Can I retire at age 62 with 2,060,000?

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 $2,060,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.1%
1 years$170,113$168,598$167,119$165,676$164,267$160,166
2 years$84,214$82,646$81,126$79,652$78,223$74,117
3 years$55,585$54,010$52,494$51,034$49,628$45,645
4 years$41,273$39,703$38,202$36,767$35,395$31,567
5 years$32,689$31,128$29,646$28,241$26,907$23,244
6 years$26,967$25,418$23,959$22,584$21,290$17,796
7 years$22,882$21,346$19,910$18,568$17,315$13,989
8 years$19,820$18,298$16,885$15,576$14,364$11,206
9 years$17,439$15,931$14,543$13,267$12,097$9,104
10 years$15,536$14,043$12,679$11,437$10,307$7,475
11 years$13,980$12,501$11,162$9,953$8,864$6,190
12 years$12,684$11,221$9,906$8,730$7,682$5,160
13 years$11,588$10,140$8,851$7,708$6,699$4,324
14 years$10,649$9,217$7,952$6,842$5,872$3,640
15 years$9,837$8,420$7,180$6,102$5,170$3,075
16 years$9,127$7,725$6,510$5,463$4,569$2,605
17 years$8,501$7,115$5,924$4,909$4,052$2,213
18 years$7,945$6,574$5,407$4,424$3,602$1,884
19 years$7,448$6,093$4,950$3,997$3,211$1,606
20 years$7,001$5,662$4,543$3,620$2,868$1,372
21 years$6,598$5,274$4,179$3,286$2,567$1,173
22 years$6,231$4,923$3,851$2,987$2,301$1,004
23 years$5,897$4,604$3,556$2,721$2,065$860
24 years$5,592$4,314$3,289$2,481$1,856$737
25 years$5,311$4,048$3,046$2,266$1,670$633
26 years$5,052$3,805$2,825$2,072$1,505$543
27 years$4,813$3,581$2,623$1,897$1,356$466
28 years$4,591$3,374$2,439$1,738$1,224$401
29 years$4,385$3,183$2,269$1,594$1,105$344
30 years$4,193$3,006$2,114$1,462$999$296
31 years$4,014$2,842$1,971$1,343$903$255
32 years$3,846$2,689$1,839$1,234$817$219
33 years$3,689$2,546$1,717$1,135$739$188
34 years$3,542$2,413$1,604$1,044$669$162
35 years$3,403$2,289$1,500$961$606$140
36 years$3,272$2,173$1,403$885$549$120
37 years$3,148$2,064$1,313$816$498$103
38 years$3,032$1,961$1,230$752$451$89
39 years$2,921$1,865$1,152$693$409$77
40 years$2,816$1,774$1,080$640$371$66
41 years$2,717$1,689$1,013$590$337$57
42 years$2,623$1,608$950$545$306$49
43 years$2,533$1,533$891$503$277$42
44 years$2,448$1,461$837$464$252$36
45 years$2,366$1,393$786$429$228$31
46 years$2,289$1,329$738$396$207$27
47 years$2,215$1,268$693$366$188$23
48 years$2,144$1,211$651$338$171$20
49 years$2,076$1,156$612$312$155$17
50 years$2,011$1,104$576$289$141$15

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,060,000, adding $4,185 every year, while hoping to spend $27,323 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: 49/38/13 Blend
61$2,060,000$2,060,000$2,060,000$2,060,000
62$2,274,437$2,165,257$2,133,327$2,377,573
63$2,477,358$2,242,283$2,175,722$2,525,983
64$2,700,061$2,322,168$2,218,621$2,683,912
65$2,944,536$2,405,022$2,262,013$2,854,850
66$3,212,972$2,490,962$2,305,885$3,040,023
67$3,507,784$2,580,108$2,350,221$3,240,781
68$3,831,630$2,672,585$2,395,005$3,458,607
69$4,187,439$2,768,525$2,440,220$3,695,133
70$4,578,438$2,868,062$2,485,847$3,952,153
71$5,008,180$2,971,339$2,531,865$4,231,639
72$5,480,583$3,078,503$2,578,251$4,535,763
73$5,999,960$3,189,707$2,624,980$4,866,911
74$6,571,065$3,305,112$2,672,026$5,227,710
75$7,199,134$3,424,883$2,719,360$5,621,052
76$7,889,938$3,549,195$2,766,950$6,050,117
77$8,649,834$3,678,227$2,814,765$6,518,404
78$9,485,825$3,812,168$2,862,768$7,029,766
79$10,405,629$3,951,214$2,910,920$7,588,445
80$11,417,749$4,095,569$2,959,182$8,199,106
81$12,531,553$4,245,447$3,007,509$8,866,888
82$13,757,365$4,401,067$3,055,854$9,597,448
83$15,106,560$4,562,663$3,104,168$10,397,013
84$16,591,669$4,730,473$3,152,398$11,272,439
85$18,226,503$4,904,750$3,200,487$12,231,276
86$20,026,279$5,085,755$3,248,376$13,281,837
87$22,007,762$5,273,760$3,295,999$14,433,276
88$24,189,430$5,469,050$3,343,291$15,695,674
89$26,591,639$5,671,921$3,390,178$17,080,132
90$29,236,822$5,882,681$3,436,585$18,598,876
91$32,149,698$6,101,653$3,482,431$20,265,371
92$35,357,505$6,329,172$3,527,631$22,094,449
93$38,890,258$6,565,588$3,572,094$24,102,443
94$42,781,029$6,811,267$3,615,724$26,307,345
95$47,066,264$7,066,589$3,658,421$28,728,974
96$51,786,123$7,331,952$3,700,077$31,389,159
97$56,984,858$7,607,768$3,740,581$34,311,946
98$62,711,236$7,894,471$3,779,813$37,523,824
99$69,018,993$8,192,512$3,817,647$41,053,973
100$75,967,345$8,502,359$3,853,953$44,934,536