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%12.9%
1 years$170,113$168,598$167,119$165,676$164,267$162,282
2 years$84,214$82,646$81,126$79,652$78,223$76,224
3 years$55,585$54,010$52,494$51,034$49,628$47,679
4 years$41,273$39,703$38,202$36,767$35,395$33,511
5 years$32,689$31,128$29,646$28,241$26,907$25,092
6 years$26,967$25,418$23,959$22,584$21,290$19,548
7 years$22,882$21,346$19,910$18,568$17,315$15,645
8 years$19,820$18,298$16,885$15,576$14,364$12,767
9 years$17,439$15,931$14,543$13,267$12,097$10,572
10 years$15,536$14,043$12,679$11,437$10,307$8,853
11 years$13,980$12,501$11,162$9,953$8,864$7,480
12 years$12,684$11,221$9,906$8,730$7,682$6,366
13 years$11,588$10,140$8,851$7,708$6,699$5,449
14 years$10,649$9,217$7,952$6,842$5,872$4,687
15 years$9,837$8,420$7,180$6,102$5,170$4,048
16 years$9,127$7,725$6,510$5,463$4,569$3,508
17 years$8,501$7,115$5,924$4,909$4,052$3,049
18 years$7,945$6,574$5,407$4,424$3,602$2,656
19 years$7,448$6,093$4,950$3,997$3,211$2,319
20 years$7,001$5,662$4,543$3,620$2,868$2,028
21 years$6,598$5,274$4,179$3,286$2,567$1,777
22 years$6,231$4,923$3,851$2,987$2,301$1,559
23 years$5,897$4,604$3,556$2,721$2,065$1,369
24 years$5,592$4,314$3,289$2,481$1,856$1,204
25 years$5,311$4,048$3,046$2,266$1,670$1,059
26 years$5,052$3,805$2,825$2,072$1,505$933
27 years$4,813$3,581$2,623$1,897$1,356$822
28 years$4,591$3,374$2,439$1,738$1,224$725
29 years$4,385$3,183$2,269$1,594$1,105$639
30 years$4,193$3,006$2,114$1,462$999$564
31 years$4,014$2,842$1,971$1,343$903$498
32 years$3,846$2,689$1,839$1,234$817$440
33 years$3,689$2,546$1,717$1,135$739$389
34 years$3,542$2,413$1,604$1,044$669$344
35 years$3,403$2,289$1,500$961$606$304
36 years$3,272$2,173$1,403$885$549$269
37 years$3,148$2,064$1,313$816$498$238
38 years$3,032$1,961$1,230$752$451$210
39 years$2,921$1,865$1,152$693$409$186
40 years$2,816$1,774$1,080$640$371$165
41 years$2,717$1,689$1,013$590$337$146
42 years$2,623$1,608$950$545$306$129
43 years$2,533$1,533$891$503$277$114
44 years$2,448$1,461$837$464$252$101
45 years$2,366$1,393$786$429$228$89
46 years$2,289$1,329$738$396$207$79
47 years$2,215$1,268$693$366$188$70
48 years$2,144$1,211$651$338$171$62
49 years$2,076$1,156$612$312$155$55
50 years$2,011$1,104$576$289$141$49

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 $5,234 every year, while hoping to spend $58,492 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: 38/49/13 Blend
61$2,060,000$2,060,000$2,060,000$2,060,000
62$2,275,519$2,166,339$2,134,409$2,352,822
63$2,445,387$2,210,254$2,143,677$2,452,314
64$2,630,621$2,254,361$2,151,294$2,553,709
65$2,832,726$2,298,608$2,157,145$2,662,008
66$3,053,361$2,342,936$2,161,106$2,777,858
67$3,294,349$2,387,285$2,163,048$2,901,975
68$3,557,698$2,431,587$2,162,836$3,035,148
69$3,845,620$2,475,772$2,160,327$3,178,246
70$4,160,548$2,519,759$2,155,373$3,332,228
71$4,505,163$2,563,467$2,147,818$3,498,154
72$4,882,417$2,606,804$2,137,496$3,677,190
73$5,295,559$2,649,672$2,124,238$3,870,625
74$5,748,168$2,691,968$2,107,862$4,079,879
75$6,244,185$2,733,579$2,088,180$4,306,521
76$6,787,953$2,774,385$2,064,994$4,552,279
77$7,384,250$2,814,256$2,038,098$4,819,062
78$8,038,344$2,853,055$2,007,274$5,108,975
79$8,756,033$2,890,633$1,972,296$5,424,340
80$9,543,707$2,926,832$1,932,926$5,767,720
81$10,408,402$2,961,484$1,888,916$6,141,941
82$11,357,870$2,994,408$1,840,006$6,550,122
83$12,400,650$3,025,411$1,785,923$6,995,703
84$13,546,148$3,054,288$1,726,383$7,482,480
85$14,804,727$3,080,820$1,661,089$8,014,640
86$16,187,802$3,104,773$1,589,729$8,596,802
87$17,707,950$3,125,899$1,511,977$9,234,060
88$19,379,027$3,143,934$1,427,494$9,932,037
89$21,216,296$3,158,596$1,335,924$10,696,931
90$23,236,577$3,169,585$1,236,895$11,535,582
91$25,458,397$3,176,583$1,130,020$12,455,533
92$27,902,170$3,179,253$1,014,893$13,465,106
93$30,590,390$3,177,235$891,090$14,573,477
94$33,547,837$3,170,147$758,169$15,790,769
95$36,801,816$3,157,584$615,668$17,128,147
96$40,382,413$3,139,117$463,104$18,597,922
97$44,322,775$3,114,290$299,974$20,213,676
98$48,659,427$3,082,618$125,752$21,990,383
99$53,432,612$3,043,591$0$23,944,559
100$58,686,675$2,996,663$0$26,102,766