Can I retire at age 62 with 2,880,000?

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 $2,880,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.3%
1 years$237,828$235,709$233,642$231,625$229,655$226,504
2 years$117,736$115,544$113,419$111,358$109,360$106,190
3 years$77,711$75,509$73,389$71,348$69,382$66,293
4 years$57,703$55,507$53,409$51,402$49,484$46,499
5 years$45,701$43,518$41,447$39,482$37,617$34,745
6 years$37,702$35,536$33,496$31,574$29,765$27,010
7 years$31,991$29,843$27,835$25,959$24,207$21,569
8 years$27,709$25,581$23,606$21,776$20,082$17,561
9 years$24,381$22,273$20,332$18,548$16,912$14,507
10 years$21,720$19,632$17,726$15,989$14,410$12,119
11 years$19,544$17,478$15,606$13,915$12,393$10,214
12 years$17,732$15,687$13,850$12,205$10,739$8,670
13 years$16,200$14,176$12,374$10,776$9,365$7,402
14 years$14,888$12,886$11,118$9,565$8,209$6,350
15 years$13,752$11,772$10,038$8,531$7,228$5,469
16 years$12,759$10,800$9,101$7,638$6,388$4,727
17 years$11,884$9,947$8,281$6,863$5,664$4,096
18 years$11,107$9,191$7,560$6,185$5,036$3,559
19 years$10,413$8,518$6,921$5,589$4,489$3,098
20 years$9,788$7,916$6,351$5,062$4,010$2,702
21 years$9,224$7,373$5,842$4,594$3,588$2,360
22 years$8,712$6,882$5,384$4,177$3,216$2,064
23 years$8,245$6,437$4,972$3,804$2,887$1,807
24 years$7,818$6,031$4,598$3,469$2,595$1,584
25 years$7,425$5,660$4,259$3,168$2,335$1,389
26 years$7,063$5,319$3,950$2,897$2,103$1,220
27 years$6,729$5,006$3,668$2,652$1,896$1,071
28 years$6,419$4,717$3,409$2,429$1,711$942
29 years$6,131$4,450$3,173$2,228$1,545$828
30 years$5,862$4,203$2,955$2,045$1,396$728
31 years$5,612$3,973$2,755$1,878$1,262$641
32 years$5,377$3,759$2,571$1,726$1,142$564
33 years$5,158$3,560$2,400$1,587$1,033$497
34 years$4,951$3,374$2,243$1,460$936$438
35 years$4,757$3,200$2,097$1,344$847$386
36 years$4,574$3,038$1,961$1,238$768$340
37 years$4,401$2,885$1,836$1,141$696$300
38 years$4,238$2,742$1,719$1,051$631$264
39 years$4,084$2,607$1,611$969$572$233
40 years$3,937$2,480$1,510$894$519$205
41 years$3,799$2,361$1,416$825$471$181
42 years$3,667$2,249$1,328$761$427$160
43 years$3,541$2,143$1,246$703$388$141
44 years$3,422$2,042$1,170$649$352$124
45 years$3,308$1,948$1,098$599$319$110
46 years$3,200$1,858$1,031$554$290$97
47 years$3,096$1,773$969$511$263$85
48 years$2,997$1,693$911$473$239$75
49 years$2,902$1,616$856$437$217$66
50 years$2,812$1,544$805$404$197$59

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,880,000, adding $5,406 every year, while hoping to spend $53,389 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: 37/39/24 Blend
61$2,880,000$2,880,000$2,880,000$2,880,000
62$3,179,336$3,026,696$2,982,056$3,273,902
63$3,446,823$3,118,199$3,025,150$3,435,138
64$3,739,804$3,212,396$3,067,897$3,603,855
65$4,060,824$3,309,363$3,110,231$3,785,037
66$4,412,683$3,409,177$3,152,080$3,979,843
67$4,798,469$3,511,918$3,193,366$4,189,544
68$5,221,578$3,617,668$3,234,010$4,415,539
69$5,685,756$3,726,510$3,273,925$4,659,367
70$6,195,124$3,838,531$3,313,023$4,922,723
71$6,754,224$3,953,816$3,351,207$5,207,471
72$7,368,060$4,072,458$3,388,377$5,515,662
73$8,042,141$4,194,548$3,424,427$5,849,555
74$8,782,539$4,320,179$3,459,244$6,211,637
75$9,595,940$4,449,450$3,492,711$6,604,643
76$10,489,712$4,582,460$3,524,703$7,031,589
77$11,471,970$4,719,308$3,555,089$7,495,792
78$12,551,657$4,860,100$3,583,730$8,000,906
79$13,738,623$5,004,941$3,610,481$8,550,956
80$15,043,720$5,153,941$3,635,190$9,150,373
81$16,478,905$5,307,210$3,657,695$9,804,038
82$18,057,352$5,464,862$3,677,826$10,517,327
83$19,793,575$5,627,013$3,695,406$11,296,162
84$21,703,565$5,793,782$3,710,248$12,147,066
85$23,804,942$5,965,292$3,722,155$13,077,224
86$26,117,120$6,141,664$3,730,921$14,094,551
87$28,661,488$6,323,028$3,736,329$15,207,767
88$31,461,615$6,509,511$3,738,151$16,426,480
89$34,543,469$6,701,247$3,736,149$17,761,272
90$37,935,665$6,898,370$3,730,072$19,223,803
91$41,669,731$7,101,018$3,719,657$20,826,922
92$45,780,407$7,309,332$3,704,629$22,584,781
93$50,305,974$7,523,455$3,684,700$24,512,978
94$55,288,612$7,743,532$3,659,565$26,628,694
95$60,774,798$7,969,713$3,628,909$28,950,865
96$66,815,749$8,202,150$3,592,398$31,500,351
97$73,467,896$8,440,997$3,549,685$34,300,141
98$80,793,426$8,686,410$3,500,404$37,375,563
99$88,860,863$8,938,551$3,444,174$40,754,530
100$97,745,712$9,197,582$3,380,596$44,467,795