Can I retire at age 62 with 1,970,000?

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 $1,970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%20%
1 years$162,681$161,232$159,818$158,438$157,091$150,798
2 years$80,535$79,035$77,582$76,172$74,805$68,545
3 years$53,157$51,650$50,200$48,804$47,459$41,428
4 years$39,470$37,968$36,533$35,161$33,848$28,092
5 years$31,260$29,768$28,351$27,007$25,731$20,264
6 years$25,789$24,308$22,912$21,598$20,360$15,186
7 years$21,883$20,413$19,040$17,757$16,558$11,675
8 years$18,954$17,498$16,147$14,896$13,737$9,140
9 years$16,677$15,235$13,908$12,688$11,568$7,250
10 years$14,857$13,429$12,125$10,937$9,857$5,809
11 years$13,369$11,955$10,675$9,518$8,477$4,690
12 years$12,129$10,730$9,474$8,349$7,346$3,810
13 years$11,082$9,697$8,464$7,371$6,406$3,109
14 years$10,184$8,814$7,605$6,543$5,615$2,547
15 years$9,407$8,052$6,866$5,835$4,944$2,093
16 years$8,728$7,388$6,225$5,225$4,370$1,725
17 years$8,129$6,804$5,665$4,694$3,875$1,424
18 years$7,598$6,287$5,171$4,231$3,445$1,177
19 years$7,122$5,827$4,734$3,823$3,071$975
20 years$6,695$5,414$4,345$3,462$2,743$808
21 years$6,310$5,043$3,996$3,142$2,454$670
22 years$5,959$4,708$3,683$2,857$2,200$556
23 years$5,640$4,403$3,401$2,602$1,975$462
24 years$5,347$4,125$3,145$2,373$1,775$384
25 years$5,079$3,871$2,913$2,167$1,597$320
26 years$4,831$3,639$2,702$1,982$1,439$266
27 years$4,603$3,424$2,509$1,814$1,297$221
28 years$4,391$3,227$2,332$1,662$1,170$184
29 years$4,194$3,044$2,170$1,524$1,057$153
30 years$4,010$2,875$2,022$1,399$955$128
31 years$3,839$2,718$1,885$1,285$863$106
32 years$3,678$2,571$1,758$1,180$781$88
33 years$3,528$2,435$1,642$1,086$707$74
34 years$3,387$2,308$1,534$999$640$61
35 years$3,254$2,189$1,434$919$580$51
36 years$3,129$2,078$1,342$847$525$43
37 years$3,011$1,973$1,256$780$476$36
38 years$2,899$1,875$1,176$719$432$30
39 years$2,793$1,783$1,102$663$391$25
40 years$2,693$1,697$1,033$612$355$21
41 years$2,598$1,615$968$564$322$17
42 years$2,508$1,538$908$521$292$14
43 years$2,422$1,466$852$481$265$12
44 years$2,341$1,397$800$444$241$10
45 years$2,263$1,332$751$410$219$8
46 years$2,189$1,271$706$379$198$7
47 years$2,118$1,213$663$350$180$6
48 years$2,050$1,158$623$323$164$5
49 years$1,985$1,106$586$299$149$4
50 years$1,923$1,056$550$276$135$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,970,000, adding $4,761 every year, while hoping to spend $32,235 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: 32/40/28 Blend
61$1,970,000$1,970,000$1,970,000$1,970,000
62$2,175,851$2,071,441$2,040,906$2,226,763
63$2,363,490$2,138,644$2,074,979$2,333,407
64$2,569,188$2,208,059$2,109,112$2,445,015
65$2,794,752$2,279,761$2,143,275$2,564,599
66$3,042,175$2,353,828$2,177,432$2,692,884
67$3,313,649$2,430,337$2,211,549$2,830,665
68$3,611,590$2,509,373$2,245,585$2,978,819
69$3,938,660$2,591,020$2,279,499$3,138,308
70$4,297,790$2,675,366$2,313,249$3,310,190
71$4,692,208$2,762,503$2,346,786$3,495,628
72$5,125,472$2,852,525$2,380,063$3,695,902
73$5,601,501$2,945,529$2,413,026$3,912,421
74$6,124,612$3,041,618$2,445,620$4,146,732
75$6,699,561$3,140,895$2,477,786$4,400,541
76$7,331,587$3,243,470$2,509,463$4,675,722
77$8,026,462$3,349,453$2,540,583$4,974,339
78$8,790,547$3,458,963$2,571,079$5,298,663
79$9,630,849$3,572,117$2,600,876$5,651,196
80$10,555,086$3,689,042$2,629,896$6,034,688
81$11,571,766$3,809,866$2,658,058$6,452,169
82$12,690,258$3,934,722$2,685,276$6,906,977
83$13,920,890$4,063,748$2,711,457$7,402,782
84$15,275,036$4,197,088$2,736,507$7,943,631
85$16,765,234$4,334,889$2,760,324$8,533,975
86$18,405,294$4,477,305$2,782,801$9,178,720
87$20,210,436$4,624,494$2,803,827$9,883,266
88$22,197,427$4,776,622$2,823,282$10,653,562
89$24,384,746$4,933,858$2,841,043$11,496,158
90$26,792,752$5,096,378$2,856,980$12,418,272
91$29,443,879$5,264,367$2,870,954$13,427,851
92$32,362,845$5,438,012$2,882,822$14,533,650
93$35,576,891$5,617,509$2,892,432$15,745,313
94$39,116,029$5,803,063$2,899,625$17,073,463
95$43,013,335$5,994,884$2,904,232$18,529,804
96$47,305,250$6,193,188$2,906,080$20,127,228
97$52,031,935$6,398,204$2,904,982$21,879,938
98$57,237,640$6,610,164$2,900,747$23,803,582
99$62,971,128$6,829,310$2,893,171$25,915,398
100$69,286,133$7,055,896$2,882,041$28,234,379