Can I retire at age 62 with 2,240,000?

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 $2,240,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.8%
1 years$184,977$183,329$181,722$180,153$178,621$175,086
2 years$91,573$89,867$88,215$86,612$85,057$81,511
3 years$60,442$58,729$57,081$55,493$53,964$50,517
4 years$44,880$43,172$41,540$39,980$38,488$35,166
5 years$35,545$33,848$32,237$30,708$29,258$26,071
6 years$29,324$27,639$26,052$24,558$23,151$20,103
7 years$24,882$23,211$21,649$20,190$18,828$15,919
8 years$21,552$19,896$18,360$16,937$15,619$12,849
9 years$18,963$17,323$15,814$14,427$13,154$10,520
10 years$16,893$15,270$13,787$12,436$11,208$8,708
11 years$15,201$13,594$12,138$10,823$9,639$7,270
12 years$13,792$12,201$10,772$9,493$8,353$6,112
13 years$12,600$11,026$9,624$8,381$7,284$5,167
14 years$11,580$10,022$8,647$7,440$6,385$4,388
15 years$10,696$9,156$7,807$6,635$5,622$3,741
16 years$9,924$8,400$7,078$5,941$4,969$3,199
17 years$9,243$7,736$6,441$5,338$4,406$2,743
18 years$8,639$7,149$5,880$4,810$3,917$2,357
19 years$8,099$6,625$5,383$4,347$3,491$2,029
20 years$7,613$6,157$4,940$3,937$3,119$1,750
21 years$7,174$5,735$4,544$3,573$2,791$1,511
22 years$6,776$5,353$4,188$3,249$2,502$1,307
23 years$6,413$5,007$3,867$2,959$2,246$1,131
24 years$6,080$4,691$3,576$2,698$2,018$980
25 years$5,775$4,402$3,312$2,464$1,816$849
26 years$5,494$4,137$3,072$2,253$1,636$737
27 years$5,234$3,894$2,853$2,062$1,475$639
28 years$4,992$3,669$2,652$1,890$1,331$555
29 years$4,768$3,461$2,468$1,733$1,202$482
30 years$4,560$3,269$2,299$1,590$1,086$419
31 years$4,365$3,090$2,143$1,461$982$364
32 years$4,182$2,924$1,999$1,342$888$317
33 years$4,012$2,769$1,867$1,234$804$275
34 years$3,851$2,624$1,744$1,136$728$240
35 years$3,700$2,489$1,631$1,045$659$208
36 years$3,558$2,363$1,526$963$597$181
37 years$3,423$2,244$1,428$887$541$158
38 years$3,296$2,132$1,337$818$491$137
39 years$3,176$2,028$1,253$754$445$120
40 years$3,062$1,929$1,174$695$404$104
41 years$2,954$1,836$1,101$642$366$91
42 years$2,852$1,749$1,033$592$332$79
43 years$2,754$1,666$969$547$302$69
44 years$2,661$1,588$910$505$274$60
45 years$2,573$1,515$854$466$248$52
46 years$2,489$1,445$802$431$226$45
47 years$2,408$1,379$754$398$205$40
48 years$2,331$1,316$708$368$186$34
49 years$2,257$1,257$666$340$169$30
50 years$2,187$1,201$626$314$153$26

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,240,000, adding $3,501 every year, while hoping to spend $42,514 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: 84/9/7 Blend
61$2,240,000$2,240,000$2,240,000$2,240,000
62$2,472,091$2,353,371$2,318,651$2,677,956
63$2,679,010$2,423,452$2,351,092$2,882,975
64$2,905,610$2,495,542$2,383,194$3,101,994
65$3,153,853$2,569,694$2,414,901$3,341,218
66$3,425,900$2,645,964$2,446,155$3,602,649
67$3,724,133$2,724,407$2,476,892$3,888,491
68$4,051,172$2,805,080$2,507,046$4,201,172
69$4,409,906$2,888,043$2,536,546$4,543,365
70$4,803,514$2,973,355$2,565,318$4,918,014
71$5,235,499$3,061,077$2,593,283$5,328,363
72$5,709,721$3,151,270$2,620,359$5,777,984
73$6,230,430$3,244,000$2,646,459$6,270,810
74$6,802,308$3,339,330$2,671,489$6,811,177
75$7,430,514$3,437,328$2,695,354$7,403,858
76$8,120,729$3,538,060$2,717,952$8,054,113
77$8,879,214$3,641,595$2,739,173$8,767,734
78$9,712,865$3,748,004$2,758,907$9,551,105
79$10,629,279$3,857,358$2,777,032$10,411,256
80$11,636,827$3,969,730$2,793,424$11,355,934
81$12,744,730$4,085,194$2,807,951$12,393,673
82$13,963,150$4,203,826$2,820,474$13,533,876
83$15,303,280$4,325,702$2,830,849$14,786,902
84$16,777,453$4,450,900$2,838,921$16,164,164
85$18,399,260$4,579,500$2,844,531$17,678,237
86$20,183,671$4,711,583$2,847,510$19,342,977
87$22,147,185$4,847,229$2,847,681$21,173,650
88$24,307,977$4,986,523$2,844,858$23,187,076
89$26,686,077$5,129,549$2,838,846$25,401,789
90$29,303,551$5,276,391$2,829,442$27,838,211
91$32,184,716$5,427,137$2,816,431$30,518,842
92$35,356,363$5,581,873$2,799,588$33,468,477
93$38,848,017$5,740,689$2,778,678$36,714,436
94$42,692,206$5,903,674$2,753,455$40,286,821
95$46,924,775$6,070,919$2,723,661$44,218,805
96$51,585,223$6,242,514$2,689,024$48,546,938
97$56,717,071$6,418,553$2,649,261$53,311,497
98$62,368,277$6,599,127$2,604,077$58,556,863
99$68,591,688$6,784,330$2,553,159$64,331,941
100$75,445,534$6,974,257$2,496,185$70,690,621