Can I retire at age 62 with 1,640,000?

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 $1,640,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.3%
1 years$135,430$134,223$133,046$131,898$130,776$130,061
2 years$67,044$65,796$64,586$63,412$62,274$61,553
3 years$44,252$42,998$41,791$40,629$39,509$38,804
4 years$32,858$31,608$30,413$29,271$28,178$27,494
5 years$26,024$24,781$23,602$22,483$21,421$20,760
6 years$21,469$20,236$19,074$17,980$16,950$16,313
7 years$18,217$16,994$15,850$14,782$13,784$13,172
8 years$15,779$14,567$13,442$12,400$11,436$10,848
9 years$13,884$12,683$11,578$10,562$9,630$9,067
10 years$12,368$11,180$10,094$9,105$8,206$7,666
11 years$11,129$9,953$8,887$7,924$7,057$6,541
12 years$10,098$8,933$7,887$6,950$6,116$5,623
13 years$9,225$8,073$7,046$6,136$5,333$4,863
14 years$8,478$7,338$6,331$5,447$4,675$4,228
15 years$7,831$6,703$5,716$4,858$4,116$3,691
16 years$7,266$6,150$5,182$4,350$3,638$3,233
17 years$6,767$5,664$4,716$3,908$3,225$2,842
18 years$6,325$5,234$4,305$3,522$2,868$2,504
19 years$5,929$4,851$3,941$3,182$2,556$2,212
20 years$5,574$4,507$3,617$2,882$2,283$1,957
21 years$5,253$4,199$3,327$2,616$2,043$1,735
22 years$4,961$3,919$3,066$2,378$1,832$1,540
23 years$4,695$3,666$2,831$2,166$1,644$1,369
24 years$4,452$3,434$2,618$1,976$1,478$1,219
25 years$4,228$3,223$2,425$1,804$1,330$1,086
26 years$4,022$3,029$2,249$1,650$1,198$968
27 years$3,832$2,851$2,088$1,510$1,080$864
28 years$3,655$2,686$1,941$1,383$974$772
29 years$3,491$2,534$1,807$1,269$880$690
30 years$3,338$2,393$1,683$1,164$795$617
31 years$3,196$2,262$1,569$1,069$719$552
32 years$3,062$2,141$1,464$983$650$494
33 years$2,937$2,027$1,367$904$588$442
34 years$2,819$1,921$1,277$831$533$396
35 years$2,709$1,822$1,194$765$483$355
36 years$2,605$1,730$1,117$705$437$318
37 years$2,506$1,643$1,045$650$396$285
38 years$2,413$1,561$979$599$359$256
39 years$2,325$1,485$917$552$326$229
40 years$2,242$1,412$860$509$295$206
41 years$2,163$1,345$806$470$268$185
42 years$2,088$1,281$756$434$243$166
43 years$2,017$1,220$710$400$221$149
44 years$1,949$1,163$666$370$200$133
45 years$1,884$1,109$625$341$182$120
46 years$1,822$1,058$587$315$165$108
47 years$1,763$1,010$552$291$150$97
48 years$1,707$964$519$269$136$87
49 years$1,653$920$487$249$124$78
50 years$1,601$879$458$230$112$70

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,640,000, adding $5,132 every year, while hoping to spend $24,444 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: 31/50/19 Blend
61$1,640,000$1,640,000$1,640,000$1,640,000
62$1,812,574$1,725,654$1,700,234$1,857,852
63$1,971,448$1,784,202$1,731,183$1,950,869
64$2,145,708$1,844,801$1,762,350$2,048,355
65$2,336,898$1,907,524$1,793,717$2,152,779
66$2,546,717$1,972,448$1,825,262$2,264,760
67$2,777,039$2,039,655$1,856,965$2,384,974
68$3,029,926$2,109,227$1,888,802$2,514,165
69$3,307,651$2,181,251$1,920,750$2,653,152
70$3,612,717$2,255,818$1,952,780$2,802,830
71$3,947,882$2,333,021$1,984,866$2,964,186
72$4,316,184$2,412,957$2,016,977$3,138,303
73$4,720,969$2,495,727$2,049,081$3,326,370
74$5,165,926$2,581,435$2,081,142$3,529,695
75$5,655,115$2,670,190$2,113,126$3,749,717
76$6,193,014$2,762,106$2,144,992$3,988,016
77$6,784,552$2,857,300$2,176,700$4,246,329
78$7,435,162$2,955,894$2,208,205$4,526,568
79$8,150,829$3,058,014$2,239,461$4,830,836
80$8,938,150$3,163,792$2,270,419$5,161,444
81$9,804,388$3,273,365$2,301,025$5,520,936
82$10,757,552$3,386,876$2,331,226$5,912,112
83$11,806,461$3,504,472$2,360,961$6,338,051
84$12,960,836$3,626,307$2,390,169$6,802,141
85$14,231,385$3,752,540$2,418,783$7,308,113
86$15,629,910$3,883,338$2,446,736$7,860,070
87$17,169,412$4,018,873$2,473,953$8,462,532
88$18,864,219$4,159,325$2,500,358$9,120,472
89$20,730,118$4,304,880$2,525,868$9,839,364
90$22,784,503$4,455,732$2,550,397$10,625,236
91$25,046,542$4,612,083$2,573,856$11,484,725
92$27,537,358$4,774,143$2,596,148$12,425,137
93$30,280,222$4,942,130$2,617,173$13,454,519
94$33,300,782$5,116,271$2,636,825$14,581,728
95$36,627,296$5,296,803$2,654,993$15,816,522
96$40,290,904$5,483,970$2,671,559$17,169,644
97$44,325,920$5,678,028$2,686,400$18,652,926
98$48,770,156$5,879,244$2,699,387$20,279,401
99$53,665,278$6,087,894$2,710,383$22,063,420
100$59,057,201$6,304,265$2,719,245$24,020,792