Can I retire at age 62 with 988,000?

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 $988,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.5%
1 years$81,588$80,861$80,152$79,460$78,785$75,778
2 years$40,390$39,638$38,909$38,202$37,516$34,523
3 years$26,659$25,904$25,177$24,476$23,802$20,916
4 years$19,795$19,042$18,322$17,634$16,976$14,219
5 years$15,678$14,929$14,219$13,545$12,905$10,284
6 years$12,934$12,191$11,491$10,832$10,211$7,728
7 years$10,975$10,238$9,549$8,905$8,304$5,958
8 years$9,506$8,776$8,098$7,470$6,889$4,678
9 years$8,364$7,641$6,975$6,363$5,802$3,723
10 years$7,451$6,735$6,081$5,485$4,943$2,992
11 years$6,705$5,996$5,354$4,774$4,251$2,424
12 years$6,083$5,382$4,751$4,187$3,684$1,975
13 years$5,558$4,863$4,245$3,697$3,213$1,618
14 years$5,108$4,421$3,814$3,281$2,816$1,330
15 years$4,718$4,038$3,444$2,926$2,480$1,097
16 years$4,377$3,705$3,122$2,620$2,192$907
17 years$4,077$3,412$2,841$2,354$1,943$751
18 years$3,810$3,153$2,593$2,122$1,728$624
19 years$3,572$2,922$2,374$1,917$1,540$518
20 years$3,358$2,715$2,179$1,736$1,376$431
21 years$3,164$2,529$2,004$1,576$1,231$359
22 years$2,989$2,361$1,847$1,433$1,103$299
23 years$2,829$2,208$1,706$1,305$990$250
24 years$2,682$2,069$1,577$1,190$890$208
25 years$2,547$1,942$1,461$1,087$801$174
26 years$2,423$1,825$1,355$994$722$145
27 years$2,308$1,717$1,258$910$651$121
28 years$2,202$1,618$1,170$833$587$101
29 years$2,103$1,527$1,088$764$530$85
30 years$2,011$1,442$1,014$701$479$71
31 years$1,925$1,363$945$644$433$59
32 years$1,845$1,290$882$592$392$50
33 years$1,769$1,221$823$544$354$41
34 years$1,699$1,158$769$501$321$35
35 years$1,632$1,098$719$461$291$29
36 years$1,569$1,042$673$425$263$24
37 years$1,510$990$630$391$239$20
38 years$1,454$941$590$361$216$17
39 years$1,401$894$553$333$196$14
40 years$1,351$851$518$307$178$12
41 years$1,303$810$486$283$161$10
42 years$1,258$771$456$261$147$8
43 years$1,215$735$427$241$133$7
44 years$1,174$701$401$223$121$6
45 years$1,135$668$377$206$110$5
46 years$1,098$637$354$190$100$4
47 years$1,062$608$332$175$90$3
48 years$1,028$581$312$162$82$3
49 years$996$554$294$150$75$2
50 years$965$530$276$138$68$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $988,000, adding $5,911 every year, while hoping to spend $58,212 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: 41/29/30 Blend
61$988,000$988,000$988,000$988,000
62$1,094,873$1,042,509$1,027,195$1,129,906
63$1,144,613$1,031,655$999,669$1,145,039
64$1,197,476$1,018,318$969,270$1,155,570
65$1,253,717$1,002,315$935,840$1,165,881
66$1,313,620$983,452$899,214$1,175,989
67$1,377,492$961,523$859,220$1,185,918
68$1,445,669$936,312$815,677$1,195,698
69$1,518,523$907,586$768,398$1,205,367
70$1,596,457$875,103$717,184$1,214,975
71$1,679,917$838,604$661,831$1,224,578
72$1,769,390$797,816$602,123$1,234,248
73$1,865,409$752,451$537,836$1,244,069
74$1,968,562$702,202$468,734$1,254,140
75$2,079,492$646,747$394,574$1,264,579
76$2,198,906$585,744$315,098$1,275,520
77$2,327,581$518,831$230,040$1,287,123
78$2,466,368$445,629$139,121$1,299,571
79$2,616,206$365,732$42,049$1,313,073
80$2,778,122$278,716$0$1,327,872
81$2,953,248$184,131$0$1,363,943
82$3,142,827$81,501$0$1,417,546
83$3,348,226$0$0$1,475,671
84$3,570,949$0$0$1,548,304
85$3,812,646$0$0$1,655,457
86$4,075,138$0$0$1,771,939
87$4,360,421$0$0$1,898,653
88$4,670,697$0$0$2,036,591
89$5,008,384$0$0$2,186,842
90$5,376,145$0$0$2,350,609
91$5,776,911$0$0$2,529,212
92$6,213,905$0$0$2,724,106
93$6,690,677$0$0$2,936,892
94$7,211,133$0$0$3,169,333
95$7,779,573$0$0$3,423,368
96$8,400,729$0$0$3,701,133
97$9,079,815$0$0$4,004,982
98$9,822,567$0$0$4,337,502
99$10,635,302$0$0$4,701,545
100$11,524,978$0$0$5,100,252