Can I retire at age 62 with 994,000?

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 $994,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.3%
1 years$82,084$81,352$80,639$79,943$79,263$78,175
2 years$40,635$39,879$39,145$38,434$37,744$36,650
3 years$26,821$26,061$25,330$24,625$23,947$22,880
4 years$19,915$19,158$18,433$17,741$17,079$16,049
5 years$15,773$15,020$14,305$13,627$12,983$11,992
6 years$13,012$12,265$11,561$10,897$10,273$9,322
7 years$11,041$10,300$9,607$8,959$8,355$7,444
8 years$9,564$8,829$8,147$7,516$6,931$6,061
9 years$8,415$7,687$7,017$6,402$5,837$5,007
10 years$7,496$6,776$6,118$5,518$4,973$4,183
11 years$6,745$6,032$5,386$4,803$4,277$3,525
12 years$6,120$5,414$4,780$4,213$3,707$2,992
13 years$5,591$4,893$4,271$3,719$3,232$2,555
14 years$5,139$4,447$3,837$3,301$2,833$2,192
15 years$4,747$4,063$3,464$2,944$2,495$1,888
16 years$4,404$3,728$3,141$2,636$2,205$1,631
17 years$4,102$3,433$2,858$2,369$1,955$1,414
18 years$3,833$3,172$2,609$2,135$1,738$1,228
19 years$3,594$2,940$2,389$1,929$1,549$1,069
20 years$3,378$2,732$2,192$1,747$1,384$932
21 years$3,184$2,545$2,016$1,585$1,238$814
22 years$3,007$2,375$1,858$1,442$1,110$712
23 years$2,846$2,222$1,716$1,313$996$624
24 years$2,698$2,082$1,587$1,197$896$547
25 years$2,563$1,953$1,470$1,094$806$479
26 years$2,438$1,836$1,363$1,000$726$421
27 years$2,322$1,728$1,266$915$655$370
28 years$2,215$1,628$1,177$839$591$325
29 years$2,116$1,536$1,095$769$533$286
30 years$2,023$1,451$1,020$706$482$251
31 years$1,937$1,371$951$648$436$221
32 years$1,856$1,297$887$596$394$195
33 years$1,780$1,229$828$548$357$172
34 years$1,709$1,165$774$504$323$151
35 years$1,642$1,105$724$464$292$133
36 years$1,579$1,048$677$427$265$117
37 years$1,519$996$634$394$240$103
38 years$1,463$946$593$363$218$91
39 years$1,409$900$556$335$197$80
40 years$1,359$856$521$309$179$71
41 years$1,311$815$489$285$162$63
42 years$1,266$776$458$263$147$55
43 years$1,222$739$430$243$134$49
44 years$1,181$705$404$224$121$43
45 years$1,142$672$379$207$110$38
46 years$1,104$641$356$191$100$33
47 years$1,069$612$334$177$91$29
48 years$1,034$584$314$163$83$26
49 years$1,002$558$295$151$75$23
50 years$970$533$278$139$68$20

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $994,000, adding $3,073 every year, while hoping to spend $35,933 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: 66/22/12 Blend
61$994,000$994,000$994,000$994,000
62$1,098,558$1,045,876$1,030,469$1,167,909
63$1,172,378$1,058,891$1,026,757$1,227,543
64$1,252,524$1,071,340$1,021,717$1,288,182
65$1,339,603$1,083,157$1,015,265$1,353,544
66$1,434,282$1,094,271$1,007,316$1,424,091
67$1,537,296$1,104,608$997,779$1,500,327
68$1,649,455$1,114,089$986,559$1,582,810
69$1,771,647$1,122,627$973,557$1,672,157
70$1,904,853$1,130,133$958,669$1,769,045
71$2,050,149$1,136,511$941,785$1,874,222
72$2,208,722$1,141,658$922,793$1,988,515
73$2,381,877$1,145,464$901,572$2,112,831
74$2,571,052$1,147,816$877,998$2,248,176
75$2,777,829$1,148,588$851,940$2,395,654
76$3,003,949$1,147,651$823,262$2,556,487
77$3,251,332$1,144,866$791,821$2,732,019
78$3,522,088$1,140,085$757,468$2,923,735
79$3,818,544$1,133,152$720,046$3,133,269
80$4,143,261$1,123,901$679,392$3,362,428
81$4,499,057$1,112,156$635,336$3,613,199
82$4,889,041$1,097,732$587,700$3,887,778
83$5,316,632$1,080,429$536,296$4,188,584
84$5,785,598$1,060,039$480,932$4,518,284
85$6,300,088$1,036,341$421,402$4,879,821
86$6,864,674$1,009,098$357,496$5,276,438
87$7,484,389$978,063$288,991$5,711,713
88$8,164,781$942,972$215,656$6,189,590
89$8,911,957$903,546$137,249$6,714,419
90$9,732,648$859,491$53,519$7,290,994
91$10,634,268$810,496$0$7,924,604
92$11,624,982$756,229$0$8,625,667
93$12,713,789$696,343$0$9,403,633
94$13,910,600$630,469$0$10,258,768
95$15,226,337$558,217$0$11,198,923
96$16,673,029$479,176$0$12,232,754
97$18,263,933$392,910$0$13,369,801
98$20,013,652$298,960$0$14,620,580
99$21,938,276$196,841$0$15,996,681
100$24,055,534$86,040$0$17,510,881