Can I retire at age 62 with 2,160,000?

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 $2,160,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.8%
1 years$178,371$176,782$175,232$173,719$172,241$169,528
2 years$88,302$86,658$85,064$83,519$82,020$79,293
3 years$58,283$56,632$55,042$53,511$52,037$49,381
4 years$43,277$41,630$40,057$38,552$37,113$34,549
5 years$34,275$32,639$31,085$29,611$28,213$25,749
6 years$28,276$26,652$25,122$23,681$22,324$19,962
7 years$23,993$22,382$20,876$19,469$18,155$15,896
8 years$20,782$19,186$17,705$16,332$15,061$12,905
9 years$18,286$16,705$15,249$13,911$12,684$10,629
10 years$16,290$14,724$13,294$11,992$10,807$8,853
11 years$14,658$13,108$11,704$10,436$9,295$7,438
12 years$13,299$11,765$10,387$9,154$8,055$6,293
13 years$12,150$10,632$9,280$8,082$7,024$5,355
14 years$11,166$9,664$8,338$7,174$6,157$4,579
15 years$10,314$8,829$7,528$6,398$5,421$3,930
16 years$9,570$8,100$6,826$5,729$4,791$3,385
17 years$8,913$7,460$6,211$5,147$4,248$2,923
18 years$8,330$6,893$5,670$4,639$3,777$2,530
19 years$7,809$6,389$5,191$4,191$3,367$2,195
20 years$7,341$5,937$4,764$3,796$3,007$1,907
21 years$6,918$5,530$4,382$3,445$2,691$1,659
22 years$6,534$5,162$4,038$3,133$2,412$1,446
23 years$6,184$4,828$3,729$2,853$2,165$1,261
24 years$5,863$4,523$3,448$2,602$1,946$1,101
25 years$5,569$4,245$3,194$2,376$1,751$962
26 years$5,297$3,990$2,962$2,173$1,578$841
27 years$5,047$3,755$2,751$1,989$1,422$736
28 years$4,814$3,538$2,557$1,822$1,283$644
29 years$4,598$3,338$2,380$1,671$1,159$564
30 years$4,397$3,152$2,216$1,533$1,047$494
31 years$4,209$2,980$2,066$1,408$947$433
32 years$4,033$2,819$1,928$1,294$856$380
33 years$3,868$2,670$1,800$1,190$775$333
34 years$3,713$2,531$1,682$1,095$702$292
35 years$3,568$2,400$1,573$1,008$636$256
36 years$3,431$2,278$1,471$928$576$225
37 years$3,301$2,164$1,377$855$522$197
38 years$3,179$2,056$1,289$788$473$173
39 years$3,063$1,955$1,208$727$429$152
40 years$2,953$1,860$1,132$671$389$134
41 years$2,849$1,771$1,062$619$353$117
42 years$2,750$1,687$996$571$320$103
43 years$2,656$1,607$935$527$291$91
44 years$2,566$1,532$877$487$264$79
45 years$2,481$1,461$824$449$240$70
46 years$2,400$1,393$774$415$218$61
47 years$2,322$1,330$727$384$198$54
48 years$2,248$1,269$683$354$179$47
49 years$2,177$1,212$642$328$163$42
50 years$2,109$1,158$604$303$148$37

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,160,000, adding $2,880 every year, while hoping to spend $42,752 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: 71/23/6 Blend
61$2,160,000$2,160,000$2,160,000$2,160,000
62$2,383,291$2,268,811$2,235,331$2,550,489
63$2,580,899$2,334,495$2,264,727$2,726,924
64$2,797,230$2,401,964$2,293,674$2,914,382
65$3,034,148$2,471,262$2,322,114$3,118,362
66$3,293,708$2,542,430$2,349,981$3,340,476
67$3,578,171$2,615,514$2,377,210$3,582,501
68$3,890,026$2,690,556$2,403,728$3,846,392
69$4,232,018$2,767,602$2,429,462$4,134,301
70$4,607,166$2,846,698$2,454,332$4,448,599
71$5,018,800$2,927,888$2,478,255$4,791,894
72$5,470,584$3,011,221$2,501,143$5,167,061
73$5,966,556$3,096,743$2,522,903$5,577,265
74$6,511,162$3,184,502$2,543,438$6,025,990
75$7,109,304$3,274,545$2,562,646$6,517,077
76$7,766,377$3,366,922$2,580,419$7,054,752
77$8,488,327$3,461,680$2,596,642$7,643,672
78$9,281,703$3,558,870$2,611,197$8,288,967
79$10,153,723$3,658,541$2,623,958$8,996,287
80$11,112,335$3,760,741$2,634,793$9,771,856
81$12,166,298$3,865,523$2,643,564$10,622,530
82$13,325,261$3,972,934$2,650,124$11,555,862
83$14,599,856$4,083,025$2,654,321$12,580,174
84$16,001,794$4,195,847$2,655,994$13,704,631
85$17,543,982$4,311,448$2,654,975$14,939,333
86$19,240,639$4,429,880$2,651,087$16,295,407
87$21,107,430$4,551,190$2,644,144$17,785,110
88$23,161,618$4,675,428$2,633,953$19,421,949
89$25,422,221$4,802,643$2,620,309$21,220,804
90$27,910,197$4,932,881$2,602,998$23,198,071
91$30,648,636$5,066,192$2,581,798$25,371,813
92$33,662,981$5,202,619$2,556,472$27,761,935
93$36,981,268$5,342,210$2,526,776$30,390,368
94$40,634,386$5,485,007$2,492,452$33,281,277
95$44,656,375$5,631,054$2,453,231$36,461,287
96$49,084,741$5,780,391$2,408,830$39,959,738
97$53,960,813$5,933,059$2,358,954$43,808,957
98$59,330,131$6,089,094$2,303,295$48,044,566
99$65,242,877$6,248,532$2,241,528$52,705,818
100$71,754,347$6,411,407$2,173,315$57,835,965