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%11.1%
1 years$184,977$183,329$181,722$180,153$178,621$177,793
2 years$91,573$89,867$88,215$86,612$85,057$84,222
3 years$60,442$58,729$57,081$55,493$53,964$53,147
4 years$44,880$43,172$41,540$39,980$38,488$37,695
5 years$35,545$33,848$32,237$30,708$29,258$28,492
6 years$29,324$27,639$26,052$24,558$23,151$22,412
7 years$24,882$23,211$21,649$20,190$18,828$18,117
8 years$21,552$19,896$18,360$16,937$15,619$14,937
9 years$18,963$17,323$15,814$14,427$13,154$12,500
10 years$16,893$15,270$13,787$12,436$11,208$10,581
11 years$15,201$13,594$12,138$10,823$9,639$9,040
12 years$13,792$12,201$10,772$9,493$8,353$7,781
13 years$12,600$11,026$9,624$8,381$7,284$6,738
14 years$11,580$10,022$8,647$7,440$6,385$5,865
15 years$10,696$9,156$7,807$6,635$5,622$5,126
16 years$9,924$8,400$7,078$5,941$4,969$4,498
17 years$9,243$7,736$6,441$5,338$4,406$3,958
18 years$8,639$7,149$5,880$4,810$3,917$3,493
19 years$8,099$6,625$5,383$4,347$3,491$3,089
20 years$7,613$6,157$4,940$3,937$3,119$2,738
21 years$7,174$5,735$4,544$3,573$2,791$2,430
22 years$6,776$5,353$4,188$3,249$2,502$2,161
23 years$6,413$5,007$3,867$2,959$2,246$1,924
24 years$6,080$4,691$3,576$2,698$2,018$1,715
25 years$5,775$4,402$3,312$2,464$1,816$1,530
26 years$5,494$4,137$3,072$2,253$1,636$1,367
27 years$5,234$3,894$2,853$2,062$1,475$1,222
28 years$4,992$3,669$2,652$1,890$1,331$1,093
29 years$4,768$3,461$2,468$1,733$1,202$978
30 years$4,560$3,269$2,299$1,590$1,086$876
31 years$4,365$3,090$2,143$1,461$982$785
32 years$4,182$2,924$1,999$1,342$888$704
33 years$4,012$2,769$1,867$1,234$804$631
34 years$3,851$2,624$1,744$1,136$728$567
35 years$3,700$2,489$1,631$1,045$659$509
36 years$3,558$2,363$1,526$963$597$457
37 years$3,423$2,244$1,428$887$541$410
38 years$3,296$2,132$1,337$818$491$368
39 years$3,176$2,028$1,253$754$445$331
40 years$3,062$1,929$1,174$695$404$297
41 years$2,954$1,836$1,101$642$366$267
42 years$2,852$1,749$1,033$592$332$240
43 years$2,754$1,666$969$547$302$216
44 years$2,661$1,588$910$505$274$194
45 years$2,573$1,515$854$466$248$175
46 years$2,489$1,445$802$431$226$157
47 years$2,408$1,379$754$398$205$141
48 years$2,331$1,316$708$368$186$127
49 years$2,257$1,257$666$340$169$114
50 years$2,187$1,201$626$314$153$103

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 $4,709 every year, while hoping to spend $50,704 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: 64/29/7 Blend
61$2,240,000$2,240,000$2,240,000$2,240,000
62$2,473,337$2,354,617$2,319,897$2,628,129
63$2,671,669$2,416,045$2,343,665$2,793,227
64$2,888,531$2,478,783$2,366,530$2,967,055
65$3,125,761$2,542,842$2,388,408$3,155,581
66$3,385,379$2,608,233$2,409,210$3,360,230
67$3,669,613$2,674,962$2,428,845$3,582,568
68$3,980,916$2,743,037$2,447,213$3,824,319
69$4,321,987$2,812,463$2,464,212$4,087,382
70$4,695,800$2,883,245$2,479,734$4,373,848
71$5,105,631$2,955,383$2,493,664$4,686,019
72$5,555,087$3,028,878$2,505,883$5,026,431
73$6,048,140$3,103,728$2,516,265$5,397,877
74$6,589,168$3,179,928$2,524,677$5,803,432
75$7,182,990$3,257,471$2,530,981$6,246,484
76$7,834,917$3,336,349$2,535,030$6,730,765
77$8,550,796$3,416,548$2,536,672$7,260,385
78$9,337,073$3,498,054$2,535,745$7,839,872
79$10,200,843$3,580,847$2,532,082$8,474,215
80$11,149,926$3,664,906$2,525,504$9,168,909
81$12,192,937$3,750,205$2,515,827$9,930,008
82$13,339,365$3,836,714$2,502,856$10,764,182
83$14,599,666$3,924,398$2,486,386$11,678,780
84$15,985,357$4,013,219$2,466,206$12,681,899
85$17,509,129$4,103,132$2,442,089$13,782,460
86$19,184,964$4,194,089$2,413,803$14,990,291
87$21,028,266$4,286,035$2,381,101$16,316,224
88$23,056,007$4,378,909$2,343,726$17,772,192
89$25,286,888$4,472,644$2,301,409$19,371,343
90$27,741,513$4,567,166$2,253,869$21,128,168
91$30,442,583$4,662,393$2,200,809$23,058,630
92$33,415,113$4,758,236$2,141,923$25,180,324
93$36,686,664$4,854,599$2,076,886$27,512,634
94$40,287,603$4,951,374$2,005,362$30,076,923
95$44,251,394$5,048,447$1,926,997$32,896,731
96$48,614,907$5,145,692$1,841,422$35,997,996
97$53,418,769$5,242,972$1,748,251$39,409,304
98$58,707,747$5,340,142$1,647,081$43,162,155
99$64,531,170$5,437,041$1,537,490$47,291,259
100$70,943,391$5,533,497$1,419,038$51,834,869