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

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 $2,040,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14%
1 years$168,461$166,961$165,497$164,068$162,672$159,978
2 years$83,397$81,843$80,338$78,879$77,463$74,756
3 years$55,046$53,486$51,984$50,538$49,146$46,511
4 years$40,873$39,318$37,831$36,410$35,051$32,508
5 years$32,371$30,825$29,359$27,966$26,645$24,202
6 years$26,705$25,171$23,726$22,365$21,084$18,743
7 years$22,660$21,139$19,716$18,387$17,147$14,909
8 years$19,627$18,120$16,721$15,425$14,225$12,090
9 years$17,270$15,777$14,402$13,138$11,979$9,946
10 years$15,385$13,906$12,556$11,326$10,207$8,273
11 years$13,844$12,380$11,054$9,857$8,778$6,942
12 years$12,560$11,112$9,810$8,646$7,607$5,866
13 years$11,475$10,042$8,765$7,633$6,634$4,985
14 years$10,546$9,128$7,875$6,775$5,815$4,257
15 years$9,741$8,338$7,110$6,043$5,120$3,649
16 years$9,038$7,650$6,446$5,410$4,525$3,138
17 years$8,418$7,045$5,866$4,861$4,012$2,706
18 years$7,867$6,510$5,355$4,381$3,567$2,339
19 years$7,376$6,034$4,902$3,959$3,180$2,026
20 years$6,933$5,607$4,499$3,585$2,840$1,758
21 years$6,534$5,223$4,138$3,254$2,542$1,527
22 years$6,171$4,875$3,814$2,958$2,278$1,328
23 years$5,840$4,560$3,522$2,694$2,045$1,157
24 years$5,538$4,272$3,257$2,457$1,838$1,008
25 years$5,259$4,009$3,016$2,244$1,654$880
26 years$5,003$3,768$2,798$2,052$1,490$768
27 years$4,766$3,546$2,598$1,878$1,343$671
28 years$4,547$3,341$2,415$1,721$1,212$586
29 years$4,343$3,152$2,247$1,578$1,094$513
30 years$4,153$2,977$2,093$1,448$989$448
31 years$3,975$2,814$1,952$1,330$894$392
32 years$3,809$2,663$1,821$1,222$809$343
33 years$3,653$2,522$1,700$1,124$732$301
34 years$3,507$2,390$1,589$1,034$663$263
35 years$3,370$2,267$1,485$952$600$231
36 years$3,240$2,152$1,389$877$544$202
37 years$3,118$2,044$1,300$808$493$177
38 years$3,002$1,942$1,218$745$447$155
39 years$2,893$1,847$1,141$687$405$136
40 years$2,789$1,757$1,069$633$368$119
41 years$2,691$1,673$1,003$584$333$104
42 years$2,597$1,593$941$539$303$92
43 years$2,508$1,518$883$498$275$80
44 years$2,424$1,447$828$460$249$70
45 years$2,343$1,380$778$424$226$62
46 years$2,266$1,316$731$392$205$54
47 years$2,193$1,256$686$362$187$47
48 years$2,123$1,199$645$335$169$42
49 years$2,056$1,145$606$309$154$37
50 years$1,992$1,094$570$286$140$32

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 $2,981 every year, while hoping to spend $39,354 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: 53/31/16 Blend
61$2,040,000$2,040,000$2,040,000$2,040,000
62$2,251,155$2,143,035$2,111,415$2,360,617
63$2,438,900$2,206,171$2,140,275$2,498,929
64$2,644,477$2,271,082$2,168,783$2,644,919
65$2,869,662$2,337,813$2,196,885$2,802,889
66$3,116,412$2,406,411$2,224,526$2,973,989
67$3,386,883$2,476,922$2,251,644$3,159,482
68$3,683,449$2,549,396$2,278,178$3,360,761
69$4,008,725$2,623,880$2,304,061$3,579,358
70$4,365,590$2,700,425$2,329,222$3,816,959
71$4,757,216$2,779,082$2,353,587$4,075,422
72$5,187,098$2,859,903$2,377,078$4,356,792
73$5,659,084$2,942,940$2,399,613$4,663,319
74$6,177,414$3,028,248$2,421,103$4,997,484
75$6,746,759$3,115,880$2,441,459$5,362,017
76$7,372,263$3,205,893$2,460,582$5,759,925
77$8,059,594$3,298,343$2,478,372$6,194,521
78$8,814,997$3,393,286$2,494,722$6,669,452
79$9,645,351$3,490,781$2,509,520$7,188,737
80$10,558,235$3,590,887$2,522,647$7,756,801
81$11,561,998$3,693,664$2,533,979$8,378,522
82$12,665,840$3,799,172$2,543,385$9,059,269
83$13,879,896$3,907,471$2,550,729$9,804,961
84$15,215,334$4,018,625$2,555,866$10,622,115
85$16,684,456$4,132,696$2,558,646$11,517,913
86$18,300,819$4,249,747$2,558,909$12,500,268
87$20,079,359$4,369,841$2,556,489$13,577,896
88$22,036,534$4,493,044$2,551,212$14,760,403
89$24,190,477$4,619,419$2,542,893$16,058,369
90$26,561,167$4,749,033$2,531,342$17,483,454
91$29,170,621$4,881,950$2,516,357$19,048,504
92$32,043,096$5,018,237$2,497,727$20,767,675
93$35,205,322$5,157,960$2,475,230$22,656,563
94$38,686,749$5,301,185$2,448,635$24,732,353
95$42,519,833$5,447,979$2,417,700$27,013,981
96$46,740,333$5,598,407$2,382,170$29,522,314
97$51,387,654$5,752,535$2,341,779$32,280,344
98$56,505,215$5,910,430$2,296,249$35,313,406
99$62,140,861$6,072,156$2,245,288$38,649,418
100$68,347,316$6,237,778$2,188,592$42,319,144