Can I retire at age 62 with 2,370,000?

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 $2,370,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.3%
1 years$195,712$193,969$192,268$190,608$188,987$181,920
2 years$96,887$95,083$93,334$91,639$89,994$82,955
3 years$63,950$62,138$60,393$58,714$57,096$50,306
4 years$47,484$45,678$43,951$42,300$40,721$34,233
5 years$37,608$35,812$34,108$32,490$30,956$24,785
6 years$31,025$29,243$27,564$25,983$24,494$18,646
7 years$26,326$24,558$22,906$21,362$19,920$14,393
8 years$22,802$21,051$19,426$17,920$16,526$11,314
9 years$20,064$18,329$16,732$15,264$13,917$9,014
10 years$17,874$16,156$14,587$13,158$11,858$7,254
11 years$16,083$14,383$12,842$11,451$10,198$5,884
12 years$14,592$12,909$11,397$10,044$8,838$4,802
13 years$13,332$11,666$10,183$8,867$7,707$3,938
14 years$12,252$10,604$9,149$7,872$6,756$3,242
15 years$11,317$9,687$8,260$7,020$5,948$2,678
16 years$10,500$8,888$7,489$6,286$5,257$2,217
17 years$9,780$8,185$6,815$5,648$4,661$1,840
18 years$9,140$7,564$6,221$5,090$4,145$1,529
19 years$8,569$7,010$5,695$4,599$3,694$1,273
20 years$8,055$6,514$5,227$4,165$3,300$1,061
21 years$7,591$6,067$4,808$3,780$2,953$885
22 years$7,169$5,664$4,431$3,437$2,647$739
23 years$6,785$5,297$4,091$3,130$2,376$617
24 years$6,433$4,963$3,784$2,855$2,136$516
25 years$6,110$4,658$3,504$2,607$1,922$431
26 years$5,813$4,377$3,250$2,384$1,731$361
27 years$5,537$4,120$3,018$2,182$1,561$302
28 years$5,282$3,882$2,806$1,999$1,408$253
29 years$5,045$3,662$2,611$1,833$1,272$212
30 years$4,824$3,458$2,432$1,683$1,149$177
31 years$4,618$3,269$2,267$1,545$1,039$148
32 years$4,425$3,094$2,115$1,420$940$124
33 years$4,244$2,930$1,975$1,306$850$104
34 years$4,074$2,777$1,845$1,202$770$87
35 years$3,915$2,634$1,725$1,106$697$73
36 years$3,764$2,500$1,614$1,019$632$61
37 years$3,622$2,374$1,511$939$573$51
38 years$3,488$2,256$1,415$865$519$43
39 years$3,361$2,145$1,325$798$471$36
40 years$3,240$2,041$1,242$736$427$30
41 years$3,126$1,943$1,165$679$387$25
42 years$3,017$1,851$1,093$626$352$21
43 years$2,914$1,763$1,025$578$319$18
44 years$2,816$1,681$963$534$290$15
45 years$2,722$1,603$904$493$263$12
46 years$2,633$1,529$849$456$239$10
47 years$2,548$1,459$797$421$217$9
48 years$2,466$1,393$749$389$197$7
49 years$2,388$1,330$704$359$179$6
50 years$2,314$1,271$662$332$162$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,370,000, adding $5,378 every year, while hoping to spend $45,122 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: 48/29/23 Blend
61$2,370,000$2,370,000$2,370,000$2,370,000
62$2,617,287$2,491,677$2,454,942$2,725,592
63$2,836,241$2,565,760$2,489,174$2,875,880
64$3,076,016$2,641,961$2,523,039$3,034,049
65$3,338,688$2,720,335$2,556,479$3,204,894
66$3,626,543$2,800,941$2,589,430$3,389,626
67$3,942,100$2,883,836$2,621,826$3,589,578
68$4,288,132$2,969,082$2,653,594$3,806,221
69$4,667,693$3,056,738$2,684,661$4,041,169
70$5,084,148$3,146,868$2,714,947$4,296,204
71$5,541,201$3,239,536$2,744,369$4,573,284
72$6,042,937$3,334,806$2,772,838$4,874,569
73$6,593,850$3,432,744$2,800,262$5,202,434
74$7,198,894$3,533,420$2,826,542$5,559,498
75$7,863,525$3,636,902$2,851,575$5,948,643
76$8,593,755$3,743,260$2,875,253$6,373,044
77$9,396,204$3,852,567$2,897,460$6,836,199
78$10,278,169$3,964,895$2,918,078$7,341,961
79$11,247,687$4,080,318$2,936,977$7,894,573
80$12,313,611$4,198,914$2,954,026$8,498,711
81$13,485,697$4,320,759$2,969,084$9,159,525
82$14,774,693$4,445,931$2,982,003$9,882,689
83$16,192,440$4,574,510$2,992,629$10,674,455
84$17,751,986$4,706,578$3,000,799$11,541,710
85$19,467,705$4,842,217$3,006,342$12,492,042
86$21,355,435$4,981,509$3,009,078$13,533,813
87$23,432,627$5,124,541$3,008,820$14,676,233
88$25,718,510$5,271,398$3,005,370$15,929,455
89$28,234,268$5,422,167$2,998,521$17,304,660
90$31,003,247$5,576,937$2,988,055$18,814,174
91$34,051,168$5,735,797$2,973,744$20,471,575
92$37,406,373$5,898,836$2,955,350$22,291,826
93$41,100,091$6,066,148$2,932,623$24,291,414
94$45,166,734$6,237,822$2,905,299$26,488,507
95$49,644,219$6,413,954$2,873,105$28,903,127
96$54,574,328$6,594,636$2,835,753$31,557,333
97$60,003,100$6,779,964$2,792,940$34,475,435
98$65,981,265$6,970,031$2,744,353$37,684,224
99$72,564,725$7,164,934$2,689,660$41,213,219
100$79,815,079$7,364,768$2,628,516$45,094,951