Can I retire at age 62 with 971,000?

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 $971,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.5%
1 years$80,184$79,470$78,773$78,093$77,429$75,680
2 years$39,695$38,956$38,239$37,545$36,871$35,118
3 years$26,201$25,458$24,743$24,055$23,392$21,691
4 years$19,455$18,714$18,007$17,330$16,684$15,046
5 years$15,408$14,672$13,974$13,311$12,683$11,114
6 years$12,711$11,981$11,293$10,645$10,035$8,537
7 years$10,786$10,062$9,385$8,752$8,161$6,734
8 years$9,342$8,625$7,959$7,342$6,771$5,413
9 years$8,220$7,509$6,855$6,254$5,702$4,413
10 years$7,323$6,619$5,976$5,391$4,858$3,637
11 years$6,589$5,893$5,261$4,692$4,178$3,023
12 years$5,979$5,289$4,669$4,115$3,621$2,530
13 years$5,462$4,780$4,172$3,633$3,157$2,129
14 years$5,020$4,345$3,748$3,225$2,768$1,799
15 years$4,637$3,969$3,384$2,876$2,437$1,527
16 years$4,302$3,641$3,068$2,575$2,154$1,299
17 years$4,007$3,354$2,792$2,314$1,910$1,108
18 years$3,745$3,099$2,549$2,085$1,698$947
19 years$3,511$2,872$2,333$1,884$1,513$812
20 years$3,300$2,669$2,141$1,707$1,352$696
21 years$3,110$2,486$1,970$1,549$1,210$598
22 years$2,937$2,320$1,815$1,408$1,084$514
23 years$2,780$2,170$1,676$1,282$973$443
24 years$2,636$2,033$1,550$1,170$875$381
25 years$2,503$1,908$1,436$1,068$787$329
26 years$2,381$1,793$1,332$977$709$283
27 years$2,269$1,688$1,237$894$639$245
28 years$2,164$1,590$1,150$819$577$211
29 years$2,067$1,500$1,070$751$521$182
30 years$1,977$1,417$996$689$471$158
31 years$1,892$1,339$929$633$426$136
32 years$1,813$1,267$867$582$385$118
33 years$1,739$1,200$809$535$348$102
34 years$1,669$1,138$756$492$315$88
35 years$1,604$1,079$707$453$286$76
36 years$1,542$1,024$661$417$259$66
37 years$1,484$973$619$385$235$57
38 years$1,429$924$580$354$213$49
39 years$1,377$879$543$327$193$43
40 years$1,328$836$509$301$175$37
41 years$1,281$796$477$278$159$32
42 years$1,236$758$448$257$144$28
43 years$1,194$722$420$237$131$24
44 years$1,154$689$394$219$119$21
45 years$1,115$657$370$202$108$18
46 years$1,079$626$348$187$98$16
47 years$1,044$598$327$172$89$13
48 years$1,010$571$307$159$81$12
49 years$979$545$289$147$73$10
50 years$948$521$271$136$67$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $971,000, adding $5,975 every year, while hoping to spend $25,229 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: 36/43/21 Blend
61$971,000$971,000$971,000$971,000
62$1,076,205$1,024,742$1,009,692$1,107,922
63$1,159,135$1,048,111$1,016,673$1,155,017
64$1,249,677$1,071,780$1,023,042$1,203,051
65$1,348,583$1,095,735$1,028,753$1,254,390
66$1,456,678$1,119,966$1,033,755$1,309,347
67$1,574,870$1,144,455$1,037,997$1,368,263
68$1,704,161$1,169,187$1,041,424$1,431,517
69$1,845,651$1,194,144$1,043,978$1,499,525
70$2,000,556$1,219,305$1,045,599$1,572,746
71$2,170,210$1,244,648$1,046,224$1,651,686
72$2,356,085$1,270,149$1,045,786$1,736,905
73$2,559,801$1,295,782$1,044,216$1,829,017
74$2,783,144$1,321,519$1,041,440$1,928,703
75$3,028,078$1,347,326$1,037,382$2,036,710
76$3,296,768$1,373,172$1,031,961$2,153,866
77$3,591,600$1,399,018$1,025,092$2,281,082
78$3,915,199$1,424,826$1,016,689$2,419,362
79$4,270,459$1,450,552$1,006,657$2,569,815
80$4,660,566$1,476,150$994,901$2,733,663
81$5,089,031$1,501,569$981,318$2,912,255
82$5,559,723$1,526,756$965,802$3,107,077
83$6,076,900$1,551,653$948,243$3,319,770
84$6,645,258$1,576,198$928,522$3,552,142
85$7,269,966$1,600,323$906,520$3,806,188
86$7,956,721$1,623,958$882,107$4,084,108
87$8,711,800$1,647,025$855,151$4,388,330
88$9,542,117$1,669,442$825,512$4,721,528
89$10,455,291$1,691,122$793,044$5,086,653
90$11,459,714$1,711,971$757,594$5,486,961
91$12,564,634$1,731,887$719,003$5,926,040
92$13,780,242$1,750,765$677,105$6,407,848
93$15,117,763$1,768,488$631,724$6,936,749
94$16,589,567$1,784,937$582,679$7,517,557
95$18,209,284$1,799,979$529,780$8,155,579
96$19,991,930$1,813,478$472,827$8,856,666
97$21,954,053$1,825,285$411,613$9,627,273
98$24,113,886$1,835,243$345,921$10,474,513
99$26,491,518$1,843,186$275,525$11,406,234
100$29,109,086$1,848,935$200,189$12,431,086