Can I retire at age 62 with 2,320,000?

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 $2,320,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.6%
1 years$191,583$189,877$188,212$186,587$185,000$180,748
2 years$94,843$93,077$91,365$89,705$88,095$83,835
3 years$62,601$60,827$59,119$57,475$55,891$51,756
4 years$46,483$44,714$43,024$41,408$39,862$35,883
5 years$36,814$35,056$33,388$31,805$30,303$26,491
6 years$30,371$28,626$26,983$25,435$23,977$20,338
7 years$25,770$24,040$22,423$20,911$19,500$16,033
8 years$22,321$20,607$19,016$17,542$16,177$12,881
9 years$19,640$17,942$16,379$14,942$13,624$10,495
10 years$17,497$15,815$14,279$12,880$11,608$8,645
11 years$15,744$14,079$12,571$11,209$9,983$7,181
12 years$14,284$12,637$11,157$9,832$8,651$6,006
13 years$13,050$11,420$9,968$8,680$7,544$5,050
14 years$11,994$10,380$8,956$7,705$6,613$4,265
15 years$11,078$9,483$8,086$6,872$5,823$3,616
16 years$10,278$8,700$7,331$6,153$5,146$3,075
17 years$9,573$8,013$6,671$5,528$4,563$2,621
18 years$8,947$7,404$6,090$4,982$4,057$2,239
19 years$8,388$6,862$5,575$4,502$3,616$1,917
20 years$7,885$6,376$5,116$4,077$3,230$1,643
21 years$7,431$5,939$4,706$3,700$2,891$1,410
22 years$7,018$5,544$4,337$3,365$2,591$1,212
23 years$6,642$5,185$4,005$3,064$2,326$1,042
24 years$6,298$4,858$3,704$2,795$2,090$897
25 years$5,981$4,559$3,430$2,552$1,881$773
26 years$5,690$4,285$3,182$2,334$1,694$666
27 years$5,420$4,033$2,954$2,136$1,528$574
28 years$5,171$3,800$2,746$1,957$1,378$495
29 years$4,939$3,585$2,556$1,795$1,245$428
30 years$4,723$3,386$2,381$1,647$1,125$369
31 years$4,521$3,200$2,219$1,513$1,017$319
32 years$4,332$3,028$2,071$1,390$920$275
33 years$4,155$2,868$1,933$1,278$832$238
34 years$3,989$2,718$1,807$1,176$754$205
35 years$3,832$2,578$1,689$1,083$683$178
36 years$3,685$2,447$1,580$997$618$153
37 years$3,546$2,324$1,479$919$561$133
38 years$3,414$2,209$1,385$847$508$115
39 years$3,290$2,100$1,297$781$461$99
40 years$3,172$1,998$1,216$720$418$86
41 years$3,060$1,902$1,140$665$379$74
42 years$2,954$1,811$1,070$613$344$64
43 years$2,853$1,726$1,004$566$312$55
44 years$2,756$1,645$942$523$283$48
45 years$2,665$1,569$885$483$257$41
46 years$2,577$1,497$831$446$234$36
47 years$2,494$1,428$781$412$212$31
48 years$2,414$1,363$734$381$193$27
49 years$2,338$1,302$690$352$175$23
50 years$2,265$1,244$648$325$159$20

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,320,000, adding $5,906 every year, while hoping to spend $21,748 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: 52/21/27 Blend
61$2,320,000$2,320,000$2,320,000$2,320,000
62$2,562,732$2,439,772$2,403,812$2,676,336
63$2,800,991$2,536,181$2,461,200$2,852,236
64$3,062,823$2,636,585$2,519,782$3,040,794
65$3,350,611$2,741,158$2,579,574$3,245,483
66$3,666,977$2,850,078$2,640,594$3,467,851
67$4,014,813$2,963,536$2,702,857$3,709,601
68$4,397,303$3,081,728$2,766,382$3,972,605
69$4,817,955$3,204,861$2,831,184$4,258,925
70$5,280,637$3,333,149$2,897,278$4,570,827
71$5,789,605$3,466,817$2,964,681$4,910,806
72$6,349,555$3,606,101$3,033,407$5,281,608
73$6,965,656$3,751,246$3,103,473$5,686,254
74$7,643,605$3,902,510$3,174,892$6,128,069
75$8,389,680$4,060,160$3,247,678$6,610,713
76$9,210,797$4,224,477$3,321,844$7,138,216
77$10,114,577$4,395,755$3,397,405$7,715,012
78$11,109,418$4,574,301$3,474,371$8,345,986
79$12,204,571$4,760,434$3,552,756$9,036,513
80$13,410,233$4,954,491$3,632,569$9,792,512
81$14,737,637$5,156,822$3,713,820$10,620,502
82$16,199,163$5,367,793$3,796,520$11,527,659
83$17,808,451$5,587,788$3,880,676$12,521,886
84$19,580,530$5,817,207$3,966,297$13,611,887
85$21,531,964$6,056,469$4,053,387$14,807,247
86$23,681,001$6,306,014$4,141,953$16,118,522
87$26,047,753$6,566,298$4,231,998$17,557,338
88$28,654,380$6,837,802$4,323,526$19,136,500
89$31,525,299$7,121,027$4,416,536$20,870,112
90$34,687,420$7,416,498$4,511,031$22,773,709
91$38,170,393$7,724,763$4,607,006$24,864,403
92$42,006,892$8,046,395$4,704,460$27,161,043
93$46,232,923$8,381,996$4,803,387$29,684,392
94$50,888,160$8,732,193$4,903,780$32,457,322
95$56,016,326$9,097,644$5,005,630$35,505,029
96$61,665,597$9,479,035$5,108,925$38,855,271
97$67,889,066$9,877,085$5,213,652$42,538,624
98$74,745,237$10,292,548$5,319,795$46,588,777
99$82,298,578$10,726,211$5,427,335$51,042,840
100$90,620,135$11,178,896$5,536,252$55,941,701