Can I retire at age 62 with 2,480,000?

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 $2,480,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.8%
1 years$204,796$202,972$201,192$199,455$197,759$194,643
2 years$101,384$99,496$97,666$95,892$94,171$91,040
3 years$66,918$65,022$63,196$61,439$59,746$56,697
4 years$49,688$47,798$45,991$44,263$42,611$39,668
5 years$39,353$37,474$35,691$33,998$32,392$29,563
6 years$32,465$30,600$28,843$27,189$25,631$22,919
7 years$27,548$25,698$23,969$22,353$20,845$18,251
8 years$23,861$22,028$20,328$18,752$17,293$14,817
9 years$20,995$19,179$17,508$15,972$14,563$12,204
10 years$18,703$16,906$15,264$13,768$12,408$10,164
11 years$16,830$15,050$13,438$11,983$10,672$8,540
12 years$15,270$13,508$11,926$10,510$9,248$7,226
13 years$13,950$12,207$10,655$9,279$8,064$6,149
14 years$12,821$11,096$9,574$8,237$7,069$5,257
15 years$11,842$10,137$8,644$7,346$6,224$4,513
16 years$10,987$9,300$7,837$6,577$5,501$3,886
17 years$10,234$8,565$7,131$5,910$4,878$3,356
18 years$9,564$7,915$6,510$5,326$4,337$2,905
19 years$8,966$7,335$5,959$4,812$3,866$2,520
20 years$8,429$6,816$5,469$4,359$3,453$2,189
21 years$7,943$6,349$5,031$3,956$3,090$1,905
22 years$7,502$5,927$4,637$3,597$2,770$1,660
23 years$7,100$5,543$4,281$3,275$2,486$1,448
24 years$6,732$5,193$3,959$2,987$2,235$1,264
25 years$6,394$4,874$3,667$2,728$2,011$1,104
26 years$6,082$4,581$3,401$2,495$1,811$966
27 years$5,794$4,311$3,158$2,283$1,633$845
28 years$5,527$4,062$2,936$2,092$1,474$739
29 years$5,279$3,832$2,732$1,918$1,331$648
30 years$5,048$3,619$2,545$1,761$1,202$567
31 years$4,832$3,421$2,373$1,617$1,087$497
32 years$4,631$3,237$2,214$1,486$983$436
33 years$4,441$3,066$2,067$1,367$890$382
34 years$4,264$2,905$1,931$1,257$806$335
35 years$4,096$2,756$1,805$1,157$730$294
36 years$3,939$2,616$1,689$1,066$661$258
37 years$3,790$2,484$1,581$982$599$227
38 years$3,650$2,361$1,480$905$543$199
39 years$3,517$2,245$1,387$835$493$175
40 years$3,391$2,136$1,300$770$447$153
41 years$3,271$2,033$1,219$710$405$135
42 years$3,157$1,936$1,143$656$368$118
43 years$3,049$1,845$1,073$605$334$104
44 years$2,947$1,759$1,007$559$303$91
45 years$2,849$1,677$946$516$275$80
46 years$2,755$1,600$888$477$250$70
47 years$2,666$1,527$834$440$227$62
48 years$2,581$1,457$784$407$206$54
49 years$2,499$1,392$737$376$187$48
50 years$2,421$1,330$693$348$170$42

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,480,000, adding $2,035 every year, while hoping to spend $43,354 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: 59/18/23 Blend
61$2,480,000$2,480,000$2,480,000$2,480,000
62$2,735,059$2,603,619$2,565,179$2,879,491
63$2,967,907$2,685,068$2,604,984$3,059,424
64$3,223,052$2,769,055$2,644,670$3,250,718
65$3,502,723$2,855,659$2,684,186$3,458,415
66$3,809,375$2,944,960$2,723,480$3,684,115
67$4,145,710$3,037,042$2,762,496$3,929,577
68$4,514,706$3,131,991$2,801,174$4,196,739
69$4,919,644$3,229,896$2,839,450$4,487,736
70$5,364,135$3,330,848$2,877,259$4,804,919
71$5,852,158$3,434,941$2,914,529$5,150,874
72$6,388,098$3,542,273$2,951,185$5,528,454
73$6,976,782$3,652,943$2,987,148$5,940,798
74$7,623,531$3,767,054$3,022,335$6,391,364
75$8,334,205$3,884,713$3,056,657$6,883,961
76$9,115,259$4,006,030$3,090,020$7,422,786
77$9,973,806$4,131,116$3,122,327$8,012,461
78$10,917,682$4,260,088$3,153,472$8,658,079
79$11,955,520$4,393,066$3,183,347$9,365,248
80$13,096,830$4,530,174$3,211,836$10,140,149
81$14,352,092$4,671,537$3,238,818$10,989,590
82$15,732,851$4,817,289$3,264,165$11,921,072
83$17,251,829$4,967,563$3,287,741$12,942,861
84$18,923,040$5,122,498$3,309,405$14,064,061
85$20,761,928$5,282,238$3,329,008$15,294,705
86$22,785,508$5,446,931$3,346,393$16,645,846
87$25,012,527$5,616,728$3,361,395$18,129,664
88$27,463,644$5,791,787$3,373,841$19,759,579
89$30,161,620$5,972,269$3,383,548$21,550,377
90$33,131,535$6,158,339$3,390,327$23,518,351
91$36,401,024$6,350,171$3,393,975$25,681,454
92$40,000,538$6,547,939$3,394,283$28,059,467
93$43,963,631$6,751,826$3,391,030$30,674,190
94$48,327,275$6,962,019$3,383,983$33,549,640
95$53,132,210$7,178,711$3,372,900$36,712,286
96$58,423,329$7,402,101$3,357,525$40,191,292
97$64,250,099$7,632,394$3,337,592$44,018,797
98$70,667,027$7,869,800$3,312,820$48,230,214
99$77,734,181$8,114,537$3,282,916$52,864,569
100$85,517,746$8,366,828$3,247,573$57,964,864