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%
1 years$203,970$202,153$200,381$198,651$196,961$191,347
2 years$100,975$99,095$97,272$95,505$93,791$88,178
3 years$66,648$64,760$62,942$61,191$59,505$54,070
4 years$49,488$47,605$45,805$44,085$42,439$37,223
5 years$39,195$37,323$35,547$33,861$32,262$27,279
6 years$32,335$30,477$28,727$27,079$25,528$20,783
7 years$27,436$25,595$23,872$22,263$20,761$16,254
8 years$23,765$21,939$20,246$18,676$17,223$12,952
9 years$20,910$19,102$17,438$15,908$14,504$10,465
10 years$18,628$16,838$15,202$13,713$12,358$8,545
11 years$16,762$14,989$13,384$11,934$10,629$7,035
12 years$15,208$13,454$11,878$10,468$9,211$5,829
13 years$13,894$12,158$10,612$9,242$8,032$4,856
14 years$12,769$11,052$9,535$8,204$7,041$4,062
15 years$11,795$10,096$8,609$7,316$6,199$3,410
16 years$10,943$9,263$7,805$6,551$5,479$2,871
17 years$10,192$8,531$7,102$5,886$4,858$2,423
18 years$9,526$7,883$6,484$5,304$4,319$2,049
19 years$8,930$7,306$5,935$4,793$3,850$1,735
20 years$8,395$6,789$5,447$4,341$3,439$1,472
21 years$7,911$6,323$5,010$3,940$3,077$1,250
22 years$7,472$5,903$4,618$3,582$2,758$1,062
23 years$7,071$5,521$4,264$3,262$2,476$903
24 years$6,705$5,172$3,943$2,975$2,226$769
25 years$6,368$4,854$3,652$2,717$2,003$655
26 years$6,058$4,562$3,387$2,485$1,804$558
27 years$5,771$4,293$3,145$2,274$1,626$476
28 years$5,505$4,046$2,924$2,084$1,468$406
29 years$5,258$3,817$2,721$1,911$1,325$346
30 years$5,028$3,604$2,535$1,754$1,197$296
31 years$4,813$3,407$2,363$1,611$1,083$252
32 years$4,612$3,224$2,205$1,480$979$215
33 years$4,423$3,053$2,058$1,361$886$184
34 years$4,246$2,894$1,923$1,252$802$157
35 years$4,080$2,745$1,798$1,153$727$134
36 years$3,923$2,605$1,682$1,062$658$115
37 years$3,775$2,474$1,574$978$597$98
38 years$3,635$2,351$1,474$902$541$84
39 years$3,502$2,236$1,381$831$491$71
40 years$3,377$2,127$1,295$767$445$61
41 years$3,258$2,025$1,214$707$404$52
42 years$3,145$1,929$1,139$653$366$45
43 years$3,037$1,838$1,069$603$332$38
44 years$2,935$1,752$1,003$557$302$33
45 years$2,837$1,670$942$514$274$28
46 years$2,744$1,593$885$475$249$24
47 years$2,655$1,521$831$439$226$20
48 years$2,570$1,452$781$405$205$17
49 years$2,489$1,386$734$375$186$15
50 years$2,412$1,324$690$346$169$13

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 $4,093 every year, while hoping to spend $28,533 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: 83/11/6 Blend
61$2,470,000$2,470,000$2,470,000$2,470,000
62$2,726,162$2,595,252$2,556,967$2,951,146
63$2,973,872$2,692,060$2,612,266$3,195,500
64$3,245,891$2,792,656$2,668,462$3,459,486
65$3,544,671$2,897,195$2,725,554$3,748,461
66$3,872,908$3,005,838$2,783,541$4,064,912
67$4,233,576$3,118,755$2,842,421$4,411,578
68$4,629,949$3,236,123$2,902,191$4,791,474
69$5,065,636$3,358,125$2,962,846$5,207,921
70$5,544,611$3,484,953$3,024,382$5,664,577
71$6,071,253$3,616,808$3,086,790$6,165,470
72$6,650,387$3,753,898$3,150,064$6,715,036
73$7,287,329$3,896,441$3,214,193$7,318,162
74$7,987,935$4,044,665$3,279,167$7,980,230
75$8,758,657$4,198,806$3,344,972$8,707,170
76$9,606,605$4,359,113$3,411,594$9,505,511
77$10,539,613$4,525,844$3,479,017$10,382,448
78$11,566,312$4,699,269$3,547,222$11,345,905
79$12,696,211$4,879,668$3,616,189$12,404,612
80$13,939,789$5,067,336$3,685,896$13,568,185
81$15,308,592$5,262,580$3,756,318$14,847,219
82$16,815,341$5,465,720$3,827,427$16,253,386
83$18,474,055$5,677,089$3,899,195$17,799,545
84$20,300,180$5,897,037$3,971,589$19,499,860
85$22,310,735$6,125,929$4,044,574$21,369,941
86$24,524,475$6,364,144$4,118,112$23,426,982
87$26,962,064$6,612,080$4,192,162$25,689,929
88$29,646,275$6,870,152$4,266,679$28,179,654
89$32,602,198$7,138,793$4,341,617$30,919,155
90$35,857,484$7,418,456$4,416,923$33,933,772
91$39,442,600$7,709,613$4,492,542$37,251,424
92$43,391,119$8,012,757$4,568,415$40,902,870
93$47,740,035$8,328,405$4,644,480$44,922,006
94$52,530,117$8,657,094$4,720,668$49,346,177
95$57,806,285$8,999,389$4,796,907$54,216,533
96$63,618,043$9,355,876$4,873,120$59,578,414
97$70,019,939$9,727,169$4,949,225$65,481,780
98$77,072,084$10,113,911$5,025,135$71,981,680
99$84,840,715$10,516,771$5,100,756$79,138,773
100$93,398,826$10,936,451$5,175,989$87,019,895