Can I retire at age 62 with 2,070,000?

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 $2,070,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.2%
1 years$170,939$169,416$167,930$166,481$165,065$160,878
2 years$84,623$83,047$81,520$80,039$78,602$74,412
3 years$55,855$54,272$52,749$51,282$49,868$45,805
4 years$41,474$39,896$38,387$36,945$35,567$31,661
5 years$32,847$31,279$29,790$28,378$27,037$23,301
6 years$27,098$25,541$24,075$22,694$21,394$17,830
7 years$22,993$21,450$20,006$18,658$17,399$14,008
8 years$19,916$18,386$16,967$15,652$14,434$11,215
9 years$17,524$16,009$14,614$13,332$12,155$9,105
10 years$15,611$14,111$12,741$11,492$10,357$7,472
11 years$14,047$12,562$11,217$10,002$8,907$6,183
12 years$12,745$11,275$9,954$8,773$7,719$5,151
13 years$11,644$10,189$8,894$7,745$6,731$4,314
14 years$10,701$9,262$7,991$6,875$5,900$3,629
15 years$9,885$8,461$7,215$6,131$5,195$3,063
16 years$9,171$7,763$6,541$5,490$4,592$2,594
17 years$8,542$7,149$5,952$4,933$4,071$2,202
18 years$7,983$6,606$5,434$4,445$3,620$1,873
19 years$7,484$6,122$4,974$4,017$3,226$1,596
20 years$7,035$5,689$4,565$3,638$2,882$1,361
21 years$6,630$5,299$4,199$3,302$2,579$1,163
22 years$6,262$4,947$3,870$3,002$2,312$995
23 years$5,926$4,627$3,573$2,734$2,075$852
24 years$5,619$4,335$3,305$2,494$1,865$730
25 years$5,337$4,068$3,061$2,277$1,678$625
26 years$5,077$3,823$2,839$2,082$1,512$536
27 years$4,836$3,598$2,636$1,906$1,363$460
28 years$4,614$3,391$2,451$1,746$1,230$395
29 years$4,407$3,199$2,280$1,601$1,111$339
30 years$4,214$3,021$2,124$1,470$1,003$292
31 years$4,034$2,856$1,980$1,350$907$250
32 years$3,865$2,702$1,848$1,240$821$215
33 years$3,707$2,559$1,725$1,141$743$185
34 years$3,559$2,425$1,612$1,050$672$159
35 years$3,419$2,300$1,507$966$609$137
36 years$3,288$2,183$1,410$890$552$118
37 years$3,164$2,074$1,320$820$500$101
38 years$3,046$1,971$1,236$756$453$87
39 years$2,935$1,874$1,158$697$411$75
40 years$2,830$1,783$1,085$643$373$64
41 years$2,730$1,697$1,017$593$338$55
42 years$2,635$1,616$954$547$307$48
43 years$2,545$1,540$896$505$279$41
44 years$2,459$1,468$841$466$253$35
45 years$2,378$1,400$789$431$230$30
46 years$2,300$1,335$741$398$208$26
47 years$2,225$1,274$697$368$189$22
48 years$2,154$1,217$655$340$172$19
49 years$2,086$1,162$615$314$156$17
50 years$2,021$1,110$578$290$142$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,070,000, adding $3,191 every year, while hoping to spend $51,481 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: 41/46/13 Blend
61$2,070,000$2,070,000$2,070,000$2,070,000
62$2,284,432$2,174,722$2,142,637$2,369,190
63$2,462,668$2,226,507$2,159,639$2,480,984
64$2,657,359$2,279,106$2,175,487$2,596,578
65$2,870,130$2,332,501$2,190,085$2,720,561
66$3,102,766$2,386,677$2,203,336$2,853,719
67$3,357,238$2,441,614$2,215,138$2,996,920
68$3,635,713$2,497,290$2,225,382$3,151,117
69$3,940,578$2,553,679$2,233,954$3,317,361
70$4,274,460$2,610,753$2,240,734$3,496,810
71$4,640,255$2,668,479$2,245,599$3,690,739
72$5,041,149$2,726,823$2,248,415$3,900,555
73$5,480,654$2,785,745$2,249,044$4,127,805
74$5,962,635$2,845,201$2,247,341$4,374,197
75$6,491,351$2,905,143$2,243,155$4,641,610
76$7,071,493$2,965,520$2,236,325$4,932,118
77$7,708,228$3,026,272$2,226,684$5,248,005
78$8,407,245$3,087,338$2,214,056$5,591,789
79$9,174,815$3,148,648$2,198,258$5,966,243
80$10,017,843$3,210,129$2,179,096$6,374,427
81$10,943,937$3,271,699$2,156,370$6,819,712
82$11,961,477$3,333,270$2,129,866$7,305,814
83$13,079,695$3,394,748$2,099,365$7,836,829
84$14,308,764$3,456,031$2,064,633$8,417,272
85$15,659,888$3,517,006$2,025,428$9,052,120
86$17,145,413$3,577,556$1,981,497$9,746,860
87$18,778,941$3,637,552$1,932,572$10,507,539
88$20,575,456$3,696,855$1,878,377$11,340,825
89$22,551,469$3,755,317$1,818,619$12,254,066
90$24,725,171$3,812,780$1,752,995$13,255,365
91$27,116,604$3,869,072$1,681,186$14,353,652
92$29,747,852$3,924,011$1,602,860$15,558,771
93$32,643,245$3,977,400$1,517,668$16,881,576
94$35,829,594$4,029,031$1,425,248$18,334,029
95$39,336,438$4,078,678$1,325,219$19,929,319
96$43,196,325$4,126,103$1,217,184$21,681,982
97$47,445,118$4,171,051$1,100,728$23,608,045
98$52,122,336$4,213,248$975,418$25,725,172
99$57,271,522$4,252,405$840,802$28,052,836
100$62,940,654$4,288,210$696,406$30,612,502