Can I retire at age 62 with 1,740,000?

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 $1,740,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.3%
1 years$143,688$142,408$141,159$139,940$138,750$136,283
2 years$71,132$69,808$68,524$67,279$66,071$63,595
3 years$46,951$45,620$44,339$43,106$41,918$39,509
4 years$34,862$33,536$32,268$31,056$29,897$27,573
5 years$27,611$26,292$25,041$23,854$22,727$20,495
6 years$22,778$21,470$20,237$19,076$17,983$15,846
7 years$19,328$18,030$16,817$15,683$14,625$12,584
8 years$16,741$15,455$14,262$13,156$12,133$10,186
9 years$14,730$13,457$12,284$11,206$10,218$8,365
10 years$13,122$11,861$10,709$9,660$8,706$6,945
11 years$11,808$10,559$9,428$8,407$7,487$5,817
12 years$10,713$9,478$8,367$7,374$6,488$4,906
13 years$9,788$8,565$7,476$6,510$5,658$4,161
14 years$8,995$7,785$6,717$5,779$4,960$3,546
15 years$8,309$7,112$6,065$5,154$4,367$3,033
16 years$7,709$6,525$5,498$4,615$3,860$2,603
17 years$7,180$6,009$5,003$4,146$3,422$2,240
18 years$6,711$5,553$4,567$3,737$3,043$1,932
19 years$6,291$5,146$4,181$3,376$2,712$1,670
20 years$5,914$4,782$3,837$3,058$2,423$1,445
21 years$5,573$4,455$3,530$2,775$2,168$1,253
22 years$5,263$4,158$3,253$2,523$1,943$1,087
23 years$4,981$3,889$3,004$2,298$1,744$945
24 years$4,723$3,644$2,778$2,096$1,568$821
25 years$4,486$3,419$2,573$1,914$1,411$715
26 years$4,267$3,214$2,386$1,750$1,271$623
27 years$4,065$3,025$2,216$1,602$1,146$543
28 years$3,878$2,850$2,060$1,468$1,034$473
29 years$3,704$2,689$1,917$1,346$934$413
30 years$3,542$2,539$1,786$1,235$843$360
31 years$3,391$2,400$1,665$1,135$763$314
32 years$3,249$2,271$1,553$1,043$690$274
33 years$3,116$2,151$1,450$959$624$240
34 years$2,991$2,039$1,355$882$565$209
35 years$2,874$1,934$1,267$812$512$183
36 years$2,764$1,835$1,185$748$464$160
37 years$2,659$1,743$1,109$689$420$140
38 years$2,561$1,656$1,039$635$381$122
39 years$2,467$1,575$973$586$346$107
40 years$2,379$1,499$912$540$313$93
41 years$2,295$1,427$855$498$284$82
42 years$2,215$1,359$802$460$258$71
43 years$2,139$1,294$753$425$234$62
44 years$2,067$1,234$707$392$213$55
45 years$1,999$1,177$664$362$193$48
46 years$1,933$1,122$623$334$175$42
47 years$1,871$1,071$585$309$159$37
48 years$1,811$1,023$550$286$145$32
49 years$1,754$977$517$264$131$28
50 years$1,699$933$486$244$119$24

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,740,000, adding $6,465 every year, while hoping to spend $20,371 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: 52/42/6 Blend
61$1,740,000$1,740,000$1,740,000$1,740,000
62$1,924,149$1,831,929$1,804,959$2,021,146
63$2,098,737$1,900,019$1,843,750$2,155,741
64$2,290,451$1,970,762$1,883,158$2,299,264
65$2,501,016$2,044,268$1,923,183$2,454,846
66$2,732,331$2,120,649$1,963,821$2,623,626
67$2,986,491$2,200,023$2,005,072$2,806,856
68$3,265,803$2,282,514$2,046,932$3,005,911
69$3,572,808$2,368,250$2,089,396$3,222,303
70$3,910,304$2,457,364$2,132,461$3,457,697
71$4,281,377$2,549,997$2,176,120$3,713,920
72$4,689,424$2,646,293$2,220,367$3,992,984
73$5,138,190$2,746,406$2,265,193$4,297,100
74$5,631,798$2,850,493$2,310,591$4,628,701
75$6,174,794$2,958,720$2,356,548$4,990,465
76$6,772,186$3,071,260$2,403,055$5,385,335
77$7,429,489$3,188,292$2,450,098$5,816,553
78$8,152,783$3,310,005$2,497,662$6,287,683
79$8,948,766$3,436,594$2,545,733$6,802,649
80$9,824,819$3,568,265$2,594,293$7,365,770
81$10,789,071$3,705,231$2,643,323$7,981,797
82$11,850,484$3,847,715$2,692,803$8,655,964
83$13,018,931$3,995,951$2,742,709$9,394,028
84$14,305,289$4,150,180$2,793,017$10,202,328
85$15,721,547$4,310,657$2,843,701$11,087,846
86$17,280,912$4,477,646$2,894,733$12,058,263
87$18,997,939$4,651,425$2,946,080$13,122,041
88$20,888,666$4,832,282$2,997,711$14,288,495
89$22,970,764$5,020,518$3,049,588$15,567,883
90$25,263,707$5,216,448$3,101,674$16,971,499
91$27,788,953$5,420,402$3,153,928$18,511,784
92$30,570,147$5,632,722$3,206,306$20,202,434
93$33,633,344$5,853,768$3,258,759$22,058,537
94$37,007,257$6,083,914$3,311,239$24,096,706
95$40,723,522$6,323,551$3,363,691$26,335,242
96$44,817,005$6,573,089$3,416,058$28,794,300
97$49,326,123$6,832,954$3,468,280$31,496,078
98$54,293,212$7,103,592$3,520,291$34,465,030
99$59,764,922$7,385,471$3,572,023$37,728,089
100$65,792,661$7,679,076$3,623,403$41,314,925