Can I retire at age 62 with 2,470,000?

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 $2,470,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.6%
1 years$203,970$202,153$200,381$198,651$196,961$190,886
2 years$100,975$99,095$97,272$95,505$93,791$87,723
3 years$66,648$64,760$62,942$61,191$59,505$53,635
4 years$49,488$47,605$45,805$44,085$42,439$36,812
5 years$39,195$37,323$35,547$33,861$32,262$26,893
6 years$32,335$30,477$28,727$27,079$25,528$20,422
7 years$27,436$25,595$23,872$22,263$20,761$15,917
8 years$23,765$21,939$20,246$18,676$17,223$12,639
9 years$20,910$19,102$17,438$15,908$14,504$10,175
10 years$18,628$16,838$15,202$13,713$12,358$8,277
11 years$16,762$14,989$13,384$11,934$10,629$6,788
12 years$15,208$13,454$11,878$10,468$9,211$5,602
13 years$13,894$12,158$10,612$9,242$8,032$4,648
14 years$12,769$11,052$9,535$8,204$7,041$3,872
15 years$11,795$10,096$8,609$7,316$6,199$3,237
16 years$10,943$9,263$7,805$6,551$5,479$2,713
17 years$10,192$8,531$7,102$5,886$4,858$2,280
18 years$9,526$7,883$6,484$5,304$4,319$1,919
19 years$8,930$7,306$5,935$4,793$3,850$1,618
20 years$8,395$6,789$5,447$4,341$3,439$1,366
21 years$7,911$6,323$5,010$3,940$3,077$1,155
22 years$7,472$5,903$4,618$3,582$2,758$977
23 years$7,071$5,521$4,264$3,262$2,476$827
24 years$6,705$5,172$3,943$2,975$2,226$701
25 years$6,368$4,854$3,652$2,717$2,003$594
26 years$6,058$4,562$3,387$2,485$1,804$504
27 years$5,771$4,293$3,145$2,274$1,626$427
28 years$5,505$4,046$2,924$2,084$1,468$363
29 years$5,258$3,817$2,721$1,911$1,325$308
30 years$5,028$3,604$2,535$1,754$1,197$261
31 years$4,813$3,407$2,363$1,611$1,083$222
32 years$4,612$3,224$2,205$1,480$979$189
33 years$4,423$3,053$2,058$1,361$886$160
34 years$4,246$2,894$1,923$1,252$802$136
35 years$4,080$2,745$1,798$1,153$727$116
36 years$3,923$2,605$1,682$1,062$658$98
37 years$3,775$2,474$1,574$978$597$84
38 years$3,635$2,351$1,474$902$541$71
39 years$3,502$2,236$1,381$831$491$60
40 years$3,377$2,127$1,295$767$445$51
41 years$3,258$2,025$1,214$707$404$44
42 years$3,145$1,929$1,139$653$366$37
43 years$3,037$1,838$1,069$603$332$32
44 years$2,935$1,752$1,003$557$302$27
45 years$2,837$1,670$942$514$274$23
46 years$2,744$1,593$885$475$249$19
47 years$2,655$1,521$831$439$226$16
48 years$2,570$1,452$781$405$205$14
49 years$2,489$1,386$734$375$186$12
50 years$2,412$1,324$690$346$169$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,470,000, adding $4,456 every year, while hoping to spend $38,615 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: 65/25/10 Blend
61$2,470,000$2,470,000$2,470,000$2,470,000
62$2,726,536$2,595,626$2,557,341$2,897,646
63$2,963,557$2,681,726$2,601,926$3,098,353
64$3,223,460$2,770,750$2,646,710$3,312,602
65$3,508,537$2,862,802$2,691,660$3,545,698
66$3,821,316$2,957,987$2,736,738$3,799,475
67$4,164,577$3,056,415$2,781,906$4,075,951
68$4,541,386$3,158,202$2,827,122$4,377,346
69$4,955,119$3,263,465$2,872,342$4,706,105
70$5,409,493$3,372,326$2,917,517$5,064,918
71$5,908,605$3,484,914$2,962,598$5,456,749
72$6,456,968$3,601,361$3,007,530$5,884,859
73$7,059,553$3,721,802$3,052,257$6,352,839
74$7,721,837$3,846,379$3,096,717$6,864,643
75$8,449,853$3,975,241$3,140,846$7,424,625
76$9,250,250$4,108,539$3,184,576$8,037,580
77$10,130,350$4,246,432$3,227,834$8,708,787
78$11,098,222$4,389,084$3,270,543$9,444,062
79$12,162,756$4,536,665$3,312,622$10,249,809
80$13,333,747$4,689,352$3,353,985$11,133,081
81$14,621,987$4,847,327$3,394,541$12,101,647
82$16,039,365$5,010,782$3,434,193$13,164,065
83$17,598,983$5,179,913$3,472,841$14,329,759
84$19,315,275$5,354,924$3,510,377$15,609,112
85$21,204,147$5,536,029$3,546,689$17,013,562
86$23,283,123$5,723,448$3,581,656$18,555,706
87$25,571,514$5,917,409$3,615,153$20,249,425
88$28,090,595$6,118,149$3,647,049$22,110,007
89$30,863,814$6,325,916$3,677,202$24,154,297
90$33,917,001$6,540,964$3,705,467$26,400,850
91$37,278,624$6,763,560$3,731,689$28,870,111
92$40,980,048$6,993,979$3,755,705$31,584,603
93$45,055,836$7,232,507$3,777,344$34,569,141
94$49,544,073$7,479,442$3,796,427$37,851,065
95$54,486,725$7,735,091$3,812,764$41,460,496
96$59,930,036$7,999,775$3,826,156$45,430,623
97$65,924,963$8,273,828$3,836,396$49,798,013
98$72,527,658$8,557,594$3,843,263$54,602,955
99$79,799,995$8,851,432$3,846,529$59,889,841
100$87,810,158$9,155,716$3,845,952$65,707,583