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%14.7%
1 years$199,841$198,061$196,325$194,629$192,974$189,233
2 years$98,931$97,089$95,303$93,572$91,892$88,138
3 years$65,299$63,449$61,667$59,952$58,300$54,650
4 years$48,486$46,641$44,878$43,192$41,580$38,063
5 years$38,401$36,567$34,827$33,176$31,609$28,233
6 years$31,680$29,860$28,146$26,531$25,011$21,782
7 years$26,881$25,076$23,389$21,813$20,341$17,258
8 years$23,283$21,495$19,836$18,298$16,874$13,938
9 years$20,487$18,715$17,085$15,586$14,211$11,419
10 years$18,251$16,497$14,895$13,435$12,108$9,458
11 years$16,423$14,686$13,113$11,693$10,413$7,901
12 years$14,900$13,181$11,638$10,256$9,024$6,647
13 years$13,613$11,912$10,397$9,055$7,869$5,623
14 years$12,510$10,828$9,342$8,038$6,898$4,778
15 years$11,556$9,891$8,435$7,168$6,074$4,076
16 years$10,722$9,075$7,647$6,418$5,368$3,488
17 years$9,986$8,358$6,959$5,767$4,760$2,993
18 years$9,333$7,723$6,352$5,197$4,232$2,574
19 years$8,749$7,158$5,815$4,696$3,772$2,218
20 years$8,225$6,651$5,337$4,253$3,369$1,914
21 years$7,751$6,195$4,909$3,860$3,015$1,654
22 years$7,320$5,783$4,524$3,510$2,703$1,431
23 years$6,928$5,409$4,177$3,196$2,426$1,240
24 years$6,569$5,068$3,863$2,915$2,181$1,075
25 years$6,239$4,756$3,578$2,662$1,962$932
26 years$5,935$4,470$3,319$2,434$1,767$809
27 years$5,654$4,207$3,082$2,228$1,594$703
28 years$5,394$3,964$2,865$2,041$1,438$611
29 years$5,152$3,739$2,666$1,872$1,298$531
30 years$4,926$3,531$2,483$1,718$1,173$462
31 years$4,716$3,338$2,315$1,578$1,061$402
32 years$4,519$3,159$2,160$1,450$959$350
33 years$4,334$2,991$2,017$1,334$868$304
34 years$4,160$2,835$1,884$1,227$786$265
35 years$3,997$2,689$1,762$1,129$712$231
36 years$3,844$2,552$1,648$1,040$645$201
37 years$3,698$2,424$1,543$958$585$175
38 years$3,561$2,304$1,445$883$530$153
39 years$3,432$2,191$1,353$815$481$133
40 years$3,309$2,084$1,269$751$436$116
41 years$3,192$1,984$1,190$693$396$101
42 years$3,081$1,890$1,116$640$359$88
43 years$2,976$1,800$1,047$591$326$77
44 years$2,875$1,716$983$545$296$67
45 years$2,780$1,636$923$504$268$58
46 years$2,689$1,561$867$465$244$51
47 years$2,602$1,490$814$430$221$44
48 years$2,518$1,422$765$397$201$39
49 years$2,439$1,358$719$367$183$34
50 years$2,363$1,297$676$339$166$29

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 $2,525 every year, while hoping to spend $48,497 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: 58/14/28 Blend
61$2,420,000$2,420,000$2,420,000$2,420,000
62$2,669,445$2,541,185$2,503,675$2,803,717
63$2,890,127$2,614,102$2,535,947$2,968,904
64$3,131,695$2,688,967$2,567,676$3,143,603
65$3,396,225$2,765,824$2,598,790$3,333,098
66$3,686,008$2,844,718$2,629,218$3,538,837
67$4,003,565$2,925,693$2,658,881$3,762,417
68$4,351,673$3,008,796$2,687,697$4,005,596
69$4,733,390$3,094,073$2,715,581$4,270,310
70$5,152,083$3,181,571$2,742,442$4,558,693
71$5,611,465$3,271,337$2,768,182$4,873,095
72$6,115,620$3,363,418$2,792,702$5,216,106
73$6,669,050$3,457,862$2,815,894$5,590,580
74$7,276,713$3,554,718$2,837,647$5,999,660
75$7,944,072$3,654,033$2,857,842$6,446,811
76$8,677,143$3,755,856$2,876,356$6,935,850
77$9,482,555$3,860,236$2,893,057$7,470,983
78$10,367,609$3,967,222$2,907,808$8,056,844
79$11,340,351$4,076,862$2,920,466$8,698,542
80$12,409,643$4,189,204$2,930,877$9,401,703
81$13,585,249$4,304,297$2,938,884$10,172,531
82$14,877,926$4,422,190$2,944,318$11,017,858
83$16,299,526$4,542,928$2,947,004$11,945,218
84$17,863,107$4,666,561$2,946,758$12,962,910
85$19,583,055$4,793,134$2,943,386$14,080,080
86$21,475,223$4,922,694$2,936,685$15,306,808
87$23,557,074$5,055,284$2,926,443$16,654,203
88$25,847,853$5,190,950$2,912,436$18,134,506
89$28,368,762$5,329,735$2,894,430$19,761,207
90$31,143,163$5,471,679$2,872,181$21,549,175
91$34,196,798$5,616,823$2,845,431$23,514,795
92$37,558,030$5,765,206$2,813,912$25,676,122
93$41,258,112$5,916,864$2,777,341$28,053,057
94$45,331,481$6,071,832$2,735,424$30,667,531
95$49,816,082$6,230,143$2,687,851$33,543,713
96$54,753,728$6,391,825$2,634,299$36,708,237
97$60,190,491$6,556,907$2,574,430$40,190,458
98$66,177,137$6,725,412$2,507,890$44,022,726
99$72,769,609$6,897,361$2,434,308$48,240,693
100$80,029,549$7,072,771$2,353,297$52,883,648