Can I retire at age 62 with 2,840,000?

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 $2,840,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12%
1 years$234,525$232,436$230,397$228,408$226,466$224,568
2 years$116,101$113,939$111,843$109,812$107,841$105,928
3 years$76,632$74,460$72,370$70,357$68,419$66,551
4 years$56,901$54,736$52,667$50,689$48,797$46,987
5 years$45,066$42,914$40,872$38,934$37,094$35,349
6 years$37,178$35,042$33,030$31,136$29,352$27,673
7 years$31,546$29,429$27,448$25,598$23,871$22,259
8 years$27,324$25,226$23,278$21,474$19,803$18,258
9 years$24,042$21,964$20,050$18,291$16,677$15,199
10 years$21,418$19,360$17,480$15,767$14,210$12,797
11 years$19,273$17,235$15,389$13,722$12,221$10,873
12 years$17,486$15,469$13,657$12,036$10,590$9,305
13 years$15,975$13,980$12,202$10,626$9,235$8,012
14 years$14,682$12,707$10,963$9,433$8,095$6,933
15 years$13,561$11,608$9,899$8,412$7,128$6,024
16 years$12,582$10,650$8,974$7,532$6,300$5,253
17 years$11,719$9,808$8,166$6,768$5,586$4,594
18 years$10,953$9,063$7,455$6,099$4,966$4,028
19 years$10,268$8,400$6,825$5,511$4,427$3,540
20 years$9,652$7,806$6,263$4,991$3,954$3,117
21 years$9,096$7,271$5,761$4,530$3,538$2,749
22 years$8,591$6,787$5,310$4,119$3,172$2,428
23 years$8,131$6,348$4,903$3,751$2,847$2,147
24 years$7,709$5,947$4,534$3,421$2,559$1,901
25 years$7,322$5,581$4,199$3,124$2,303$1,684
26 years$6,965$5,245$3,895$2,857$2,074$1,494
27 years$6,635$4,937$3,617$2,615$1,870$1,326
28 years$6,330$4,652$3,362$2,396$1,687$1,178
29 years$6,046$4,388$3,129$2,197$1,524$1,047
30 years$5,781$4,144$2,914$2,016$1,377$931
31 years$5,534$3,918$2,717$1,852$1,245$828
32 years$5,303$3,707$2,535$1,702$1,126$737
33 years$5,086$3,511$2,367$1,565$1,019$656
34 years$4,882$3,327$2,211$1,440$923$584
35 years$4,691$3,156$2,068$1,326$836$520
36 years$4,511$2,995$1,934$1,221$757$464
37 years$4,340$2,845$1,810$1,125$686$413
38 years$4,179$2,704$1,695$1,037$622$368
39 years$4,027$2,571$1,588$956$564$328
40 years$3,883$2,446$1,489$882$512$293
41 years$3,746$2,328$1,396$813$464$261
42 years$3,616$2,217$1,309$751$421$233
43 years$3,492$2,113$1,229$693$382$208
44 years$3,374$2,014$1,153$640$347$185
45 years$3,262$1,920$1,083$591$315$165
46 years$3,155$1,832$1,017$546$286$148
47 years$3,053$1,748$956$504$260$132
48 years$2,955$1,669$898$466$236$117
49 years$2,862$1,594$844$431$214$105
50 years$2,773$1,522$794$398$195$94

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,840,000, adding $5,868 every year, while hoping to spend $35,616 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: 44/34/22 Blend
61$2,840,000$2,840,000$2,840,000$2,840,000
62$3,135,733$2,985,213$2,941,193$3,253,482
63$3,417,682$3,093,593$3,001,828$3,445,664
64$3,727,197$3,206,090$3,063,300$3,649,924
65$4,067,051$3,322,869$3,125,600$3,870,612
66$4,440,300$3,444,099$3,188,718$4,109,270
67$4,850,310$3,569,959$3,252,640$4,367,589
68$5,300,790$3,700,636$3,317,351$4,647,432
69$5,795,825$3,836,321$3,382,837$4,950,843
70$6,339,916$3,977,218$3,449,079$5,280,075
71$6,938,021$4,123,535$3,516,056$5,637,600
72$7,595,603$4,275,492$3,583,748$6,026,142
73$8,318,680$4,433,316$3,652,129$6,448,693
74$9,113,883$4,597,246$3,721,173$6,908,550
75$9,988,518$4,767,530$3,790,851$7,409,334
76$10,950,634$4,944,426$3,861,131$7,955,036
77$12,009,099$5,128,203$3,931,979$8,550,042
78$13,173,684$5,319,143$4,003,358$9,199,183
79$14,455,157$5,517,538$4,075,228$9,907,775
80$15,865,379$5,723,694$4,147,544$10,681,669
81$17,417,422$5,937,928$4,220,261$11,527,305
82$19,125,686$6,160,575$4,293,327$12,451,775
83$21,006,042$6,391,979$4,366,689$13,462,883
84$23,075,975$6,632,502$4,440,290$14,569,224
85$25,354,751$6,882,521$4,514,066$15,780,261
86$27,863,601$7,142,430$4,587,952$17,106,413
87$30,625,917$7,412,638$4,661,878$18,559,154
88$33,667,476$7,693,573$4,735,767$20,151,117
89$37,016,683$7,985,682$4,809,539$21,896,217
90$40,704,836$8,289,431$4,883,110$23,809,775
91$44,766,422$8,605,306$4,956,387$25,908,668
92$49,239,445$8,933,815$5,029,274$28,211,481
93$54,165,782$9,275,485$5,101,668$30,738,687
94$59,591,579$9,630,871$5,173,461$33,512,831
95$65,567,685$10,000,549$5,244,537$36,558,751
96$72,150,134$10,385,121$5,314,774$39,903,801
97$79,400,671$10,785,215$5,384,042$43,578,117
98$87,387,335$11,201,487$5,452,204$47,614,893
99$96,185,106$11,634,621$5,519,115$52,050,695
100$105,876,603$12,085,334$5,584,621$56,925,804