Can I retire at age 62 with 2,440,000?

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 $2,440,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16%
1 years$201,493$199,698$197,947$196,238$194,569$189,788
2 years$99,749$97,891$96,091$94,345$92,652$87,865
3 years$65,839$63,973$62,177$60,448$58,782$54,139
4 years$48,887$47,027$45,249$43,549$41,924$37,459
5 years$38,719$36,870$35,115$33,450$31,870$27,597
6 years$31,942$30,107$28,378$26,750$25,218$21,141
7 years$27,103$25,284$23,582$21,993$20,509$16,628
8 years$23,476$21,673$20,000$18,449$17,014$13,328
9 years$20,656$18,870$17,226$15,715$14,328$10,834
10 years$18,402$16,633$15,018$13,546$12,208$8,901
11 years$16,558$14,807$13,221$11,789$10,500$7,375
12 years$15,023$13,290$11,734$10,341$9,099$6,152
13 years$13,725$12,011$10,483$9,129$7,934$5,159
14 years$12,614$10,917$9,419$8,104$6,955$4,346
15 years$11,651$9,973$8,504$7,227$6,124$3,674
16 years$10,810$9,150$7,710$6,471$5,412$3,115
17 years$10,069$8,427$7,016$5,814$4,799$2,648
18 years$9,410$7,787$6,405$5,240$4,267$2,256
19 years$8,822$7,217$5,863$4,735$3,803$1,925
20 years$8,293$6,706$5,381$4,288$3,397$1,645
21 years$7,815$6,247$4,950$3,892$3,040$1,408
22 years$7,381$5,831$4,562$3,539$2,725$1,206
23 years$6,985$5,454$4,212$3,223$2,446$1,034
24 years$6,623$5,110$3,895$2,939$2,199$887
25 years$6,291$4,795$3,608$2,684$1,978$762
26 years$5,984$4,507$3,346$2,454$1,782$654
27 years$5,701$4,241$3,107$2,247$1,607$562
28 years$5,438$3,997$2,889$2,058$1,450$484
29 years$5,194$3,770$2,688$1,888$1,309$416
30 years$4,967$3,561$2,504$1,732$1,183$358
31 years$4,754$3,366$2,334$1,591$1,069$308
32 years$4,556$3,185$2,178$1,462$967$265
33 years$4,370$3,016$2,033$1,345$875$228
34 years$4,195$2,859$1,900$1,237$793$197
35 years$4,030$2,711$1,776$1,139$718$169
36 years$3,875$2,573$1,662$1,049$650$146
37 years$3,729$2,444$1,555$966$590$126
38 years$3,591$2,323$1,457$891$534$108
39 years$3,460$2,209$1,365$821$485$93
40 years$3,336$2,102$1,279$758$440$80
41 years$3,218$2,000$1,199$699$399$69
42 years$3,106$1,905$1,125$645$362$60
43 years$3,000$1,815$1,056$595$328$51
44 years$2,899$1,730$991$550$298$44
45 years$2,803$1,650$930$508$271$38
46 years$2,711$1,574$874$469$246$33
47 years$2,623$1,502$821$433$223$28
48 years$2,539$1,434$772$400$203$24
49 years$2,459$1,369$725$370$184$21
50 years$2,382$1,308$682$342$167$18

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,440,000, adding $6,233 every year, while hoping to spend $52,973 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: 44/38/18 Blend
61$2,440,000$2,440,000$2,440,000$2,440,000
62$2,695,309$2,565,989$2,528,169$2,799,625
63$2,913,868$2,635,360$2,556,500$2,942,888
64$3,152,944$2,706,354$2,584,005$3,092,351
65$3,414,575$2,778,996$2,610,599$3,253,242
66$3,701,003$2,853,308$2,636,196$3,426,640
67$4,014,698$2,929,313$2,660,701$3,613,736
68$4,358,380$3,007,032$2,684,017$3,815,838
69$4,735,044$3,086,486$2,706,041$4,034,389
70$5,147,990$3,167,695$2,726,665$4,270,975
71$5,600,850$3,250,677$2,745,773$4,527,344
72$6,097,626$3,335,450$2,763,246$4,805,422
73$6,642,727$3,422,030$2,778,958$5,107,328
74$7,241,007$3,510,431$2,792,774$5,435,399
75$7,897,814$3,600,667$2,804,557$5,792,207
76$8,619,039$3,692,748$2,814,158$6,180,586
77$9,411,173$3,786,684$2,821,423$6,603,656
78$10,281,363$3,882,482$2,826,192$7,064,859
79$11,237,485$3,980,147$2,828,293$7,567,982
80$12,288,216$4,079,682$2,827,548$8,117,201
81$13,443,114$4,181,085$2,823,770$8,717,116
82$14,712,708$4,284,355$2,816,763$9,372,794
83$16,108,600$4,389,484$2,806,320$10,089,821
84$17,643,572$4,496,464$2,792,227$10,874,350
85$19,331,706$4,605,280$2,774,256$11,733,162
86$21,188,517$4,715,916$2,752,170$12,673,730
87$23,231,099$4,828,349$2,725,722$13,704,287
88$25,478,287$4,942,554$2,694,650$14,833,908
89$27,950,834$5,058,501$2,658,681$16,072,592
90$30,671,603$5,176,152$2,617,532$17,431,358
91$33,665,790$5,295,466$2,570,902$18,922,351
92$36,961,152$5,416,396$2,518,479$20,558,953
93$40,588,277$5,538,887$2,459,936$22,355,913
94$44,580,867$5,662,878$2,394,929$24,329,486
95$48,976,058$5,788,301$2,323,102$26,497,583
96$53,814,768$5,915,081$2,244,078$28,879,946
97$59,142,086$6,043,131$2,157,466$31,498,330
98$65,007,695$6,172,360$2,062,857$34,376,714
99$71,466,338$6,302,664$1,959,821$37,541,521
100$78,578,341$6,433,931$1,847,911$41,021,872