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

Use the below retirement simulation to view the chances of a successful retirement.
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%12.9%
1 years$166,810$165,324$163,874$162,459$161,078$159,131
2 years$82,579$81,041$79,551$78,105$76,704$74,744
3 years$54,506$52,961$51,474$50,043$48,664$46,753
4 years$40,472$38,932$37,460$36,053$34,708$32,860
5 years$32,054$30,523$29,071$27,692$26,384$24,605
6 years$26,444$24,925$23,493$22,146$20,877$19,168
7 years$22,438$20,932$19,523$18,207$16,978$15,341
8 years$19,435$17,942$16,557$15,274$14,085$12,519
9 years$17,101$15,622$14,261$13,010$11,862$10,367
10 years$15,234$13,770$12,433$11,214$10,107$8,681
11 years$13,708$12,259$10,946$9,760$8,692$7,335
12 years$12,437$11,003$9,714$8,561$7,533$6,242
13 years$11,363$9,943$8,679$7,558$6,569$5,343
14 years$10,443$9,038$7,798$6,709$5,758$4,596
15 years$9,646$8,256$7,040$5,983$5,070$3,969
16 years$8,949$7,575$6,383$5,357$4,481$3,440
17 years$8,335$6,976$5,808$4,814$3,973$2,989
18 years$7,790$6,447$5,302$4,338$3,532$2,605
19 years$7,303$5,975$4,854$3,920$3,149$2,274
20 years$6,865$5,552$4,455$3,550$2,812$1,989
21 years$6,470$5,171$4,098$3,222$2,517$1,742
22 years$6,110$4,827$3,777$2,929$2,256$1,529
23 years$5,783$4,515$3,487$2,668$2,025$1,342
24 years$5,483$4,230$3,225$2,433$1,820$1,180
25 years$5,208$3,970$2,987$2,222$1,638$1,039
26 years$4,954$3,731$2,770$2,032$1,475$915
27 years$4,720$3,511$2,572$1,860$1,330$806
28 years$4,502$3,309$2,391$1,704$1,200$711
29 years$4,300$3,121$2,225$1,563$1,084$627
30 years$4,112$2,948$2,073$1,434$979$553
31 years$3,936$2,787$1,932$1,317$885$489
32 years$3,772$2,637$1,803$1,210$801$432
33 years$3,618$2,497$1,683$1,113$725$381
34 years$3,473$2,367$1,573$1,024$656$337
35 years$3,337$2,245$1,471$943$594$298
36 years$3,208$2,131$1,376$868$538$264
37 years$3,087$2,023$1,288$800$488$233
38 years$2,973$1,923$1,206$737$442$206
39 years$2,864$1,829$1,130$680$401$182
40 years$2,762$1,740$1,059$627$364$161
41 years$2,664$1,656$993$579$330$143
42 years$2,572$1,577$931$534$300$126
43 years$2,484$1,503$874$493$272$112
44 years$2,400$1,432$820$455$247$99
45 years$2,320$1,366$770$420$224$88
46 years$2,244$1,303$723$388$203$78
47 years$2,172$1,244$680$359$185$69
48 years$2,102$1,187$639$331$168$61
49 years$2,036$1,134$600$306$152$54
50 years$1,972$1,083$564$283$138$48

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 $2,604 every year, while hoping to spend $42,221 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: 69/11/20 Blend
61$2,020,000$2,020,000$2,020,000$2,020,000
62$2,228,726$2,121,666$2,090,356$2,371,353
63$2,411,133$2,180,705$2,115,460$2,525,979
64$2,610,731$2,241,221$2,139,990$2,689,920
65$2,829,228$2,303,244$2,163,882$2,868,276
66$3,068,506$2,366,800$2,187,069$3,062,469
67$3,330,638$2,431,917$2,209,480$3,274,063
68$3,617,904$2,498,622$2,231,039$3,504,780
69$3,932,820$2,566,944$2,251,668$3,756,520
70$4,278,153$2,636,909$2,271,284$4,031,372
71$4,656,951$2,708,545$2,289,799$4,331,641
72$5,072,573$2,781,877$2,307,120$4,659,863
73$5,528,718$2,856,931$2,323,151$5,018,835
74$6,029,460$2,933,734$2,337,790$5,411,637
75$6,579,288$3,012,309$2,350,928$5,841,661
76$7,183,144$3,092,682$2,362,454$6,312,647
77$7,846,477$3,174,875$2,372,248$6,828,715
78$8,575,284$3,258,911$2,380,185$7,394,404
79$9,376,177$3,344,811$2,386,135$8,014,715
80$10,256,437$3,432,596$2,389,960$8,695,158
81$11,224,086$3,522,286$2,391,516$9,441,808
82$12,287,962$3,613,897$2,390,651$10,261,354
83$13,457,802$3,707,446$2,387,206$11,161,170
84$14,744,335$3,802,948$2,381,015$12,149,381
85$16,159,380$3,900,415$2,371,901$13,234,940
86$17,715,960$3,999,859$2,359,683$14,427,712
87$19,428,423$4,101,287$2,344,168$15,738,570
88$21,312,579$4,204,707$2,325,154$17,179,494
89$23,385,846$4,310,122$2,302,431$18,763,685
90$25,667,417$4,417,532$2,275,777$20,505,692
91$28,178,438$4,526,937$2,244,961$22,421,546
92$30,942,212$4,638,330$2,209,740$24,528,916
93$33,984,413$4,751,703$2,169,861$26,847,271
94$37,333,329$4,867,043$2,125,058$29,398,064
95$41,020,135$4,984,333$2,075,054$32,204,941
96$45,079,176$5,103,554$2,019,556$35,293,955
97$49,548,303$5,224,678$1,958,261$38,693,821
98$54,469,218$5,347,675$1,890,851$42,436,180
99$59,887,876$5,472,510$1,816,993$46,555,904
100$65,854,916$5,599,139$1,736,339$51,091,418