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%11.4%
1 years$166,810$165,324$163,874$162,459$161,078$160,130
2 years$82,579$81,041$79,551$78,105$76,704$75,747
3 years$54,506$52,961$51,474$50,043$48,664$47,729
4 years$40,472$38,932$37,460$36,053$34,708$33,801
5 years$32,054$30,523$29,071$27,692$26,384$25,508
6 years$26,444$24,925$23,493$22,146$20,877$20,033
7 years$22,438$20,932$19,523$18,207$16,978$16,168
8 years$19,435$17,942$16,557$15,274$14,085$13,307
9 years$17,101$15,622$14,261$13,010$11,862$11,116
10 years$15,234$13,770$12,433$11,214$10,107$9,393
11 years$13,708$12,259$10,946$9,760$8,692$8,010
12 years$12,437$11,003$9,714$8,561$7,533$6,881
13 years$11,363$9,943$8,679$7,558$6,569$5,948
14 years$10,443$9,038$7,798$6,709$5,758$5,167
15 years$9,646$8,256$7,040$5,983$5,070$4,508
16 years$8,949$7,575$6,383$5,357$4,481$3,947
17 years$8,335$6,976$5,808$4,814$3,973$3,466
18 years$7,790$6,447$5,302$4,338$3,532$3,052
19 years$7,303$5,975$4,854$3,920$3,149$2,694
20 years$6,865$5,552$4,455$3,550$2,812$2,382
21 years$6,470$5,171$4,098$3,222$2,517$2,110
22 years$6,110$4,827$3,777$2,929$2,256$1,872
23 years$5,783$4,515$3,487$2,668$2,025$1,663
24 years$5,483$4,230$3,225$2,433$1,820$1,479
25 years$5,208$3,970$2,987$2,222$1,638$1,317
26 years$4,954$3,731$2,770$2,032$1,475$1,173
27 years$4,720$3,511$2,572$1,860$1,330$1,046
28 years$4,502$3,309$2,391$1,704$1,200$934
29 years$4,300$3,121$2,225$1,563$1,084$834
30 years$4,112$2,948$2,073$1,434$979$745
31 years$3,936$2,787$1,932$1,317$885$666
32 years$3,772$2,637$1,803$1,210$801$596
33 years$3,618$2,497$1,683$1,113$725$533
34 years$3,473$2,367$1,573$1,024$656$477
35 years$3,337$2,245$1,471$943$594$427
36 years$3,208$2,131$1,376$868$538$382
37 years$3,087$2,023$1,288$800$488$343
38 years$2,973$1,923$1,206$737$442$307
39 years$2,864$1,829$1,130$680$401$275
40 years$2,762$1,740$1,059$627$364$246
41 years$2,664$1,656$993$579$330$221
42 years$2,572$1,577$931$534$300$198
43 years$2,484$1,503$874$493$272$178
44 years$2,400$1,432$820$455$247$159
45 years$2,320$1,366$770$420$224$143
46 years$2,244$1,303$723$388$203$128
47 years$2,172$1,244$680$359$185$115
48 years$2,102$1,187$639$331$168$103
49 years$2,036$1,134$600$306$152$93
50 years$1,972$1,083$564$283$138$83

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 $5,256 every year, while hoping to spend $41,508 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: 56/16/28 Blend
61$2,020,000$2,020,000$2,020,000$2,020,000
62$2,231,462$2,124,402$2,093,092$2,338,935
63$2,414,906$2,184,333$2,119,046$2,473,398
64$2,615,672$2,245,810$2,144,479$2,615,076
65$2,835,480$2,308,864$2,169,328$2,768,605
66$3,076,228$2,373,528$2,193,530$2,935,142
67$3,340,006$2,439,834$2,217,016$3,115,963
68$3,629,114$2,507,813$2,239,714$3,312,473
69$3,946,087$2,577,499$2,261,547$3,526,218
70$4,293,715$2,648,924$2,282,437$3,758,904
71$4,675,073$2,722,120$2,302,297$4,012,409
72$5,093,547$2,797,120$2,321,040$4,288,801
73$5,552,866$2,873,956$2,338,572$4,590,362
74$6,057,138$2,952,660$2,354,794$4,919,604
75$6,610,889$3,033,264$2,369,603$5,279,294
76$7,219,105$3,115,798$2,382,890$5,672,484
77$7,887,276$3,200,295$2,394,539$6,102,533
78$8,621,453$3,286,785$2,404,431$6,573,148
79$9,428,302$3,375,297$2,412,440$7,088,408
80$10,315,163$3,465,862$2,418,431$7,652,812
81$11,290,128$3,558,507$2,422,267$8,271,317
82$12,362,108$3,653,260$2,423,799$8,949,385
83$13,540,921$3,750,149$2,422,876$9,693,035
84$14,837,388$3,849,198$2,419,334$10,508,902
85$16,263,425$3,950,433$2,413,005$11,404,296
86$17,832,166$4,053,875$2,403,712$12,387,275
87$19,558,079$4,159,548$2,391,269$13,466,717
88$21,457,107$4,267,469$2,375,481$14,652,407
89$23,546,815$4,377,658$2,356,142$15,955,130
90$25,846,557$4,490,131$2,333,040$17,386,771
91$28,377,659$4,604,901$2,305,950$18,960,427
92$31,163,618$4,721,979$2,274,638$20,690,534
93$34,230,326$4,841,374$2,238,856$22,593,000
94$37,606,310$4,963,092$2,198,349$24,685,356
95$41,323,006$5,087,136$2,152,846$26,986,926
96$45,415,051$5,213,505$2,102,065$29,519,003
97$49,920,614$5,342,194$2,045,712$32,305,056
98$54,881,751$5,473,196$1,983,478$35,370,948
99$60,344,805$5,606,498$1,915,040$38,745,182
100$66,360,842$5,742,083$1,840,060$42,459,174