Can I retire at age 62 with 2,080,000?

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 $2,080,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.7%
1 years$171,764$170,234$168,742$167,285$165,862$164,679
2 years$85,032$83,448$81,913$80,425$78,982$77,789
3 years$56,125$54,534$53,003$51,529$50,109$48,943
4 years$41,674$40,089$38,573$37,124$35,738$34,608
5 years$33,006$31,430$29,934$28,515$27,168$26,077
6 years$27,229$25,665$24,191$22,803$21,497$20,447
7 years$23,104$21,553$20,103$18,748$17,483$16,474
8 years$20,012$18,475$17,049$15,727$14,504$13,536
9 years$17,609$16,086$14,684$13,396$12,214$11,288
10 years$15,687$14,179$12,802$11,548$10,407$9,521
11 years$14,115$12,623$11,271$10,050$8,950$8,104
12 years$12,807$11,329$10,003$8,815$7,756$6,949
13 years$11,700$10,239$8,937$7,782$6,764$5,995
14 years$10,753$9,307$8,030$6,908$5,929$5,198
15 years$9,932$8,502$7,250$6,161$5,220$4,525
16 years$9,215$7,800$6,573$5,517$4,614$3,954
17 years$8,583$7,184$5,981$4,957$4,091$3,465
18 years$8,022$6,638$5,460$4,467$3,637$3,045
19 years$7,520$6,152$4,998$4,036$3,242$2,682
20 years$7,069$5,717$4,587$3,656$2,896$2,366
21 years$6,662$5,325$4,219$3,318$2,591$2,092
22 years$6,292$4,971$3,889$3,016$2,323$1,851
23 years$5,955$4,649$3,591$2,747$2,085$1,641
24 years$5,646$4,356$3,321$2,506$1,874$1,456
25 years$5,363$4,088$3,076$2,288$1,686$1,293
26 years$5,101$3,842$2,852$2,092$1,519$1,150
27 years$4,860$3,616$2,649$1,915$1,370$1,023
28 years$4,636$3,407$2,462$1,755$1,236$911
29 years$4,428$3,214$2,291$1,609$1,116$811
30 years$4,234$3,035$2,134$1,477$1,008$723
31 years$4,053$2,869$1,990$1,356$912$645
32 years$3,884$2,715$1,857$1,246$825$575
33 years$3,725$2,571$1,733$1,146$746$513
34 years$3,576$2,437$1,620$1,055$676$458
35 years$3,436$2,311$1,514$971$612$409
36 years$3,304$2,194$1,417$894$554$366
37 years$3,179$2,084$1,326$824$503$327
38 years$3,061$1,980$1,242$759$456$292
39 years$2,949$1,883$1,163$700$413$261
40 years$2,844$1,791$1,090$646$375$233
41 years$2,743$1,705$1,022$596$340$209
42 years$2,648$1,624$959$550$309$187
43 years$2,558$1,547$900$508$280$167
44 years$2,471$1,475$845$469$254$149
45 years$2,389$1,407$793$433$231$133
46 years$2,311$1,342$745$400$209$119
47 years$2,236$1,280$700$369$190$107
48 years$2,165$1,222$658$341$173$96
49 years$2,096$1,167$618$315$157$86
50 years$2,031$1,115$581$292$143$77

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,080,000, adding $6,634 every year, while hoping to spend $24,963 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: 55/31/14 Blend
61$2,080,000$2,080,000$2,080,000$2,080,000
62$2,299,003$2,188,763$2,156,523$2,416,697
63$2,506,941$2,269,452$2,202,206$2,578,115
64$2,735,252$2,353,258$2,248,583$2,750,521
65$2,985,987$2,440,308$2,295,650$2,937,675
66$3,261,408$2,530,732$2,343,404$3,140,990
67$3,564,003$2,624,670$2,391,840$3,362,018
68$3,896,515$2,722,263$2,440,951$3,602,468
69$4,261,967$2,823,661$2,490,730$3,864,219
70$4,663,687$2,929,020$2,541,169$4,149,338
71$5,105,344$3,038,502$2,592,258$4,460,099
72$5,590,976$3,152,276$2,643,987$4,799,006
73$6,125,038$3,270,520$2,696,342$5,168,811
74$6,712,432$3,393,416$2,749,310$5,572,546
75$7,358,565$3,521,157$2,802,876$6,013,547
76$8,069,388$3,653,944$2,857,023$6,495,485
77$8,851,464$3,791,986$2,911,731$7,022,402
78$9,712,020$3,935,499$2,966,980$7,598,746
79$10,659,020$4,084,713$3,022,748$8,229,416
80$11,701,240$4,239,864$3,079,011$8,919,804
81$12,848,349$4,401,200$3,135,740$9,675,848
82$14,111,001$4,568,979$3,192,908$10,504,084
83$15,500,936$4,743,471$3,250,482$11,411,711
84$17,031,087$4,924,958$3,308,430$12,406,657
85$18,715,710$5,113,732$3,366,714$13,497,649
86$20,570,509$5,310,102$3,425,295$14,694,302
87$22,612,790$5,514,386$3,484,132$16,007,202
88$24,861,622$5,726,919$3,543,178$17,448,010
89$27,338,019$5,948,049$3,602,386$19,029,569
90$30,065,134$6,178,140$3,661,703$20,766,022
91$33,068,482$6,417,574$3,721,074$22,672,949
92$36,376,178$6,666,745$3,780,441$24,767,513
93$40,019,202$6,926,070$3,839,740$27,068,616
94$44,031,694$7,195,980$3,898,903$29,597,081
95$48,451,271$7,476,927$3,957,861$32,375,844
96$53,319,387$7,769,384$4,016,537$35,430,175
97$58,681,724$8,073,842$4,074,849$38,787,908
98$64,588,617$8,390,818$4,132,714$42,479,708
99$71,095,536$8,720,848$4,190,040$46,539,357
100$78,263,605$9,064,494$4,246,731$51,004,071