Can I retire at age 62 with 2,230,000?

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 $2,230,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.7%
1 years$184,151$182,511$180,911$179,349$177,823$175,820
2 years$91,164$89,466$87,821$86,225$84,678$82,661
3 years$60,172$58,467$56,826$55,245$53,723$51,755
4 years$44,679$42,980$41,355$39,801$38,316$36,412
5 years$35,386$33,696$32,093$30,571$29,127$27,294
6 years$29,193$27,516$25,936$24,448$23,047$21,286
7 years$24,771$23,108$21,553$20,100$18,744$17,055
8 years$21,455$19,808$18,278$16,861$15,550$13,934
9 years$18,878$17,246$15,743$14,362$13,095$11,551
10 years$16,818$15,202$13,725$12,380$11,158$9,685
11 years$15,133$13,533$12,084$10,775$9,596$8,193
12 years$13,730$12,147$10,724$9,451$8,316$6,981
13 years$12,544$10,977$9,581$8,344$7,251$5,984
14 years$11,528$9,978$8,609$7,407$6,357$5,154
15 years$10,649$9,115$7,772$6,605$5,597$4,457
16 years$9,880$8,363$7,047$5,914$4,946$3,868
17 years$9,202$7,702$6,412$5,314$4,386$3,366
18 years$8,600$7,117$5,854$4,789$3,900$2,937
19 years$8,062$6,596$5,359$4,327$3,476$2,568
20 years$7,579$6,129$4,918$3,919$3,105$2,249
21 years$7,142$5,709$4,524$3,557$2,778$1,974
22 years$6,746$5,329$4,169$3,234$2,490$1,734
23 years$6,384$4,984$3,850$2,945$2,236$1,525
24 years$6,053$4,670$3,560$2,686$2,009$1,343
25 years$5,749$4,382$3,297$2,453$1,808$1,184
26 years$5,469$4,119$3,058$2,243$1,629$1,044
27 years$5,210$3,876$2,840$2,053$1,468$921
28 years$4,970$3,653$2,640$1,881$1,325$814
29 years$4,747$3,446$2,457$1,725$1,196$719
30 years$4,539$3,254$2,288$1,583$1,081$636
31 years$4,345$3,076$2,133$1,454$977$562
32 years$4,164$2,911$1,990$1,336$884$498
33 years$3,994$2,757$1,858$1,229$800$440
34 years$3,834$2,613$1,736$1,131$724$390
35 years$3,683$2,478$1,623$1,041$656$345
36 years$3,542$2,352$1,519$959$594$306
37 years$3,408$2,234$1,421$883$539$271
38 years$3,282$2,123$1,331$814$488$240
39 years$3,162$2,019$1,247$751$443$213
40 years$3,049$1,921$1,169$692$402$189
41 years$2,941$1,828$1,096$639$365$167
42 years$2,839$1,741$1,028$589$331$148
43 years$2,742$1,659$965$544$300$131
44 years$2,650$1,581$906$502$272$117
45 years$2,561$1,508$850$464$247$103
46 years$2,477$1,439$799$429$225$92
47 years$2,397$1,373$750$396$204$81
48 years$2,321$1,311$705$366$185$72
49 years$2,247$1,252$663$338$168$64
50 years$2,177$1,195$623$313$153$57

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,230,000, adding $6,372 every year, while hoping to spend $37,828 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: 48/37/15 Blend
61$2,230,000$2,230,000$2,230,000$2,230,000
62$2,464,033$2,345,843$2,311,278$2,571,699
63$2,675,115$2,420,540$2,348,457$2,721,485
64$2,906,461$2,497,630$2,385,614$2,879,630
65$3,160,095$2,577,190$2,422,707$3,050,517
66$3,438,252$2,659,299$2,459,695$3,235,351
67$3,743,389$2,744,040$2,496,530$3,435,457
68$4,078,214$2,831,498$2,533,164$3,652,295
69$4,445,712$2,921,761$2,569,544$3,887,466
70$4,849,167$3,014,919$2,605,616$4,142,738
71$5,292,199$3,111,067$2,641,321$4,420,051
72$5,778,795$3,210,302$2,676,598$4,721,543
73$6,313,348$3,312,723$2,711,380$5,049,566
74$6,900,697$3,418,434$2,745,599$5,406,709
75$7,546,173$3,527,541$2,779,180$5,795,822
76$8,255,647$3,640,155$2,812,047$6,220,042
77$9,035,590$3,756,390$2,844,118$6,682,823
78$9,893,130$3,876,363$2,875,306$7,187,969
79$10,836,121$4,000,196$2,905,520$7,739,666
80$11,873,214$4,128,014$2,934,664$8,342,525
81$13,013,942$4,259,948$2,962,636$9,001,623
82$14,268,809$4,396,130$2,989,329$9,722,552
83$15,649,387$4,536,700$3,014,631$10,511,469
84$17,168,427$4,681,800$3,038,423$11,375,157
85$18,839,977$4,831,579$3,060,581$12,321,084
86$20,679,516$4,986,188$3,080,972$13,357,477
87$22,704,101$5,145,786$3,099,459$14,493,399
88$24,932,526$5,310,535$3,115,897$15,738,831
89$27,385,496$5,480,605$3,130,132$17,104,769
90$30,085,830$5,656,167$3,142,005$18,603,324
91$33,058,669$5,837,404$3,151,346$20,247,839
92$36,331,716$6,024,499$3,157,979$22,053,014
93$39,935,497$6,217,646$3,161,718$24,035,040
94$43,903,649$6,417,042$3,162,367$26,211,758
95$48,273,237$6,622,893$3,159,722$28,602,821
96$53,085,103$6,835,410$3,153,568$31,229,883
97$58,384,250$7,054,812$3,143,680$34,116,798
98$64,220,271$7,281,326$3,129,821$37,289,850
99$70,647,813$7,515,185$3,111,743$40,777,999
100$77,727,092$7,756,630$3,089,189$44,613,149