Can I retire at age 62 with 996,000?

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 $996,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.3%
1 years$82,249$81,516$80,801$80,104$79,422$76,757
2 years$40,717$39,959$39,224$38,511$37,820$35,161
3 years$26,875$26,114$25,380$24,675$23,995$21,426
4 years$19,956$19,196$18,470$17,777$17,113$14,654
5 years$15,805$15,050$14,334$13,654$13,009$10,666
6 years$13,039$12,290$11,584$10,919$10,294$8,068
7 years$11,063$10,321$9,626$8,977$8,372$6,264
8 years$9,583$8,847$8,164$7,531$6,945$4,953
9 years$8,432$7,703$7,032$6,415$5,849$3,970
10 years$7,511$6,790$6,130$5,530$4,983$3,215
11 years$6,759$6,044$5,397$4,812$4,286$2,625
12 years$6,132$5,425$4,790$4,221$3,714$2,157
13 years$5,603$4,903$4,279$3,727$3,239$1,781
14 years$5,149$4,456$3,845$3,308$2,839$1,476
15 years$4,756$4,071$3,471$2,950$2,500$1,228
16 years$4,413$3,735$3,147$2,642$2,209$1,024
17 years$4,110$3,440$2,864$2,373$1,959$856
18 years$3,841$3,179$2,614$2,139$1,742$717
19 years$3,601$2,946$2,393$1,933$1,552$601
20 years$3,385$2,737$2,197$1,750$1,387$505
21 years$3,190$2,550$2,020$1,589$1,241$424
22 years$3,013$2,380$1,862$1,444$1,112$357
23 years$2,851$2,226$1,719$1,315$998$301
24 years$2,704$2,086$1,590$1,200$897$253
25 years$2,568$1,957$1,473$1,096$808$214
26 years$2,443$1,840$1,366$1,002$727$180
27 years$2,327$1,731$1,268$917$656$152
28 years$2,220$1,631$1,179$840$592$128
29 years$2,120$1,539$1,097$770$534$108
30 years$2,027$1,453$1,022$707$483$91
31 years$1,941$1,374$953$649$437$77
32 years$1,860$1,300$889$597$395$65
33 years$1,784$1,231$830$549$357$55
34 years$1,712$1,167$776$505$324$47
35 years$1,645$1,107$725$465$293$39
36 years$1,582$1,050$678$428$266$33
37 years$1,522$998$635$394$241$28
38 years$1,466$948$595$364$218$24
39 years$1,412$902$557$335$198$20
40 years$1,362$858$522$309$179$17
41 years$1,314$817$490$285$163$14
42 years$1,268$778$459$263$148$12
43 years$1,225$741$431$243$134$10
44 years$1,183$706$404$224$122$9
45 years$1,144$674$380$207$110$7
46 years$1,107$643$357$191$100$6
47 years$1,071$613$335$177$91$5
48 years$1,036$585$315$163$83$4
49 years$1,004$559$296$151$75$4
50 years$972$534$278$140$68$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $996,000, adding $4,030 every year, while hoping to spend $58,760 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: 68/11/21 Blend
61$996,000$996,000$996,000$996,000
62$1,101,749$1,048,961$1,033,523$1,170,617
63$1,151,607$1,037,840$1,005,626$1,206,094
64$1,204,582$1,024,204$974,825$1,237,694
65$1,260,928$1,007,869$940,960$1,270,849
66$1,320,926$988,639$903,866$1,305,711
67$1,384,883$966,304$863,368$1,342,447
68$1,453,133$940,646$819,283$1,381,245
69$1,526,046$911,430$771,422$1,422,312
70$1,604,023$878,411$719,586$1,465,879
71$1,687,508$841,327$663,566$1,512,202
72$1,776,983$799,902$603,145$1,561,564
73$1,872,982$753,844$538,097$1,614,282
74$1,976,087$702,843$468,184$1,670,706
75$2,086,939$646,573$393,159$1,731,225
76$2,206,240$584,689$312,763$1,796,268
77$2,334,763$516,825$226,727$1,866,316
78$2,473,355$442,595$134,768$1,941,896
79$2,622,947$361,592$36,593$2,023,596
80$2,784,563$273,386$0$2,112,068
81$2,959,327$177,520$0$2,223,308
82$3,148,475$73,516$0$2,352,581
83$3,353,367$0$0$2,492,640
84$3,575,495$0$0$2,649,277
85$3,816,503$0$0$2,828,932
86$4,078,197$0$0$3,024,059
87$4,362,566$0$0$3,236,146
88$4,671,794$0$0$3,466,830
89$5,008,287$0$0$3,717,913
90$5,374,692$0$0$3,991,376
91$5,773,920$0$0$4,289,402
92$6,209,176$0$0$4,614,389
93$6,683,987$0$0$4,968,980
94$7,202,235$0$0$5,356,083
95$7,768,194$0$0$5,778,899
96$8,386,568$0$0$6,240,952
97$9,062,535$0$0$6,746,121
98$9,801,798$0$0$7,298,678
99$10,610,634$0$0$7,903,326
100$11,495,957$0$0$8,565,244