Can I retire at age 62 with 2,400,000?

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 $2,400,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.9%
1 years$198,190$196,424$194,702$193,021$191,379$189,066
2 years$98,114$96,286$94,516$92,799$91,133$88,805
3 years$64,759$62,924$61,158$59,457$57,819$55,548
4 years$48,086$46,256$44,507$42,835$41,237$39,041
5 years$38,084$36,265$34,539$32,902$31,347$29,234
6 years$31,418$29,613$27,913$26,312$24,804$22,774
7 years$26,659$24,869$23,196$21,632$20,172$18,227
8 years$23,091$21,318$19,672$18,147$16,735$14,875
9 years$20,318$18,561$16,943$15,457$14,093$12,317
10 years$18,100$16,360$14,772$13,324$12,008$10,314
11 years$16,287$14,565$13,005$11,596$10,327$8,715
12 years$14,777$13,072$11,541$10,171$8,950$7,416
13 years$13,500$11,814$10,311$8,980$7,804$6,348
14 years$12,407$10,738$9,265$7,971$6,841$5,460
15 years$11,460$9,810$8,365$7,109$6,023$4,716
16 years$10,633$9,000$7,584$6,365$5,324$4,087
17 years$9,904$8,289$6,901$5,719$4,720$3,552
18 years$9,256$7,659$6,300$5,154$4,197$3,094
19 years$8,677$7,099$5,767$4,657$3,741$2,702
20 years$8,157$6,596$5,293$4,218$3,341$2,363
21 years$7,687$6,144$4,868$3,828$2,990$2,070
22 years$7,260$5,735$4,487$3,481$2,680$1,816
23 years$6,871$5,364$4,143$3,170$2,406$1,595
24 years$6,515$5,026$3,832$2,891$2,163$1,402
25 years$6,188$4,717$3,549$2,640$1,946$1,234
26 years$5,886$4,433$3,291$2,414$1,753$1,087
27 years$5,607$4,172$3,056$2,210$1,580$958
28 years$5,349$3,931$2,841$2,025$1,426$844
29 years$5,109$3,708$2,644$1,857$1,288$745
30 years$4,885$3,502$2,463$1,704$1,163$658
31 years$4,677$3,311$2,296$1,565$1,052$581
32 years$4,481$3,133$2,142$1,438$951$513
33 years$4,298$2,967$2,000$1,323$861$453
34 years$4,126$2,812$1,869$1,217$780$401
35 years$3,964$2,667$1,747$1,120$706$354
36 years$3,812$2,531$1,634$1,032$640$313
37 years$3,668$2,404$1,530$951$580$277
38 years$3,532$2,285$1,433$876$526$245
39 years$3,403$2,173$1,342$808$477$217
40 years$3,281$2,067$1,258$745$432$192
41 years$3,165$1,968$1,180$687$392$170
42 years$3,056$1,874$1,107$634$356$150
43 years$2,951$1,785$1,038$586$323$133
44 years$2,852$1,702$975$541$293$118
45 years$2,757$1,623$915$499$266$104
46 years$2,666$1,548$860$461$242$92
47 years$2,580$1,477$808$426$219$82
48 years$2,498$1,410$759$394$199$72
49 years$2,419$1,347$713$364$181$64
50 years$2,343$1,287$671$336$164$57

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,400,000, adding $3,322 every year, while hoping to spend $38,629 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: 46/43/11 Blend
61$2,400,000$2,400,000$2,400,000$2,400,000
62$2,648,227$2,521,027$2,483,827$2,761,727
63$2,877,245$2,603,456$2,525,934$2,922,981
64$3,128,328$2,688,630$2,568,157$3,093,572
65$3,403,687$2,776,641$2,610,459$3,277,761
66$3,705,754$2,867,588$2,652,801$3,476,821
67$4,037,211$2,961,571$2,695,140$3,692,151
68$4,401,012$3,058,692$2,737,432$3,925,290
69$4,800,408$3,159,061$2,779,629$4,177,931
70$5,238,983$3,262,789$2,821,680$4,451,934
71$5,720,684$3,369,990$2,863,531$4,749,346
72$6,249,859$3,480,785$2,905,125$5,072,420
73$6,831,299$3,595,298$2,946,401$5,423,632
74$7,470,280$3,713,656$2,987,294$5,805,707
75$8,172,616$3,835,992$3,027,736$6,221,646
76$8,944,712$3,962,445$3,067,654$6,674,749
77$9,793,624$4,093,157$3,106,972$7,168,648
78$10,727,127$4,228,274$3,145,608$7,707,342
79$11,753,785$4,367,951$3,183,478$8,295,233
80$12,883,036$4,512,345$3,220,489$8,937,164
81$14,125,277$4,661,621$3,256,547$9,638,472
82$15,491,963$4,815,950$3,291,550$10,405,027
83$16,995,719$4,975,506$3,325,391$11,243,296
84$18,650,449$5,140,473$3,357,959$12,160,399
85$20,471,479$5,311,041$3,389,135$13,164,175
86$22,475,693$5,487,404$3,418,794$14,263,259
87$24,681,694$5,669,768$3,446,804$15,467,158
88$27,109,982$5,858,341$3,473,027$16,786,342
89$29,783,144$6,053,344$3,497,318$18,232,344
90$32,726,069$6,255,002$3,519,522$19,817,866
91$35,966,182$6,463,551$3,539,479$21,556,897
92$39,533,700$6,679,232$3,557,020$23,464,846
93$43,461,923$6,902,300$3,571,965$25,558,687
94$47,787,541$7,133,015$3,584,128$27,857,116
95$52,550,987$7,371,650$3,593,313$30,380,730
96$57,796,811$7,618,484$3,599,313$33,152,215
97$63,574,107$7,873,810$3,601,910$36,196,565
98$69,936,970$8,137,931$3,600,879$39,541,314
99$76,945,012$8,411,161$3,595,979$43,216,794
100$84,663,920$8,693,825$3,586,961$47,256,422