Can I retire at age 62 with 976,000?

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 $976,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.6%
1 years$80,597$79,879$79,179$78,495$77,828$76,665
2 years$39,900$39,156$38,436$37,738$37,061$35,892
3 years$26,336$25,589$24,871$24,179$23,513$22,374
4 years$19,555$18,811$18,100$17,420$16,770$15,670
5 years$15,487$14,748$14,046$13,380$12,748$11,690
6 years$12,777$12,043$11,351$10,700$10,087$9,073
7 years$10,841$10,113$9,433$8,797$8,203$7,233
8 years$9,390$8,669$8,000$7,380$6,806$5,879
9 years$8,262$7,548$6,890$6,286$5,731$4,848
10 years$7,361$6,653$6,007$5,418$4,883$4,043
11 years$6,623$5,923$5,289$4,716$4,200$3,401
12 years$6,009$5,316$4,693$4,136$3,639$2,881
13 years$5,490$4,804$4,193$3,652$3,174$2,455
14 years$5,046$4,367$3,768$3,242$2,782$2,102
15 years$4,661$3,989$3,402$2,891$2,450$1,807
16 years$4,324$3,660$3,084$2,589$2,165$1,558
17 years$4,027$3,371$2,806$2,326$1,920$1,347
18 years$3,764$3,115$2,562$2,096$1,707$1,168
19 years$3,529$2,887$2,345$1,894$1,521$1,015
20 years$3,317$2,682$2,152$1,715$1,359$883
21 years$3,126$2,499$1,980$1,557$1,216$769
22 years$2,952$2,332$1,825$1,415$1,090$671
23 years$2,794$2,181$1,685$1,289$978$586
24 years$2,649$2,044$1,558$1,176$879$513
25 years$2,516$1,918$1,443$1,074$791$449
26 years$2,394$1,803$1,338$982$713$393
27 years$2,280$1,697$1,243$899$643$344
28 years$2,175$1,599$1,155$823$580$302
29 years$2,078$1,508$1,075$755$524$265
30 years$1,987$1,424$1,002$693$473$232
31 years$1,902$1,346$934$636$428$204
32 years$1,822$1,274$871$585$387$179
33 years$1,748$1,206$813$538$350$157
34 years$1,678$1,143$760$495$317$138
35 years$1,612$1,085$711$456$287$122
36 years$1,550$1,029$665$420$260$107
37 years$1,492$978$622$387$236$94
38 years$1,436$929$583$356$214$83
39 years$1,384$884$546$329$194$73
40 years$1,334$841$512$303$176$64
41 years$1,287$800$480$280$160$56
42 years$1,243$762$450$258$145$49
43 years$1,200$726$422$238$131$44
44 years$1,160$692$396$220$119$38
45 years$1,121$660$372$203$108$34
46 years$1,084$630$350$188$98$30
47 years$1,049$601$328$173$89$26
48 years$1,016$574$309$160$81$23
49 years$984$548$290$148$74$20
50 years$953$523$273$137$67$18

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $976,000, adding $4,484 every year, while hoping to spend $20,514 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: 54/33/13 Blend
61$976,000$976,000$976,000$976,000
62$1,080,177$1,028,449$1,013,321$1,134,605
63$1,168,529$1,057,017$1,025,441$1,200,699
64$1,265,204$1,086,296$1,037,279$1,270,007
65$1,371,032$1,116,301$1,048,804$1,344,971
66$1,486,922$1,147,045$1,059,984$1,426,135
67$1,613,878$1,178,540$1,070,784$1,514,095
68$1,753,006$1,210,801$1,081,167$1,609,509
69$1,905,522$1,243,839$1,091,095$1,713,100
70$2,072,766$1,277,668$1,100,528$1,825,664
71$2,256,215$1,312,301$1,109,423$1,948,079
72$2,457,494$1,347,749$1,117,734$2,081,311
73$2,678,395$1,384,026$1,125,415$2,226,423
74$2,920,891$1,421,142$1,132,415$2,384,587
75$3,187,154$1,459,110$1,138,683$2,557,094
76$3,479,578$1,497,941$1,144,164$2,745,363
77$3,800,800$1,537,646$1,148,799$2,950,962
78$4,153,726$1,578,235$1,152,528$3,175,613
79$4,541,556$1,619,718$1,155,287$3,421,216
80$4,967,815$1,662,104$1,157,009$3,689,863
81$5,436,387$1,705,402$1,157,624$3,983,861
82$5,951,552$1,749,621$1,157,058$4,305,747
83$6,518,025$1,794,766$1,155,234$4,658,320
84$7,140,999$1,840,846$1,152,070$5,044,663
85$7,826,198$1,887,864$1,147,481$5,468,170
86$8,579,927$1,935,826$1,141,379$5,932,585
87$9,409,133$1,984,736$1,133,669$6,442,031
88$10,321,471$2,034,594$1,124,253$7,001,049
89$11,325,375$2,085,403$1,113,029$7,614,645
90$12,430,136$2,137,161$1,099,889$8,288,335
91$13,645,995$2,189,867$1,084,720$9,028,195
92$14,984,234$2,243,517$1,067,405$9,840,924
93$16,457,282$2,298,106$1,047,820$10,733,899
94$18,078,838$2,353,627$1,025,835$11,715,252
95$19,863,995$2,410,069$1,001,316$12,793,943
96$21,829,382$2,467,423$974,120$13,979,847
97$23,993,326$2,525,673$944,100$15,283,842
98$26,376,019$2,584,805$911,101$16,717,920
99$28,999,710$2,644,798$874,960$18,295,293
100$31,888,919$2,705,631$835,509$20,030,519