224$885$633$305
28 years$2,142$1,574$1,138$811$571$266
29 years$2,046$1,485$1,059$743$516$232
30 years$1,956$1,402$986$682$466$203
31 years$1,873$1,326$919$627$421$177
32 years$1,794$1,254$858$576$381$155
33 years$1,721$1,188$801$530$345$135
34 years$1,652$1,126$748$487$312$118
35 years$1,587$1,068$700$449$283$104
36 years$1,526$1,014$654$413$256$91
37 years$1,469$963$613$381$232$79
38 years$1,414$915$574$351$211$69
39 years$1,363$870$537$323$191$61
40 years$1,314$828$504$298$173$53
41 years$1,268$788$472$275$157$46
42 years$1,223$750$443$254$143$41
43 years$1,182$715$416$235$129$36
44 years$1,142$681$390$217$117$31
45 years$1,104$650$366$200$107$27
46 years$1,068$620$344$185$97$24
47 years$1,033$592$323$171$88$21
48 years$1,000$565$304$158$80$18
49 years$968$539$286$146$72$16
50 years$938$515$269$135$66$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $961,000, adding $2,875 every year, while hoping to spend $45,581 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: 32/40/28 Blend
61$961,000$961,000$961,000$961,000
62$1,061,988$1,011,055$996,159$1,086,824
63$1,121,812$1,012,098$981,033$1,107,152
64$1,186,212$1,011,666$963,872$1,124,808
65$1,255,604$1,009,636$944,560$1,142,936
66$1,330,449$1,005,881$922,976$1,161,608
67$1,411,251$1,000,266$898,992$1,180,909
68$1,498,566$992,646$872,476$1,200,936
69$1,593,003$982,869$843,287$1,221,799
70$1,695,233$970,773$811,280$1,243,624
71$1,805,991$956,186$776,303$1,266,557
72$1,926,089$938,926$738,196$1,290,759
73$2,056,418$918,801$696,793$1,316,417
74$2,197,957$895,607$651,920$1,343,740
75$2,351,784$869,127$603,395$1,372,965
76$2,519,085$839,133$551,028$1,404,359
77$2,701,165$805,384$494,620$1,438,224
78$2,899,458$767,622$433,964$1,474,898
79$3,115,545$725,577$368,844$1,514,763
80$3,351,163$678,963$299,033$1,558,244
81$3,608,226$627,477$224,295$1,605,823
82$3,888,840$570,798$144,384$1,658,036
83$4,195,322$508,587$59,041$1,715,484
84$4,530,225$440,488$0$1,778,839
85$4,896,358$366,122$0$1,858,423
86$5,296,814$285,089$0$1,964,950
87$5,734,999$196,969$0$2,081,786
88$6,214,662$101,314$0$2,210,065
89$6,739,935$0$0$2,351,047
90$7,315,363$0$0$2,507,156
91$7,945,956$0$0$2,727,244
92$8,637,229$0$0$2,968,658
93$9,395,256$0$0$3,233,537
94$10,226,729$0$0$3,524,240
95$11,139,016$0$0$3,843,363
96$12,140,235$0$0$4,193,764
97$13,239,327$0$0$4,578,596
98$14,446,142$0$0$5,001,328
99$15,771,528$0$0$5,465,784
100$17,227,438$0$0$5,976,176