Can I retire at age 62 with 2,430,000?

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 $2,430,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11%
1 years$200,667$198,880$197,136$195,434$193,772$192,955
2 years$99,340$97,490$95,697$93,958$92,272$91,448
3 years$65,569$63,711$61,922$60,200$58,541$57,735
4 years$48,687$46,834$45,064$43,371$41,752$40,969
5 years$38,560$36,719$34,971$33,313$31,739$30,983
6 years$31,811$29,983$28,262$26,641$25,114$24,385
7 years$26,992$25,180$23,486$21,903$20,425$19,723
8 years$23,380$21,584$19,918$18,374$16,944$16,270
9 years$20,571$18,793$17,155$15,650$14,269$13,623
10 years$18,326$16,565$14,956$13,491$12,158$11,539
11 years$16,490$14,747$13,167$11,741$10,457$9,864
12 years$14,962$13,236$11,686$10,298$9,061$8,495
13 years$13,669$11,961$10,440$9,092$7,902$7,361
14 years$12,562$10,873$9,381$8,071$6,927$6,412
15 years$11,604$9,932$8,469$7,198$6,099$5,608
16 years$10,766$9,113$7,679$6,445$5,390$4,924
17 years$10,027$8,392$6,987$5,791$4,779$4,336
18 years$9,372$7,755$6,379$5,218$4,249$3,829
19 years$8,786$7,187$5,839$4,715$3,788$3,389
20 years$8,259$6,679$5,359$4,271$3,383$3,005
21 years$7,783$6,221$4,929$3,876$3,028$2,670
22 years$7,351$5,807$4,543$3,524$2,714$2,376
23 years$6,957$5,431$4,195$3,209$2,436$2,117
24 years$6,596$5,089$3,879$2,927$2,190$1,888
25 years$6,265$4,775$3,593$2,673$1,970$1,686
26 years$5,960$4,488$3,332$2,444$1,775$1,507
27 years$5,677$4,224$3,094$2,237$1,600$1,349
28 years$5,416$3,980$2,877$2,050$1,444$1,207
29 years$5,173$3,755$2,677$1,880$1,304$1,082
30 years$4,946$3,546$2,494$1,725$1,178$970
31 years$4,735$3,352$2,325$1,584$1,065$870
32 years$4,537$3,172$2,169$1,456$963$780
33 years$4,352$3,004$2,025$1,339$872$700
34 years$4,178$2,847$1,892$1,232$789$629
35 years$4,014$2,700$1,769$1,134$715$565
36 years$3,859$2,563$1,655$1,045$648$508
37 years$3,714$2,434$1,549$962$587$456
38 years$3,576$2,313$1,451$887$532$410
39 years$3,446$2,200$1,359$818$483$369
40 years$3,322$2,093$1,274$754$438$332
41 years$3,205$1,992$1,194$696$397$298
42 years$3,094$1,897$1,120$642$360$268
43 years$2,988$1,808$1,051$593$327$241
44 years$2,887$1,723$987$548$297$217
45 years$2,791$1,643$927$506$270$196
46 years$2,700$1,568$870$467$245$176
47 years$2,612$1,496$818$432$222$158
48 years$2,529$1,428$768$399$202$143
49 years$2,449$1,364$722$369$183$128
50 years$2,373$1,303$679$341$166$116

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,430,000, adding $3,297 every year, while hoping to spend $55,769 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: 51/32/17 Blend
61$2,430,000$2,430,000$2,430,000$2,430,000
62$2,681,261$2,552,471$2,514,806$2,805,325
63$2,895,412$2,618,204$2,539,714$2,956,728
64$3,129,537$2,685,289$2,563,588$3,115,162
65$3,385,615$2,753,733$2,586,333$3,286,196
66$3,665,824$2,823,543$2,607,851$3,471,039
67$3,972,562$2,894,721$2,628,039$3,671,023
68$4,308,473$2,967,271$2,646,787$3,887,614
69$4,676,463$3,041,194$2,663,981$4,122,428
70$5,079,737$3,116,487$2,679,499$4,377,242
71$5,521,823$3,193,148$2,693,215$4,654,017
72$6,006,606$3,271,169$2,704,995$4,954,910
73$6,538,366$3,350,542$2,714,698$5,282,300
74$7,121,816$3,431,256$2,722,177$5,638,806
75$7,762,149$3,513,296$2,727,278$6,027,314
76$8,465,085$3,596,643$2,729,839$6,451,005
77$9,236,922$3,681,278$2,729,687$6,913,382
78$10,084,602$3,767,174$2,726,645$7,418,306
79$11,015,769$3,854,302$2,720,525$7,970,030
80$12,038,844$3,942,630$2,711,130$8,573,244
81$13,163,107$4,032,120$2,698,253$9,233,112
82$14,398,777$4,122,727$2,681,678$9,955,326
83$15,757,117$4,214,405$2,661,178$10,746,160
84$17,250,531$4,307,100$2,636,517$11,612,527
85$18,892,689$4,400,751$2,607,444$12,562,045
86$20,698,649$4,495,294$2,573,699$13,603,109
87$22,685,003$4,590,654$2,535,009$14,744,972
88$24,870,030$4,686,753$2,491,088$15,997,832
89$27,273,871$4,783,502$2,441,638$17,372,925
90$29,918,717$4,880,805$2,386,344$18,882,637
91$32,829,020$4,978,558$2,324,880$20,540,616
92$36,031,719$5,076,647$2,256,903$22,361,907
93$39,556,499$5,174,947$2,182,053$24,363,088
94$43,436,066$5,273,324$2,099,957$26,562,430
95$47,706,462$5,371,633$2,010,222$28,980,071
96$52,407,395$5,469,717$1,912,438$31,638,204
97$57,582,621$5,567,406$1,806,177$34,561,289
98$63,280,356$5,664,516$1,690,991$37,776,284
99$69,553,724$5,760,850$1,566,412$41,312,898
100$76,461,268$5,856,195$1,431,951$45,203,876