Can I retire at age 62 with 1,940,000?

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 $1,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.6%
1 years$160,203$158,776$157,384$156,025$154,698$148,737
2 years$79,309$77,832$76,400$75,012$73,666$67,731
3 years$52,347$50,864$49,436$48,061$46,737$41,015
4 years$38,869$37,390$35,977$34,625$33,333$27,868
5 years$30,784$29,314$27,919$26,596$25,339$20,145
6 years$25,396$23,937$22,563$21,269$20,050$15,130
7 years$21,549$20,103$18,750$17,486$16,306$11,659
8 years$18,665$17,232$15,901$14,669$13,527$9,149
9 years$16,423$15,003$13,696$12,494$11,392$7,275
10 years$14,631$13,225$11,940$10,770$9,707$5,844
11 years$13,165$11,773$10,512$9,373$8,348$4,731
12 years$11,945$10,567$9,329$8,222$7,234$3,853
13 years$10,913$9,549$8,335$7,259$6,308$3,153
14 years$10,029$8,680$7,489$6,443$5,530$2,591
15 years$9,264$7,929$6,762$5,746$4,869$2,135
16 years$8,595$7,275$6,130$5,145$4,303$1,764
17 years$8,005$6,700$5,578$4,623$3,816$1,460
18 years$7,482$6,191$5,092$4,166$3,393$1,211
19 years$7,014$5,738$4,662$3,765$3,024$1,006
20 years$6,593$5,332$4,278$3,409$2,701$836
21 years$6,213$4,967$3,935$3,094$2,417$696
22 years$5,868$4,636$3,627$2,813$2,167$580
23 years$5,554$4,336$3,349$2,562$1,945$483
24 years$5,266$4,063$3,097$2,337$1,748$403
25 years$5,002$3,813$2,869$2,134$1,573$336
26 years$4,758$3,583$2,660$1,951$1,417$280
27 years$4,533$3,372$2,470$1,786$1,277$234
28 years$4,324$3,178$2,297$1,637$1,153$195
29 years$4,130$2,998$2,137$1,501$1,041$163
30 years$3,949$2,831$1,991$1,377$940$136
31 years$3,780$2,676$1,856$1,265$850$114
32 years$3,622$2,532$1,732$1,163$769$95
33 years$3,474$2,398$1,617$1,069$696$80
34 years$3,335$2,273$1,511$984$630$66
35 years$3,204$2,156$1,412$905$571$56
36 years$3,081$2,046$1,321$834$517$46
37 years$2,965$1,943$1,237$768$469$39
38 years$2,855$1,847$1,158$708$425$32
39 years$2,751$1,756$1,085$653$385$27
40 years$2,652$1,671$1,017$602$350$23
41 years$2,559$1,591$954$556$317$19
42 years$2,470$1,515$894$513$288$16
43 years$2,385$1,443$839$473$261$13
44 years$2,305$1,376$788$437$237$11
45 years$2,228$1,312$740$404$215$9
46 years$2,155$1,251$695$373$195$8
47 years$2,086$1,194$653$345$177$6
48 years$2,019$1,140$613$318$161$5
49 years$1,955$1,089$577$294$146$5
50 years$1,894$1,040$542$272$133$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,940,000, adding $3,268 every year, while hoping to spend $59,095 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: 66/17/17 Blend
61$1,940,000$1,940,000$1,940,000$1,940,000
62$2,141,251$2,038,431$2,008,361$2,273,473
63$2,296,782$2,075,437$2,012,764$2,399,356
64$2,466,196$2,112,277$2,015,335$2,529,756
65$2,650,848$2,148,878$2,015,948$2,670,858
66$2,852,227$2,185,165$2,014,475$2,823,709
67$3,071,973$2,221,057$2,010,779$2,989,462
68$3,311,891$2,256,465$2,004,716$3,169,391
69$3,573,967$2,291,296$1,996,138$3,364,897
70$3,860,390$2,325,447$1,984,886$3,577,525
71$4,173,567$2,358,811$1,970,797$3,808,979
72$4,516,149$2,391,272$1,953,697$4,061,137
73$4,891,057$2,422,704$1,933,407$4,336,069
74$5,301,504$2,452,976$1,909,735$4,636,054
75$5,751,031$2,481,946$1,882,485$4,963,609
76$6,243,536$2,509,461$1,851,448$5,321,506
77$6,783,313$2,535,361$1,816,408$5,712,800
78$7,375,089$2,559,472$1,777,136$6,140,859
79$8,024,073$2,581,611$1,733,395$6,609,397
80$8,736,000$2,601,581$1,684,935$7,122,508
81$9,517,188$2,619,174$1,631,496$7,684,703
82$10,374,595$2,634,168$1,572,805$8,300,956
83$11,315,888$2,646,327$1,508,578$8,976,751
84$12,349,510$2,655,398$1,438,517$9,718,133
85$13,484,762$2,661,115$1,362,310$10,531,764
86$14,731,892$2,663,193$1,279,631$11,424,989
87$16,102,186$2,661,331$1,190,140$12,405,906
88$17,608,082$2,655,209$1,093,482$13,483,439
89$19,263,278$2,644,486$989,286$14,667,427
90$21,082,868$2,628,802$877,163$15,968,716
91$23,083,481$2,607,773$756,708$17,399,260
92$25,283,436$2,580,994$627,498$18,972,238
93$27,702,918$2,548,034$489,090$20,702,177
94$30,364,165$2,508,437$341,024$22,605,088
95$33,291,679$2,461,720$182,818$24,698,621
96$36,512,456$2,407,370$13,968$27,002,233
97$40,056,241$2,344,846$0$29,537,369
98$43,955,806$2,273,572$0$32,357,818
99$48,247,263$2,192,941$0$35,464,148
100$52,970,399$2,102,311$0$38,882,647