Can I retire at age 62 with 2,420,000?

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 $2,420,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.4%
1 years$199,841$198,061$196,325$194,629$192,974$187,928
2 years$98,931$97,089$95,303$93,572$91,892$86,843
3 years$65,299$63,449$61,667$59,952$58,300$53,405
4 years$48,486$46,641$44,878$43,192$41,580$36,878
5 years$38,401$36,567$34,827$33,176$31,609$27,111
6 years$31,680$29,860$28,146$26,531$25,011$20,723
7 years$26,881$25,076$23,389$21,813$20,341$16,263
8 years$23,283$21,495$19,836$18,298$16,874$13,005
9 years$20,487$18,715$17,085$15,586$14,211$10,545
10 years$18,251$16,497$14,895$13,435$12,108$8,643
11 years$16,423$14,686$13,113$11,693$10,413$7,143
12 years$14,900$13,181$11,638$10,256$9,024$5,943
13 years$13,613$11,912$10,397$9,055$7,869$4,970
14 years$12,510$10,828$9,342$8,038$6,898$4,175
15 years$11,556$9,891$8,435$7,168$6,074$3,520
16 years$10,722$9,075$7,647$6,418$5,368$2,976
17 years$9,986$8,358$6,959$5,767$4,760$2,522
18 years$9,333$7,723$6,352$5,197$4,232$2,142
19 years$8,749$7,158$5,815$4,696$3,772$1,823
20 years$8,225$6,651$5,337$4,253$3,369$1,553
21 years$7,751$6,195$4,909$3,860$3,015$1,325
22 years$7,320$5,783$4,524$3,510$2,703$1,131
23 years$6,928$5,409$4,177$3,196$2,426$967
24 years$6,569$5,068$3,863$2,915$2,181$827
25 years$6,239$4,756$3,578$2,662$1,962$708
26 years$5,935$4,470$3,319$2,434$1,767$606
27 years$5,654$4,207$3,082$2,228$1,594$519
28 years$5,394$3,964$2,865$2,041$1,438$445
29 years$5,152$3,739$2,666$1,872$1,298$382
30 years$4,926$3,531$2,483$1,718$1,173$327
31 years$4,716$3,338$2,315$1,578$1,061$281
32 years$4,519$3,159$2,160$1,450$959$241
33 years$4,334$2,991$2,017$1,334$868$207
34 years$4,160$2,835$1,884$1,227$786$177
35 years$3,997$2,689$1,762$1,129$712$152
36 years$3,844$2,552$1,648$1,040$645$131
37 years$3,698$2,424$1,543$958$585$112
38 years$3,561$2,304$1,445$883$530$96
39 years$3,432$2,191$1,353$815$481$83
40 years$3,309$2,084$1,269$751$436$71
41 years$3,192$1,984$1,190$693$396$61
42 years$3,081$1,890$1,116$640$359$52
43 years$2,976$1,800$1,047$591$326$45
44 years$2,875$1,716$983$545$296$39
45 years$2,780$1,636$923$504$268$33
46 years$2,689$1,561$867$465$244$29
47 years$2,602$1,490$814$430$221$25
48 years$2,518$1,422$765$397$201$21
49 years$2,439$1,358$719$367$183$18
50 years$2,363$1,297$676$339$166$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,420,000, adding $2,429 every year, while hoping to spend $47,586 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: 46/35/19 Blend
61$2,420,000$2,420,000$2,420,000$2,420,000
62$2,669,346$2,541,086$2,503,576$2,777,542
63$2,890,988$2,614,968$2,536,814$2,927,293
64$3,133,642$2,690,875$2,569,571$3,084,713
65$3,399,403$2,768,857$2,601,781$3,254,504
66$3,690,574$2,848,963$2,633,373$3,437,838
67$4,009,694$2,931,243$2,664,272$3,636,007
68$4,359,559$3,015,750$2,694,401$3,850,431
69$4,743,247$3,102,536$2,723,677$4,082,673
70$5,164,151$3,191,652$2,752,013$4,334,456
71$5,626,005$3,283,154$2,779,316$4,607,675
72$6,132,925$3,377,096$2,805,490$4,904,417
73$6,689,441$3,473,532$2,830,433$5,226,980
74$7,300,548$3,572,519$2,854,036$5,577,893
75$7,971,745$3,674,113$2,876,187$5,959,944
76$8,709,089$3,778,371$2,896,765$6,376,201
77$9,519,256$3,885,350$2,915,646$6,830,044
78$10,409,597$3,995,110$2,932,698$7,325,196
79$11,388,214$4,107,708$2,947,781$7,865,757
80$12,464,030$4,223,204$2,960,750$8,456,245
81$13,646,877$4,341,657$2,971,452$9,101,636
82$14,947,588$4,463,128$2,979,724$9,807,411
83$16,378,096$4,587,675$2,985,399$10,579,608
84$17,951,550$4,715,359$2,988,298$11,424,881
85$19,682,437$4,846,241$2,988,235$12,350,559
86$21,586,720$4,980,381$2,985,015$13,364,717
87$23,681,984$5,117,839$2,978,432$14,476,253
88$25,987,608$5,258,674$2,968,272$15,694,969
89$28,524,943$5,402,948$2,954,308$17,031,667
90$31,317,514$5,550,719$2,936,304$18,498,247
91$34,391,242$5,702,047$2,914,012$20,107,823
92$37,774,690$5,856,988$2,887,172$21,874,845
93$41,499,330$6,015,601$2,855,513$23,815,233
94$45,599,838$6,177,943$2,818,750$25,946,533
95$50,114,427$6,344,067$2,776,584$28,288,075
96$55,085,201$6,514,030$2,728,702$30,861,162
97$60,558,557$6,687,882$2,674,778$33,689,269
98$66,585,616$6,865,674$2,614,470$36,798,262
99$73,222,713$7,047,457$2,547,419$40,216,647
100$80,531,923$7,233,275$2,473,250$43,975,834