Can I retire at age 62 with 1,960,000?

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 $1,960,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.1%
1 years$161,855$160,413$159,007$157,634$156,293$152,391
2 years$80,126$78,634$77,188$75,785$74,425$70,519
3 years$52,887$51,388$49,946$48,556$47,218$43,430
4 years$39,270$37,776$36,348$34,982$33,677$30,035
5 years$31,102$29,617$28,207$26,870$25,600$22,115
6 years$25,658$24,184$22,796$21,488$20,257$16,932
7 years$21,771$20,310$18,943$17,666$16,474$13,310
8 years$18,858$17,409$16,065$14,820$13,667$10,662
9 years$16,593$15,158$13,837$12,623$11,510$8,662
10 years$14,782$13,361$12,064$10,881$9,807$7,112
11 years$13,301$11,894$10,621$9,470$8,434$5,889
12 years$12,068$10,676$9,425$8,307$7,309$4,909
13 years$11,025$9,648$8,421$7,333$6,373$4,114
14 years$10,132$8,770$7,566$6,510$5,587$3,463
15 years$9,359$8,011$6,831$5,806$4,919$2,926
16 years$8,684$7,350$6,194$5,198$4,348$2,479
17 years$8,088$6,769$5,636$4,671$3,855$2,106
18 years$7,559$6,255$5,145$4,209$3,428$1,792
19 years$7,086$5,797$4,710$3,803$3,055$1,528
20 years$6,661$5,387$4,323$3,445$2,729$1,305
21 years$6,278$5,018$3,976$3,126$2,442$1,116
22 years$5,929$4,684$3,664$2,842$2,189$955
23 years$5,611$4,381$3,383$2,589$1,965$818
24 years$5,320$4,104$3,129$2,361$1,766$702
25 years$5,053$3,852$2,898$2,156$1,589$602
26 years$4,807$3,620$2,688$1,972$1,431$517
27 years$4,579$3,407$2,496$1,805$1,291$444
28 years$4,368$3,210$2,320$1,653$1,165$381
29 years$4,172$3,029$2,159$1,516$1,052$328
30 years$3,990$2,860$2,011$1,392$950$282
31 years$3,819$2,704$1,875$1,278$859$242
32 years$3,660$2,558$1,749$1,174$777$208
33 years$3,510$2,423$1,633$1,080$703$179
34 years$3,370$2,296$1,526$994$637$154
35 years$3,237$2,178$1,427$915$577$133
36 years$3,113$2,067$1,335$843$522$114
37 years$2,995$1,963$1,249$776$474$98
38 years$2,884$1,866$1,170$715$429$85
39 years$2,779$1,774$1,096$660$389$73
40 years$2,680$1,688$1,027$608$353$63
41 years$2,585$1,607$963$561$320$54
42 years$2,495$1,530$904$518$291$47
43 years$2,410$1,458$848$478$264$40
44 years$2,329$1,390$796$442$239$34
45 years$2,251$1,325$747$408$217$30
46 years$2,178$1,264$702$377$197$26
47 years$2,107$1,207$660$348$179$22
48 years$2,040$1,152$620$322$163$19
49 years$1,975$1,100$583$297$148$16
50 years$1,914$1,051$548$275$134$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,960,000, adding $6,405 every year, while hoping to spend $38,078 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: 38/44/18 Blend
61$1,960,000$1,960,000$1,960,000$1,960,000
62$2,166,527$2,062,647$2,032,267$2,236,914
63$2,346,998$2,123,202$2,059,833$2,348,693
64$2,544,601$2,185,448$2,087,046$2,465,318
65$2,761,043$2,249,427$2,113,855$2,590,561
66$2,998,204$2,315,184$2,140,204$2,725,217
67$3,258,155$2,382,762$2,166,035$2,870,163
68$3,543,176$2,452,207$2,191,287$3,026,365
69$3,855,779$2,523,564$2,215,894$3,194,883
70$4,198,730$2,596,881$2,239,788$3,376,884
71$4,575,077$2,672,204$2,262,897$3,573,654
72$4,988,175$2,749,583$2,285,145$3,786,605
73$5,441,723$2,829,066$2,306,451$4,017,294
74$5,939,791$2,910,703$2,326,730$4,267,434
75$6,486,868$2,994,546$2,345,894$4,538,910
76$7,087,895$3,080,645$2,363,848$4,833,799
77$7,748,317$3,169,053$2,380,493$5,154,386
78$8,474,132$3,259,823$2,395,726$5,503,189
79$9,271,948$3,353,009$2,409,437$5,882,978
80$10,149,045$3,448,664$2,421,511$6,296,807
81$11,113,443$3,546,845$2,431,828$6,748,038
82$12,173,980$3,647,605$2,440,260$7,240,372
83$13,340,391$3,751,003$2,446,673$7,777,888
84$14,623,402$3,857,094$2,450,929$8,365,078
85$16,034,833$3,965,936$2,452,879$9,006,891
86$17,587,705$4,077,586$2,452,369$9,708,778
87$19,296,366$4,192,102$2,449,238$10,476,743
88$21,176,624$4,309,543$2,443,316$11,317,403
89$23,245,896$4,429,968$2,434,424$12,238,044
90$25,523,376$4,553,435$2,422,376$13,246,698
91$28,030,211$4,680,004$2,406,976$14,352,210
92$30,789,702$4,809,733$2,388,019$15,564,327
93$33,827,523$4,942,682$2,365,289$16,893,788
94$37,171,966$5,078,909$2,338,562$18,352,427
95$40,854,205$5,218,474$2,307,602$19,953,281
96$44,908,589$5,361,434$2,272,162$21,710,715
97$49,372,968$5,507,848$2,231,983$23,640,558
98$54,289,051$5,657,772$2,186,794$25,760,253
99$59,702,796$5,811,265$2,136,313$28,089,019
100$65,664,845$5,968,380$2,080,244$30,648,032