Can I retire at age 62 with 2,380,000?

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 $2,380,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.3%
1 years$196,538$194,788$193,080$191,412$189,785$184,896
2 years$97,296$95,484$93,728$92,025$90,374$85,482
3 years$64,220$62,400$60,648$58,961$57,337$52,594
4 years$47,685$45,871$44,136$42,478$40,893$36,335
5 years$37,766$35,963$34,252$32,627$31,086$26,727
6 years$31,156$29,367$27,680$26,092$24,597$20,440
7 years$26,437$24,662$23,003$21,452$20,004$16,050
8 years$22,899$21,140$19,508$17,996$16,596$12,842
9 years$20,148$18,406$16,802$15,328$13,976$10,420
10 years$17,949$16,224$14,649$13,213$11,908$8,545
11 years$16,151$14,443$12,896$11,499$10,241$7,067
12 years$14,654$12,964$11,445$10,086$8,875$5,883
13 years$13,388$11,715$10,226$8,905$7,739$4,924
14 years$12,304$10,649$9,188$7,905$6,784$4,139
15 years$11,365$9,728$8,295$7,050$5,973$3,492
16 years$10,544$8,925$7,521$6,312$5,279$2,954
17 years$9,821$8,220$6,844$5,671$4,681$2,506
18 years$9,179$7,595$6,247$5,111$4,162$2,130
19 years$8,605$7,039$5,719$4,618$3,710$1,813
20 years$8,089$6,541$5,249$4,183$3,314$1,546
21 years$7,623$6,093$4,828$3,796$2,965$1,320
22 years$7,199$5,688$4,450$3,452$2,658$1,128
23 years$6,814$5,319$4,108$3,143$2,386$965
24 years$6,460$4,984$3,800$2,867$2,145$826
25 years$6,136$4,677$3,519$2,618$1,930$707
26 years$5,837$4,396$3,264$2,394$1,738$606
27 years$5,561$4,137$3,031$2,191$1,567$520
28 years$5,305$3,898$2,818$2,008$1,414$446
29 years$5,066$3,678$2,622$1,841$1,277$383
30 years$4,845$3,473$2,442$1,690$1,154$328
31 years$4,638$3,283$2,277$1,552$1,043$282
32 years$4,444$3,107$2,124$1,426$944$242
33 years$4,262$2,942$1,983$1,311$854$208
34 years$4,092$2,788$1,853$1,207$773$179
35 years$3,931$2,645$1,733$1,111$700$153
36 years$3,780$2,510$1,621$1,023$634$132
37 years$3,637$2,384$1,517$943$575$113
38 years$3,502$2,266$1,421$869$521$97
39 years$3,375$2,155$1,331$801$473$84
40 years$3,254$2,050$1,248$739$429$72
41 years$3,139$1,951$1,170$682$389$62
42 years$3,030$1,858$1,097$629$353$53
43 years$2,926$1,771$1,030$581$320$46
44 years$2,828$1,688$967$536$291$39
45 years$2,734$1,609$908$495$264$34
46 years$2,644$1,535$852$457$240$29
47 years$2,559$1,465$801$423$218$25
48 years$2,477$1,399$753$391$198$21
49 years$2,399$1,336$707$361$180$18
50 years$2,324$1,276$665$334$163$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,380,000, adding $3,786 every year, while hoping to spend $22,654 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: 77/5/18 Blend
61$2,380,000$2,380,000$2,380,000$2,380,000
62$2,626,665$2,500,525$2,463,635$2,817,953
63$2,870,481$2,598,947$2,522,063$3,043,310
64$3,138,408$2,701,433$2,581,690$3,287,190
65$3,432,879$2,808,157$2,642,530$3,554,045
66$3,756,579$2,919,303$2,704,601$3,846,164
67$4,112,462$3,035,061$2,767,918$4,166,068
68$4,503,787$3,155,632$2,832,496$4,516,535
69$4,934,140$3,281,225$2,898,351$4,900,622
70$5,407,474$3,412,057$2,965,498$5,321,698
71$5,928,145$3,548,356$3,033,951$5,783,473
72$6,500,951$3,690,361$3,103,724$6,290,035
73$7,131,180$3,838,321$3,174,830$6,845,885
74$7,824,657$3,992,495$3,247,283$7,455,983
75$8,587,800$4,153,156$3,321,096$8,125,792
76$9,427,683$4,320,587$3,396,280$8,861,330
77$10,352,097$4,495,087$3,472,846$9,669,227
78$11,369,629$4,676,964$3,550,804$10,556,788
79$12,489,741$4,866,545$3,630,166$11,532,060
80$13,722,857$5,064,168$3,710,939$12,603,908
81$15,080,465$5,270,188$3,793,131$13,782,101
82$16,575,221$5,484,977$3,876,750$15,077,398
83$18,221,074$5,708,921$3,961,802$16,501,657
84$20,033,392$5,942,427$4,048,291$18,067,941
85$22,029,110$6,185,918$4,136,221$19,790,644
86$24,226,890$6,439,838$4,225,594$21,685,622
87$26,647,293$6,704,651$4,316,412$23,770,351
88$29,312,979$6,980,841$4,408,675$26,064,081
89$32,248,917$7,268,916$4,502,379$28,588,026
90$35,482,620$7,569,406$4,597,522$31,365,560
91$39,044,406$7,882,866$4,694,098$34,422,438
92$42,967,685$8,209,876$4,792,100$37,787,038
93$47,289,272$8,551,043$4,891,518$41,490,629
94$52,049,736$8,907,002$4,992,342$45,567,667
95$57,293,781$9,278,418$5,094,558$50,056,117
96$63,070,671$9,665,984$5,198,149$54,997,817
97$69,434,690$10,070,428$5,303,098$60,438,862
98$76,445,660$10,492,511$5,409,384$66,430,051
99$84,169,501$10,933,027$5,516,981$73,027,356
100$92,678,855$11,392,810$5,625,865$80,292,456