Can I retire at age 62 with 2,040,000?

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 $2,040,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.8%
1 years$168,461$166,961$165,497$164,068$162,672$158,804
2 years$83,397$81,843$80,338$78,879$77,463$73,589
3 years$55,046$53,486$51,984$50,538$49,146$45,386
4 years$40,873$39,318$37,831$36,410$35,051$31,435
5 years$32,371$30,825$29,359$27,966$26,645$23,183
6 years$26,705$25,171$23,726$22,365$21,084$17,779
7 years$22,660$21,139$19,716$18,387$17,147$13,999
8 years$19,627$18,120$16,721$15,425$14,225$11,234
9 years$17,270$15,777$14,402$13,138$11,979$9,143
10 years$15,385$13,906$12,556$11,326$10,207$7,521
11 years$13,844$12,380$11,054$9,857$8,778$6,240
12 years$12,560$11,112$9,810$8,646$7,607$5,212
13 years$11,475$10,042$8,765$7,633$6,634$4,377
14 years$10,546$9,128$7,875$6,775$5,815$3,692
15 years$9,741$8,338$7,110$6,043$5,120$3,125
16 years$9,038$7,650$6,446$5,410$4,525$2,654
17 years$8,418$7,045$5,866$4,861$4,012$2,259
18 years$7,867$6,510$5,355$4,381$3,567$1,927
19 years$7,376$6,034$4,902$3,959$3,180$1,647
20 years$6,933$5,607$4,499$3,585$2,840$1,410
21 years$6,534$5,223$4,138$3,254$2,542$1,208
22 years$6,171$4,875$3,814$2,958$2,278$1,036
23 years$5,840$4,560$3,522$2,694$2,045$890
24 years$5,538$4,272$3,257$2,457$1,838$765
25 years$5,259$4,009$3,016$2,244$1,654$658
26 years$5,003$3,768$2,798$2,052$1,490$566
27 years$4,766$3,546$2,598$1,878$1,343$487
28 years$4,547$3,341$2,415$1,721$1,212$420
29 years$4,343$3,152$2,247$1,578$1,094$362
30 years$4,153$2,977$2,093$1,448$989$312
31 years$3,975$2,814$1,952$1,330$894$269
32 years$3,809$2,663$1,821$1,222$809$232
33 years$3,653$2,522$1,700$1,124$732$200
34 years$3,507$2,390$1,589$1,034$663$172
35 years$3,370$2,267$1,485$952$600$149
36 years$3,240$2,152$1,389$877$544$128
37 years$3,118$2,044$1,300$808$493$111
38 years$3,002$1,942$1,218$745$447$96
39 years$2,893$1,847$1,141$687$405$82
40 years$2,789$1,757$1,069$633$368$71
41 years$2,691$1,673$1,003$584$333$61
42 years$2,597$1,593$941$539$303$53
43 years$2,508$1,518$883$498$275$46
44 years$2,424$1,447$828$460$249$40
45 years$2,343$1,380$778$424$226$34
46 years$2,266$1,316$731$392$205$29
47 years$2,193$1,256$686$362$187$25
48 years$2,123$1,199$645$335$169$22
49 years$2,056$1,145$606$309$154$19
50 years$1,992$1,094$570$286$140$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,040,000, adding $2,386 every year, while hoping to spend $20,292 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: 66/27/7 Blend
61$2,040,000$2,040,000$2,040,000$2,040,000
62$2,250,541$2,142,421$2,110,801$2,396,163
63$2,458,506$2,225,809$2,159,922$2,576,586
64$2,687,003$2,312,603$2,210,009$2,771,039
65$2,938,105$2,402,949$2,261,072$2,983,011
66$3,214,096$2,496,997$2,313,123$3,214,208
67$3,517,491$2,594,908$2,366,170$3,466,504
68$3,851,063$2,696,846$2,420,225$3,741,964
69$4,217,866$2,802,986$2,475,296$4,042,859
70$4,621,262$2,913,506$2,531,393$4,371,686
71$5,064,961$3,028,598$2,588,524$4,731,197
72$5,553,044$3,148,457$2,646,697$5,124,419
73$6,090,014$3,273,290$2,705,920$5,554,683
74$6,680,827$3,403,313$2,766,200$6,025,657
75$7,330,946$3,538,750$2,827,543$6,541,379
76$8,046,390$3,679,837$2,889,953$7,106,293
77$8,833,792$3,826,819$2,953,437$7,725,293
78$9,700,459$3,979,953$3,017,997$8,403,767
79$10,654,444$4,139,508$3,083,638$9,147,648
80$11,704,617$4,305,764$3,150,360$9,963,469
81$12,860,756$4,479,015$3,218,165$10,858,422
82$14,133,633$4,659,566$3,287,053$11,840,431
83$15,535,117$4,847,738$3,357,023$12,918,218
84$17,078,287$5,043,866$3,428,072$14,101,391
85$18,777,557$5,248,300$3,500,197$15,400,531
86$20,648,807$5,461,406$3,573,392$16,827,294
87$22,709,536$5,683,566$3,647,652$18,394,513
88$24,979,028$5,915,180$3,722,967$20,116,327
89$27,478,531$6,156,666$3,799,329$22,008,309
90$30,231,461$6,408,462$3,876,726$24,087,611
91$33,263,618$6,671,025$3,955,144$26,373,129
92$36,603,434$6,944,832$4,034,569$28,885,675
93$40,282,240$7,230,384$4,114,983$31,648,177
94$44,334,560$7,528,204$4,196,366$34,685,892
95$48,798,437$7,838,839$4,278,696$38,026,644
96$53,715,795$8,162,859$4,361,950$41,701,084
97$59,132,831$8,500,864$4,446,100$45,742,981
98$65,100,452$8,853,479$4,531,117$50,189,535
99$71,674,758$9,221,359$4,616,969$55,081,731
100$78,917,565$9,605,187$4,703,619$60,464,722