Can I retire at age 62 with 2,020,000?

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 $2,020,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.3%
1 years$166,810$165,324$163,874$162,459$161,078$160,197
2 years$82,579$81,041$79,551$78,105$76,704$75,815
3 years$54,506$52,961$51,474$50,043$48,664$47,795
4 years$40,472$38,932$37,460$36,053$34,708$33,865
5 years$32,054$30,523$29,071$27,692$26,384$25,570
6 years$26,444$24,925$23,493$22,146$20,877$20,092
7 years$22,438$20,932$19,523$18,207$16,978$16,224
8 years$19,435$17,942$16,557$15,274$14,085$13,361
9 years$17,101$15,622$14,261$13,010$11,862$11,168
10 years$15,234$13,770$12,433$11,214$10,107$9,443
11 years$13,708$12,259$10,946$9,760$8,692$8,057
12 years$12,437$11,003$9,714$8,561$7,533$6,926
13 years$11,363$9,943$8,679$7,558$6,569$5,990
14 years$10,443$9,038$7,798$6,709$5,758$5,207
15 years$9,646$8,256$7,040$5,983$5,070$4,546
16 years$8,949$7,575$6,383$5,357$4,481$3,983
17 years$8,335$6,976$5,808$4,814$3,973$3,500
18 years$7,790$6,447$5,302$4,338$3,532$3,084
19 years$7,303$5,975$4,854$3,920$3,149$2,724
20 years$6,865$5,552$4,455$3,550$2,812$2,411
21 years$6,470$5,171$4,098$3,222$2,517$2,137
22 years$6,110$4,827$3,777$2,929$2,256$1,897
23 years$5,783$4,515$3,487$2,668$2,025$1,687
24 years$5,483$4,230$3,225$2,433$1,820$1,501
25 years$5,208$3,970$2,987$2,222$1,638$1,338
26 years$4,954$3,731$2,770$2,032$1,475$1,193
27 years$4,720$3,511$2,572$1,860$1,330$1,065
28 years$4,502$3,309$2,391$1,704$1,200$951
29 years$4,300$3,121$2,225$1,563$1,084$850
30 years$4,112$2,948$2,073$1,434$979$760
31 years$3,936$2,787$1,932$1,317$885$680
32 years$3,772$2,637$1,803$1,210$801$608
33 years$3,618$2,497$1,683$1,113$725$545
34 years$3,473$2,367$1,573$1,024$656$488
35 years$3,337$2,245$1,471$943$594$437
36 years$3,208$2,131$1,376$868$538$392
37 years$3,087$2,023$1,288$800$488$351
38 years$2,973$1,923$1,206$737$442$315
39 years$2,864$1,829$1,130$680$401$283
40 years$2,762$1,740$1,059$627$364$253
41 years$2,664$1,656$993$579$330$227
42 years$2,572$1,577$931$534$300$204
43 years$2,484$1,503$874$493$272$183
44 years$2,400$1,432$820$455$247$164
45 years$2,320$1,366$770$420$224$148
46 years$2,244$1,303$723$388$203$132
47 years$2,172$1,244$680$359$185$119
48 years$2,102$1,187$639$331$168$107
49 years$2,036$1,134$600$306$152$96
50 years$1,972$1,083$564$283$138$86

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,020,000, adding $3,716 every year, while hoping to spend $21,346 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: 32/47/21 Blend
61$2,020,000$2,020,000$2,020,000$2,020,000
62$2,229,873$2,122,813$2,091,503$2,286,642
63$2,434,608$2,204,119$2,138,856$2,410,868
64$2,659,511$2,288,693$2,187,081$2,542,386
65$2,906,615$2,376,674$2,236,183$2,683,606
66$3,178,164$2,468,204$2,286,168$2,835,388
67$3,476,625$2,563,435$2,337,043$2,998,679
68$3,804,719$2,662,521$2,388,812$3,174,518
69$4,165,443$2,765,628$2,441,480$3,364,041
70$4,562,099$2,872,925$2,495,051$3,568,499
71$4,998,325$2,984,590$2,549,527$3,789,264
72$5,478,130$3,100,810$2,604,912$4,027,840
73$6,005,929$3,221,780$2,661,206$4,285,882
74$6,586,588$3,347,701$2,718,410$4,565,205
75$7,225,467$3,478,786$2,776,525$4,867,804
76$7,928,475$3,615,256$2,835,548$5,195,872
77$8,702,118$3,757,343$2,895,478$5,551,816
78$9,553,569$3,905,287$2,956,311$5,938,285
79$10,490,728$4,059,341$3,018,043$6,358,188
80$11,522,302$4,219,769$3,080,668$6,814,723
81$12,657,885$4,386,846$3,144,178$7,311,409
82$13,908,048$4,560,860$3,208,566$7,852,113
83$15,284,437$4,742,110$3,273,821$8,441,088
84$16,799,887$4,930,911$3,339,932$9,083,013
85$18,468,541$5,127,592$3,406,886$9,783,034
86$20,305,983$5,332,494$3,474,667$10,546,812
87$22,329,383$5,545,976$3,543,258$11,380,575
88$24,557,665$5,768,413$3,612,641$12,291,178
89$27,011,677$6,000,196$3,682,796$13,286,160
90$29,714,397$6,241,734$3,753,698$14,373,821
91$32,691,141$6,493,455$3,825,322$15,563,295
92$35,969,808$6,755,805$3,897,641$16,864,633
93$39,581,140$7,029,251$3,970,624$18,288,901
94$43,559,014$7,314,283$4,044,238$19,848,278
95$47,940,761$7,611,409$4,118,447$21,556,172
96$52,767,515$7,921,165$4,193,212$23,427,345
97$58,084,607$8,244,108$4,268,490$25,478,048
98$63,941,990$8,580,821$4,344,237$27,726,174
99$70,394,706$8,931,916$4,420,402$30,191,423
100$77,503,415$9,298,028$4,496,935$32,895,490