Can I retire at age 62 with 993,000?

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 $993,000?

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$82,001$81,271$80,558$79,862$79,183$77,458
2 years$40,595$39,839$39,106$38,395$37,706$35,977
3 years$26,794$26,035$25,304$24,600$23,922$22,243
4 years$19,895$19,138$18,415$17,723$17,062$15,445
5 years$15,757$15,005$14,291$13,613$12,970$11,420
6 years$12,999$12,253$11,549$10,886$10,263$8,782
7 years$11,030$10,290$9,597$8,950$8,346$6,935
8 years$9,554$8,820$8,139$7,508$6,924$5,581
9 years$8,406$7,680$7,010$6,395$5,831$4,556
10 years$7,489$6,769$6,112$5,513$4,968$3,759
11 years$6,739$6,026$5,381$4,798$4,273$3,129
12 years$6,114$5,409$4,775$4,208$3,703$2,622
13 years$5,586$4,888$4,266$3,715$3,229$2,209
14 years$5,133$4,443$3,833$3,298$2,831$1,870
15 years$4,742$4,059$3,461$2,941$2,492$1,588
16 years$4,399$3,724$3,138$2,634$2,203$1,353
17 years$4,098$3,429$2,855$2,366$1,953$1,156
18 years$3,830$3,169$2,607$2,132$1,737$990
19 years$3,590$2,937$2,386$1,927$1,548$849
20 years$3,375$2,729$2,190$1,745$1,383$730
21 years$3,180$2,542$2,014$1,584$1,237$628
22 years$3,004$2,373$1,857$1,440$1,109$541
23 years$2,843$2,219$1,714$1,312$995$466
24 years$2,695$2,079$1,585$1,196$895$402
25 years$2,560$1,951$1,468$1,092$805$347
26 years$2,435$1,834$1,362$999$725$300
27 years$2,320$1,726$1,265$914$654$259
28 years$2,213$1,626$1,176$838$590$224
29 years$2,114$1,534$1,094$768$533$194
30 years$2,021$1,449$1,019$705$481$168
31 years$1,935$1,370$950$647$435$145
32 years$1,854$1,296$886$595$394$126
33 years$1,778$1,227$828$547$356$109
34 years$1,707$1,163$773$503$323$94
35 years$1,640$1,103$723$463$292$82
36 years$1,577$1,047$676$427$265$71
37 years$1,518$995$633$393$240$61
38 years$1,461$945$593$362$218$53
39 years$1,408$899$555$334$197$46
40 years$1,358$855$521$308$179$40
41 years$1,310$814$488$284$162$35
42 years$1,264$775$458$262$147$30
43 years$1,221$739$430$242$134$26
44 years$1,180$704$403$224$121$23
45 years$1,141$671$379$207$110$20
46 years$1,103$641$356$191$100$17
47 years$1,067$611$334$176$91$15
48 years$1,033$584$314$163$82$13
49 years$1,001$557$295$151$75$11
50 years$970$532$277$139$68$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $993,000, adding $2,785 every year, while hoping to spend $40,061 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: 76/11/13 Blend
61$993,000$993,000$993,000$993,000
62$1,097,159$1,044,530$1,029,138$1,177,440
63$1,166,444$1,053,087$1,020,990$1,239,331
64$1,241,454$1,060,721$1,011,226$1,301,840
65$1,322,730$1,067,344$999,749$1,369,253
66$1,410,868$1,072,863$986,460$1,442,046
67$1,506,522$1,077,179$971,252$1,520,742
68$1,610,413$1,080,186$954,015$1,605,916
69$1,723,333$1,081,773$934,632$1,698,204
70$1,846,153$1,081,820$912,982$1,798,307
71$1,979,833$1,080,202$888,940$1,906,995
72$2,125,427$1,076,783$862,370$2,025,119
73$2,284,097$1,071,422$833,136$2,153,617
74$2,457,121$1,063,967$801,092$2,293,522
75$2,645,904$1,054,258$766,085$2,445,973
76$2,851,995$1,042,126$727,958$2,612,225
77$3,077,098$1,027,389$686,544$2,793,664
78$3,323,089$1,009,858$641,670$2,991,815
79$3,592,033$989,330$593,155$3,208,361
80$3,886,203$965,591$540,809$3,445,155
81$4,208,105$938,413$484,434$3,704,242
82$4,560,493$907,557$423,825$3,987,876
83$4,946,405$872,769$358,765$4,298,541
84$5,369,184$833,780$289,028$4,638,975
85$5,832,510$790,305$214,381$5,012,199
86$6,340,440$742,043$134,576$5,421,541
87$6,897,438$688,677$49,357$5,870,670
88$7,508,423$629,869$0$6,363,630
89$8,178,814$565,264$0$6,910,650
90$8,914,577$494,486$0$7,518,558
91$9,722,286$417,138$0$8,185,959
92$10,609,182$332,800$0$8,918,870
93$11,583,240$241,030$0$9,723,919
94$12,653,248$141,358$0$10,608,410
95$13,828,886$33,290$0$11,580,395
96$15,120,816$0$0$12,648,742
97$16,540,786$0$0$13,833,359
98$18,101,739$0$0$15,140,062
99$19,817,934$0$0$16,576,764
100$21,705,080$0$0$18,156,620