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

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 $2,380,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.3%
1 years$196,538$194,788$193,080$191,412$189,785$187,959
2 years$97,296$95,484$93,728$92,025$90,374$88,535
3 years$64,220$62,400$60,648$58,961$57,337$55,541
4 years$47,685$45,871$44,136$42,478$40,893$39,155
5 years$37,766$35,963$34,252$32,627$31,086$29,411
6 years$31,156$29,367$27,680$26,092$24,597$22,987
7 years$26,437$24,662$23,003$21,452$20,004$18,459
8 years$22,899$21,140$19,508$17,996$16,596$15,115
9 years$20,148$18,406$16,802$15,328$13,976$12,560
10 years$17,949$16,224$14,649$13,213$11,908$10,556
11 years$16,151$14,443$12,896$11,499$10,241$8,952
12 years$14,654$12,964$11,445$10,086$8,875$7,648
13 years$13,388$11,715$10,226$8,905$7,739$6,572
14 years$12,304$10,649$9,188$7,905$6,784$5,675
15 years$11,365$9,728$8,295$7,050$5,973$4,921
16 years$10,544$8,925$7,521$6,312$5,279$4,283
17 years$9,821$8,220$6,844$5,671$4,681$3,738
18 years$9,179$7,595$6,247$5,111$4,162$3,270
19 years$8,605$7,039$5,719$4,618$3,710$2,868
20 years$8,089$6,541$5,249$4,183$3,314$2,519
21 years$7,623$6,093$4,828$3,796$2,965$2,217
22 years$7,199$5,688$4,450$3,452$2,658$1,954
23 years$6,814$5,319$4,108$3,143$2,386$1,724
24 years$6,460$4,984$3,800$2,867$2,145$1,522
25 years$6,136$4,677$3,519$2,618$1,930$1,346
26 years$5,837$4,396$3,264$2,394$1,738$1,191
27 years$5,561$4,137$3,031$2,191$1,567$1,055
28 years$5,305$3,898$2,818$2,008$1,414$934
29 years$5,066$3,678$2,622$1,841$1,277$828
30 years$4,845$3,473$2,442$1,690$1,154$735
31 years$4,638$3,283$2,277$1,552$1,043$652
32 years$4,444$3,107$2,124$1,426$944$579
33 years$4,262$2,942$1,983$1,311$854$514
34 years$4,092$2,788$1,853$1,207$773$457
35 years$3,931$2,645$1,733$1,111$700$406
36 years$3,780$2,510$1,621$1,023$634$361
37 years$3,637$2,384$1,517$943$575$321
38 years$3,502$2,266$1,421$869$521$285
39 years$3,375$2,155$1,331$801$473$253
40 years$3,254$2,050$1,248$739$429$225
41 years$3,139$1,951$1,170$682$389$201
42 years$3,030$1,858$1,097$629$353$178
43 years$2,926$1,771$1,030$581$320$159
44 years$2,828$1,688$967$536$291$141
45 years$2,734$1,609$908$495$264$126
46 years$2,644$1,535$852$457$240$112
47 years$2,559$1,465$801$423$218$100
48 years$2,477$1,399$753$391$198$89
49 years$2,399$1,336$707$361$180$79
50 years$2,324$1,276$665$334$163$70

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 $3,086 every year, while hoping to spend $58,907 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: 40/31/29 Blend
61$2,380,000$2,380,000$2,380,000$2,380,000
62$2,625,943$2,499,803$2,462,913$2,708,390
63$2,831,113$2,559,617$2,482,744$2,828,550
64$3,055,235$2,620,387$2,501,265$2,952,786
65$3,300,182$2,682,099$2,518,370$3,086,087
66$3,568,013$2,744,734$2,533,948$3,229,322
67$3,860,995$2,808,271$2,547,880$3,383,448
68$4,181,626$2,872,686$2,560,044$3,549,522
69$4,532,657$2,937,952$2,570,310$3,728,709
70$4,917,114$3,004,038$2,578,542$3,922,292
71$5,338,333$3,070,910$2,584,596$4,131,687
72$5,799,987$3,138,527$2,588,323$4,358,455
73$6,306,118$3,206,848$2,589,565$4,604,319
74$6,861,183$3,275,825$2,588,157$4,871,177
75$7,470,088$3,345,404$2,583,924$5,161,123
76$8,138,236$3,415,528$2,576,685$5,476,465
77$8,871,581$3,486,134$2,566,249$5,819,749
78$9,676,680$3,557,152$2,552,415$6,193,785
79$10,560,754$3,628,505$2,534,974$6,601,668
80$11,531,761$3,700,112$2,513,706$7,046,812
81$12,598,466$3,771,883$2,488,380$7,532,984
82$13,770,525$3,843,720$2,458,756$8,064,337
83$15,058,574$3,915,519$2,424,580$8,645,448
84$16,474,334$3,987,164$2,385,589$9,281,368
85$18,030,714$4,058,533$2,341,504$9,977,664
86$19,741,939$4,129,493$2,292,036$10,740,478
87$21,623,679$4,199,901$2,236,882$11,576,580
88$23,693,201$4,269,603$2,175,725$12,493,435
89$25,969,528$4,338,434$2,108,232$13,499,275
90$28,473,618$4,406,215$2,034,055$14,603,179
91$31,228,563$4,472,756$1,952,833$15,815,154
92$34,259,809$4,537,853$1,864,185$17,146,235
93$37,595,388$4,601,286$1,767,713$18,608,591
94$41,266,190$4,662,822$1,663,004$20,215,638
95$45,306,250$4,722,209$1,549,624$21,982,166
96$49,753,070$4,779,180$1,427,119$23,924,484
97$54,647,972$4,833,448$1,295,016$26,060,572
98$60,036,486$4,884,708$1,152,820$28,410,252
99$65,968,783$4,932,634$1,000,015$30,995,380
100$72,500,144$4,976,879$836,061$33,840,049