Can I retire at age 62 with 1,660,000?

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 $1,660,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.6%
1 years$137,081$135,860$134,669$133,506$132,371$131,481
2 years$67,862$66,598$65,373$64,186$63,034$62,137
3 years$44,792$43,523$42,301$41,124$39,991$39,114
4 years$33,259$31,994$30,784$29,628$28,522$27,672
5 years$26,341$25,083$23,890$22,757$21,682$20,862
6 years$21,731$20,483$19,306$18,199$17,156$16,366
7 years$18,439$17,201$16,044$14,962$13,953$13,194
8 years$15,971$14,745$13,606$12,552$11,575$10,847
9 years$14,053$12,838$11,719$10,691$9,748$9,050
10 years$12,519$11,316$10,217$9,216$8,306$7,639
11 years$11,265$10,074$8,995$8,021$7,143$6,506
12 years$10,221$9,042$7,983$7,035$6,190$5,582
13 years$9,338$8,171$7,132$6,211$5,398$4,819
14 years$8,582$7,427$6,408$5,513$4,732$4,180
15 years$7,927$6,785$5,786$4,917$4,166$3,642
16 years$7,354$6,225$5,246$4,403$3,682$3,185
17 years$6,850$5,733$4,773$3,956$3,265$2,793
18 years$6,402$5,298$4,357$3,565$2,903$2,456
19 years$6,002$4,910$3,989$3,221$2,587$2,164
20 years$5,642$4,562$3,661$2,917$2,311$1,911
21 years$5,317$4,250$3,367$2,648$2,068$1,691
22 years$5,021$3,967$3,104$2,407$1,854$1,498
23 years$4,752$3,710$2,866$2,192$1,664$1,328
24 years$4,506$3,476$2,650$2,000$1,496$1,180
25 years$4,280$3,262$2,455$1,826$1,346$1,049
26 years$4,071$3,066$2,276$1,670$1,212$933
27 years$3,878$2,885$2,114$1,528$1,093$831
28 years$3,700$2,719$1,965$1,400$986$740
29 years$3,534$2,565$1,829$1,284$891$660
30 years$3,379$2,422$1,703$1,179$805$589
31 years$3,235$2,290$1,588$1,082$728$525
32 years$3,099$2,167$1,482$995$658$469
33 years$2,973$2,052$1,383$915$596$419
34 years$2,854$1,945$1,293$842$539$374
35 years$2,742$1,845$1,208$775$488$335
36 years$2,636$1,751$1,131$714$443$299
37 years$2,537$1,663$1,058$657$401$267
38 years$2,443$1,580$991$606$364$239
39 years$2,354$1,503$928$559$330$214
40 years$2,269$1,430$870$515$299$192
41 years$2,189$1,361$816$475$271$171
42 years$2,113$1,296$765$439$246$153
43 years$2,041$1,235$718$405$223$137
44 years$1,972$1,177$674$374$203$123
45 years$1,907$1,123$633$345$184$110
46 years$1,844$1,071$595$319$167$99
47 years$1,785$1,022$559$295$152$88
48 years$1,727$976$525$272$138$79
49 years$1,673$932$493$252$125$71
50 years$1,621$890$464$233$114$63

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,660,000, adding $2,930 every year, while hoping to spend $37,387 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: 51/38/11 Blend
61$1,660,000$1,660,000$1,660,000$1,660,000
62$1,832,342$1,744,362$1,718,632$1,920,309
63$1,979,462$1,790,057$1,736,427$2,026,412
64$2,140,334$1,836,737$1,753,565$2,137,474
65$2,316,323$1,884,412$1,769,984$2,257,351
66$2,508,930$1,933,090$1,785,620$2,386,880
67$2,719,807$1,982,778$1,800,405$2,526,987
68$2,950,776$2,033,482$1,814,267$2,678,689
69$3,203,839$2,085,207$1,827,129$2,843,105
70$3,481,206$2,137,957$1,838,913$3,021,471
71$3,785,308$2,191,736$1,849,535$3,215,142
72$4,118,822$2,246,543$1,858,907$3,425,616
73$4,484,698$2,302,380$1,866,937$3,654,539
74$4,886,184$2,359,244$1,873,527$3,903,726
75$5,326,860$2,417,132$1,878,574$4,175,174
76$5,810,666$2,476,038$1,881,974$4,471,086
77$6,341,946$2,535,955$1,883,611$4,793,885
78$6,925,481$2,596,874$1,883,369$5,146,244
79$7,566,542$2,658,783$1,881,124$5,531,104
80$8,270,933$2,721,667$1,876,745$5,951,708
81$9,045,049$2,785,510$1,870,097$6,411,627
82$9,895,935$2,850,290$1,861,036$6,914,798
83$10,831,353$2,915,987$1,849,413$7,465,556
84$11,859,853$2,982,572$1,835,070$8,068,678
85$12,990,856$3,050,017$1,817,844$8,729,430
86$14,234,743$3,118,287$1,797,561$9,453,611
87$15,602,949$3,187,346$1,774,042$10,247,615
88$17,108,075$3,257,150$1,747,097$11,118,484
89$18,764,002$3,327,654$1,716,528$12,073,980
90$20,586,028$3,398,807$1,682,129$13,122,655
91$22,591,005$3,470,550$1,643,683$14,273,935
92$24,797,504$3,542,824$1,600,963$15,538,207
93$27,225,985$3,615,558$1,553,731$16,926,915
94$29,898,994$3,688,679$1,501,740$18,452,672
95$32,841,373$3,762,106$1,444,730$20,129,380
96$36,080,495$3,835,750$1,382,429$21,972,355
97$39,646,519$3,909,516$1,314,554$23,998,480
98$43,572,681$3,983,299$1,240,809$26,226,357
99$47,895,601$4,056,988$1,160,883$28,676,487
100$52,655,633$4,130,460$1,074,453$31,371,466