Can I retire at age 62 with 2,460,000?

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 $2,460,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%20%
1 years$203,145$201,335$199,570$197,846$196,164$188,306
2 years$100,567$98,694$96,878$95,118$93,411$85,594
3 years$66,378$64,497$62,687$60,943$59,264$51,733
4 years$49,288$47,412$45,620$43,906$42,268$35,079
5 years$39,036$37,172$35,403$33,724$32,131$25,305
6 years$32,204$30,354$28,611$26,970$25,424$18,964
7 years$27,325$25,491$23,776$22,173$20,677$14,579
8 years$23,668$21,850$20,164$18,600$17,153$11,413
9 years$20,825$19,025$17,367$15,843$14,446$9,054
10 years$18,552$16,769$15,141$13,657$12,308$7,254
11 years$16,694$14,929$13,330$11,886$10,586$5,857
12 years$15,146$13,399$11,830$10,426$9,173$4,758
13 years$13,838$12,109$10,569$9,204$7,999$3,883
14 years$12,717$11,007$9,496$8,170$7,012$3,181
15 years$11,747$10,055$8,574$7,287$6,174$2,614
16 years$10,899$9,225$7,774$6,524$5,457$2,153
17 years$10,151$8,496$7,074$5,862$4,838$1,778
18 years$9,487$7,851$6,457$5,283$4,302$1,470
19 years$8,894$7,276$5,911$4,774$3,834$1,217
20 years$8,361$6,761$5,425$4,323$3,425$1,009
21 years$7,879$6,298$4,990$3,924$3,065$837
22 years$7,441$5,879$4,599$3,568$2,747$695
23 years$7,043$5,498$4,247$3,249$2,466$577
24 years$6,678$5,152$3,927$2,963$2,217$480
25 years$6,342$4,834$3,637$2,706$1,995$399
26 years$6,033$4,544$3,374$2,474$1,797$332
27 years$5,748$4,276$3,133$2,265$1,620$276
28 years$5,483$4,029$2,912$2,075$1,462$230
29 years$5,237$3,801$2,710$1,903$1,320$191
30 years$5,007$3,590$2,524$1,746$1,193$159
31 years$4,793$3,394$2,353$1,604$1,078$133
32 years$4,593$3,211$2,196$1,474$975$111
33 years$4,405$3,041$2,050$1,356$883$92
34 years$4,229$2,882$1,916$1,247$799$77
35 years$4,063$2,734$1,791$1,148$724$64
36 years$3,907$2,595$1,675$1,057$656$53
37 years$3,760$2,464$1,568$974$594$44
38 years$3,620$2,342$1,468$898$539$37
39 years$3,488$2,227$1,376$828$489$31
40 years$3,363$2,119$1,290$764$443$26
41 years$3,245$2,017$1,209$705$402$21
42 years$3,132$1,921$1,134$650$365$18
43 years$3,025$1,830$1,064$600$331$15
44 years$2,923$1,744$999$554$301$12
45 years$2,826$1,664$938$512$273$10
46 years$2,733$1,587$881$473$248$9
47 years$2,645$1,514$828$437$225$7
48 years$2,560$1,446$778$404$204$6
49 years$2,479$1,381$731$373$186$5
50 years$2,402$1,319$687$345$169$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,460,000, adding $6,741 every year, while hoping to spend $28,117 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: 40/44/16 Blend
61$2,460,000$2,460,000$2,460,000$2,460,000
62$2,717,873$2,587,493$2,549,363$2,813,414
63$2,965,180$2,684,364$2,604,851$2,978,811
64$3,236,770$2,785,039$2,661,255$3,154,386
65$3,535,090$2,889,676$2,718,576$3,343,726
66$3,862,836$2,998,436$2,776,815$3,548,094
67$4,222,977$3,111,492$2,835,971$3,768,878
68$4,618,786$3,229,021$2,896,041$4,007,603
69$5,053,868$3,351,208$2,957,024$4,265,942
70$5,532,192$3,478,247$3,018,914$4,545,735
71$6,058,135$3,610,341$3,081,707$4,849,002
72$6,636,516$3,747,699$3,145,396$5,177,965
73$7,272,647$3,890,542$3,209,972$5,535,065
74$7,972,377$4,039,099$3,275,427$5,922,985
75$8,742,155$4,193,610$3,341,749$6,344,675
76$9,589,083$4,354,325$3,408,925$6,803,382
77$10,520,987$4,521,504$3,476,942$7,302,671
78$11,546,490$4,695,421$3,545,782$7,846,468
79$12,675,094$4,876,359$3,615,428$8,439,089
80$13,917,269$5,064,615$3,685,859$9,085,282
81$15,284,548$5,260,499$3,757,053$9,790,271
82$16,789,643$5,464,334$3,828,986$10,559,806
83$18,446,558$5,676,458$3,901,629$11,400,210
84$20,270,727$5,897,225$3,974,953$12,318,444
85$22,279,154$6,127,001$4,048,927$13,322,168
86$24,490,575$6,366,172$4,123,514$14,419,815
87$26,925,639$6,615,140$4,198,676$15,620,663
88$29,607,095$6,874,323$4,274,373$16,934,929
89$32,560,014$7,144,159$4,350,559$18,373,858
90$35,812,020$7,425,108$4,427,188$19,949,831
91$39,393,553$7,717,645$4,504,205$21,676,478
92$43,338,157$8,022,271$4,581,558$23,568,805
93$47,682,794$8,339,507$4,659,185$25,643,338
94$52,468,194$8,669,899$4,737,023$27,918,271
95$57,739,241$9,014,015$4,815,004$30,413,641
96$63,545,392$9,372,450$4,893,055$33,151,510
97$69,941,148$9,745,826$4,971,099$36,156,178
98$76,986,566$10,134,792$5,049,052$39,454,403
99$84,747,826$10,540,028$5,126,826$43,075,657
100$93,297,857$10,962,242$5,204,327$47,052,398