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%11.1%
1 years$143,688$142,408$141,159$139,940$138,750$138,107
2 years$71,132$69,808$68,524$67,279$66,071$65,423
3 years$46,951$45,620$44,339$43,106$41,918$41,284
4 years$34,862$33,536$32,268$31,056$29,897$29,281
5 years$27,611$26,292$25,041$23,854$22,727$22,132
6 years$22,778$21,470$20,237$19,076$17,983$17,410
7 years$19,328$18,030$16,817$15,683$14,625$14,073
8 years$16,741$15,455$14,262$13,156$12,133$11,603
9 years$14,730$13,457$12,284$11,206$10,218$9,710
10 years$13,122$11,861$10,709$9,660$8,706$8,219
11 years$11,808$10,559$9,428$8,407$7,487$7,022
12 years$10,713$9,478$8,367$7,374$6,488$6,044
13 years$9,788$8,565$7,476$6,510$5,658$5,234
14 years$8,995$7,785$6,717$5,779$4,960$4,556
15 years$8,309$7,112$6,065$5,154$4,367$3,982
16 years$7,709$6,525$5,498$4,615$3,860$3,494
17 years$7,180$6,009$5,003$4,146$3,422$3,075
18 years$6,711$5,553$4,567$3,737$3,043$2,713
19 years$6,291$5,146$4,181$3,376$2,712$2,400
20 years$5,914$4,782$3,837$3,058$2,423$2,127
21 years$5,573$4,455$3,530$2,775$2,168$1,888
22 years$5,263$4,158$3,253$2,523$1,943$1,679
23 years$4,981$3,889$3,004$2,298$1,744$1,495
24 years$4,723$3,644$2,778$2,096$1,568$1,332
25 years$4,486$3,419$2,573$1,914$1,411$1,189
26 years$4,267$3,214$2,386$1,750$1,271$1,062
27 years$4,065$3,025$2,216$1,602$1,146$949
28 years$3,878$2,850$2,060$1,468$1,034$849
29 years$3,704$2,689$1,917$1,346$934$760
30 years$3,542$2,539$1,786$1,235$843$681
31 years$3,391$2,400$1,665$1,135$763$610
32 years$3,249$2,271$1,553$1,043$690$547
33 years$3,116$2,151$1,450$959$624$491
34 years$2,991$2,039$1,355$882$565$440
35 years$2,874$1,934$1,267$812$512$395
36 years$2,764$1,835$1,185$748$464$355
37 years$2,659$1,743$1,109$689$420$318
38 years$2,561$1,656$1,039$635$381$286
39 years$2,467$1,575$973$586$346$257
40 years$2,379$1,499$912$540$313$231
41 years$2,295$1,427$855$498$284$208
42 years$2,215$1,359$802$460$258$187
43 years$2,139$1,294$753$425$234$168
44 years$2,067$1,234$707$392$213$151
45 years$1,999$1,177$664$362$193$136
46 years$1,933$1,122$623$334$175$122
47 years$1,871$1,071$585$309$159$110
48 years$1,811$1,023$550$286$145$99
49 years$1,754$977$517$264$131$89
50 years$1,699$933$486$244$119$80

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 $3,735 every year, while hoping to spend $21,315 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: 54/18/28 Blend
61$1,740,000$1,740,000$1,740,000$1,740,000
62$1,921,333$1,829,113$1,802,143$2,009,941
63$2,094,630$1,896,060$1,839,835$2,138,560
64$2,284,888$1,965,574$1,878,077$2,276,023
65$2,493,817$2,037,757$1,916,862$2,425,259
66$2,723,296$2,112,716$1,956,186$2,587,407
67$2,975,397$2,190,565$1,996,044$2,763,719
68$3,252,405$2,271,419$2,036,428$2,955,573
69$3,556,833$2,355,402$2,077,331$3,164,487
70$3,891,452$2,442,638$2,118,744$3,392,131
71$4,259,314$2,533,262$2,160,657$3,640,344
72$4,663,783$2,627,411$2,203,058$3,911,150
73$5,108,564$2,725,229$2,245,934$4,206,777
74$5,597,738$2,826,865$2,289,274$4,529,678
75$6,135,802$2,932,477$2,333,060$4,882,556
76$6,727,713$3,042,228$2,377,276$5,268,385
77$7,378,930$3,156,287$2,421,905$5,690,440
78$8,095,468$3,274,832$2,466,926$6,152,330
79$8,883,955$3,398,048$2,512,318$6,658,028
80$9,751,695$3,526,129$2,558,056$7,211,908
81$10,706,734$3,659,275$2,604,117$7,818,791
82$11,757,938$3,797,697$2,650,472$8,483,984
83$12,915,077$3,941,613$2,697,093$9,213,334
84$14,188,916$4,091,254$2,743,947$10,013,282
85$15,591,316$4,246,856$2,791,000$10,890,919
86$17,135,348$4,408,669$2,838,216$11,854,062
87$18,835,413$4,576,954$2,885,556$12,911,319
88$20,707,382$4,751,981$2,932,978$14,072,171
89$22,768,739$4,934,032$2,980,437$15,347,066
90$25,038,755$5,123,404$3,027,886$16,747,513
91$27,538,662$5,320,405$3,075,275$18,286,190
92$30,291,858$5,525,357$3,122,548$19,977,065
93$33,324,123$5,738,595$3,169,649$21,835,527
94$36,663,867$5,960,471$3,216,517$23,878,532
95$40,342,398$6,191,349$3,263,086$26,124,760
96$44,394,211$6,431,614$3,309,288$28,594,791
97$48,857,321$6,681,664$3,355,049$31,311,301
98$53,773,617$6,941,915$3,400,293$34,299,274
99$59,189,261$7,212,803$3,444,938$37,586,239
100$65,155,118$7,494,784$3,488,896$41,202,525