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%17.4%
1 years$143,688$142,408$141,159$139,940$138,750$134,578
2 years$71,132$69,808$68,524$67,279$66,071$61,903
3 years$46,951$45,620$44,339$43,106$41,918$37,885
4 years$34,862$33,536$32,268$31,056$29,897$26,029
5 years$27,611$26,292$25,041$23,854$22,727$19,035
6 years$22,778$21,470$20,237$19,076$17,983$14,470
7 years$19,328$18,030$16,817$15,683$14,625$11,292
8 years$16,741$15,455$14,262$13,156$12,133$8,977
9 years$14,730$13,457$12,284$11,206$10,218$7,235
10 years$13,122$11,861$10,709$9,660$8,706$5,893
11 years$11,808$10,559$9,428$8,407$7,487$4,839
12 years$10,713$9,478$8,367$7,374$6,488$3,999
13 years$9,788$8,565$7,476$6,510$5,658$3,322
14 years$8,995$7,785$6,717$5,779$4,960$2,772
15 years$8,309$7,112$6,065$5,154$4,367$2,320
16 years$7,709$6,525$5,498$4,615$3,860$1,948
17 years$7,180$6,009$5,003$4,146$3,422$1,639
18 years$6,711$5,553$4,567$3,737$3,043$1,382
19 years$6,291$5,146$4,181$3,376$2,712$1,167
20 years$5,914$4,782$3,837$3,058$2,423$986
21 years$5,573$4,455$3,530$2,775$2,168$835
22 years$5,263$4,158$3,253$2,523$1,943$708
23 years$4,981$3,889$3,004$2,298$1,744$600
24 years$4,723$3,644$2,778$2,096$1,568$509
25 years$4,486$3,419$2,573$1,914$1,411$432
26 years$4,267$3,214$2,386$1,750$1,271$367
27 years$4,065$3,025$2,216$1,602$1,146$312
28 years$3,878$2,850$2,060$1,468$1,034$265
29 years$3,704$2,689$1,917$1,346$934$226
30 years$3,542$2,539$1,786$1,235$843$192
31 years$3,391$2,400$1,665$1,135$763$163
32 years$3,249$2,271$1,553$1,043$690$139
33 years$3,116$2,151$1,450$959$624$118
34 years$2,991$2,039$1,355$882$565$101
35 years$2,874$1,934$1,267$812$512$86
36 years$2,764$1,835$1,185$748$464$73
37 years$2,659$1,743$1,109$689$420$62
38 years$2,561$1,656$1,039$635$381$53
39 years$2,467$1,575$973$586$346$45
40 years$2,379$1,499$912$540$313$38
41 years$2,295$1,427$855$498$284$33
42 years$2,215$1,359$802$460$258$28
43 years$2,139$1,294$753$425$234$24
44 years$2,067$1,234$707$392$213$20
45 years$1,999$1,177$664$362$193$17
46 years$1,933$1,122$623$334$175$15
47 years$1,871$1,071$585$309$159$12
48 years$1,811$1,023$550$286$145$11
49 years$1,754$977$517$264$131$9
50 years$1,699$933$486$244$119$8

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 $2,257 every year, while hoping to spend $22,604 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: 38/38/24 Blend
61$1,740,000$1,740,000$1,740,000$1,740,000
62$1,919,808$1,827,588$1,800,618$1,978,925
63$2,091,578$1,893,089$1,836,888$2,087,688
64$2,280,111$1,961,043$1,873,616$2,202,885
65$2,487,093$2,031,544$1,910,793$2,326,936
66$2,714,381$2,104,694$1,948,409$2,460,657
67$2,964,020$2,180,597$1,986,453$2,604,944
68$3,238,266$2,259,362$2,024,915$2,760,780
69$3,539,599$2,341,101$2,063,780$2,929,248
70$3,870,757$2,425,933$2,103,035$3,111,535
71$4,234,751$2,513,981$2,142,663$3,308,950
72$4,634,901$2,605,372$2,182,648$3,522,929
73$5,074,865$2,700,239$2,222,971$3,755,051
74$5,558,673$2,798,722$2,263,612$4,007,056
75$6,090,763$2,900,966$2,304,549$4,280,854
76$6,676,028$3,007,119$2,345,758$4,578,548
77$7,319,855$3,117,341$2,387,213$4,902,450
78$8,028,184$3,231,794$2,428,888$5,255,107
79$8,807,555$3,350,649$2,470,753$5,639,317
80$9,665,178$3,474,083$2,512,776$6,058,164
81$10,608,996$3,602,282$2,554,923$6,515,037
82$11,647,758$3,735,439$2,597,157$7,013,671
83$12,791,109$3,873,755$2,639,442$7,558,173
84$14,049,673$4,017,439$2,681,733$8,153,067
85$15,435,157$4,166,711$2,723,989$8,803,332
86$16,960,461$4,321,799$2,766,161$9,514,448
87$18,639,801$4,482,940$2,808,200$10,292,451
88$20,488,839$4,650,381$2,850,053$11,143,985
89$22,524,833$4,824,383$2,891,663$12,076,367
90$24,766,802$5,005,214$2,932,969$13,097,653
91$27,235,702$5,193,155$2,973,910$14,216,716
92$29,954,624$5,388,500$3,014,416$15,443,325
93$32,949,013$5,591,555$3,054,417$16,788,241
94$36,246,910$5,802,638$3,093,837$18,263,314
95$39,879,210$6,022,083$3,132,597$19,881,595
96$43,879,962$6,250,237$3,170,611$21,657,459
97$48,286,682$6,487,463$3,207,790$23,606,740
98$53,140,712$6,734,137$3,244,040$25,746,877
99$58,487,611$6,990,656$3,279,261$28,097,080
100$64,377,579$7,257,430$3,313,348$30,678,511