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%14.9%
1 years$237,828$235,709$233,642$231,625$229,655$225,018
2 years$117,736$115,544$113,419$111,358$109,360$104,708
3 years$77,711$75,509$73,389$71,348$69,382$64,862
4 years$57,703$55,507$53,409$51,402$49,484$45,129
5 years$45,701$43,518$41,447$39,482$37,617$33,440
6 years$37,702$35,536$33,496$31,574$29,765$25,770
7 years$31,991$29,843$27,835$25,959$24,207$20,396
8 years$27,709$25,581$23,606$21,776$20,082$16,453
9 years$24,381$22,273$20,332$18,548$16,912$13,463
10 years$21,720$19,632$17,726$15,989$14,410$11,137
11 years$19,544$17,478$15,606$13,915$12,393$9,292
12 years$17,732$15,687$13,850$12,205$10,739$7,807
13 years$16,200$14,176$12,374$10,776$9,365$6,595
14 years$14,888$12,886$11,118$9,565$8,209$5,597
15 years$13,752$11,772$10,038$8,531$7,228$4,768
16 years$12,759$10,800$9,101$7,638$6,388$4,075
17 years$11,884$9,947$8,281$6,863$5,664$3,491
18 years$11,107$9,191$7,560$6,185$5,036$2,998
19 years$10,413$8,518$6,921$5,589$4,489$2,579
20 years$9,788$7,916$6,351$5,062$4,010$2,223
21 years$9,224$7,373$5,842$4,594$3,588$1,918
22 years$8,712$6,882$5,384$4,177$3,216$1,657
23 years$8,245$6,437$4,972$3,804$2,887$1,433
24 years$7,818$6,031$4,598$3,469$2,595$1,240
25 years$7,425$5,660$4,259$3,168$2,335$1,074
26 years$7,063$5,319$3,950$2,897$2,103$931
27 years$6,729$5,006$3,668$2,652$1,896$807
28 years$6,419$4,717$3,409$2,429$1,711$701
29 years$6,131$4,450$3,173$2,228$1,545$608
30 years$5,862$4,203$2,955$2,045$1,396$528
31 years$5,612$3,973$2,755$1,878$1,262$459
32 years$5,377$3,759$2,571$1,726$1,142$398
33 years$5,158$3,560$2,400$1,587$1,033$346
34 years$4,951$3,374$2,243$1,460$936$301
35 years$4,757$3,200$2,097$1,344$847$262
36 years$4,574$3,038$1,961$1,238$768$227
37 years$4,401$2,885$1,836$1,141$696$198
38 years$4,238$2,742$1,719$1,051$631$172
39 years$4,084$2,607$1,611$969$572$150
40 years$3,937$2,480$1,510$894$519$130
41 years$3,799$2,361$1,416$825$471$113
42 years$3,667$2,249$1,328$761$427$98
43 years$3,541$2,143$1,246$703$388$86
44 years$3,422$2,042$1,170$649$352$75
45 years$3,308$1,948$1,098$599$319$65
46 years$3,200$1,858$1,031$554$290$56
47 years$3,096$1,773$969$511$263$49
48 years$2,997$1,693$911$473$239$43
49 years$2,902$1,616$856$437$217$37
50 years$2,812$1,544$805$404$197$32

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 $6,817 every year, while hoping to spend $55,072 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: 44/32/24 Blend
61$2,880,000$2,880,000$2,880,000$2,880,000
62$3,180,792$3,028,152$2,983,512$3,298,340
63$3,446,636$3,117,935$3,024,863$3,472,140
64$3,737,751$3,210,272$3,065,754$3,654,561
65$4,056,656$3,305,229$3,106,111$3,851,207
66$4,406,125$3,402,876$3,145,856$4,063,429
67$4,789,214$3,503,281$3,184,907$4,292,711
68$5,209,289$3,606,517$3,223,176$4,540,686
69$5,670,056$3,712,656$3,260,572$4,809,155
70$6,175,598$3,821,772$3,296,997$5,100,098
71$6,730,412$3,933,942$3,332,349$5,415,695
72$7,339,451$4,049,242$3,366,521$5,758,348
73$8,008,173$4,167,752$3,399,396$6,130,701
74$8,742,587$4,289,552$3,430,856$6,535,666
75$9,549,314$4,414,725$3,460,774$6,976,449
76$10,435,651$4,543,352$3,489,016$7,456,582
77$11,409,631$4,675,520$3,515,442$7,979,956
78$12,480,108$4,811,315$3,539,904$8,550,855
79$13,656,834$4,950,825$3,562,246$9,174,000
80$14,950,554$5,094,139$3,582,304$9,854,590
81$16,373,107$5,241,348$3,599,908$10,598,354
82$17,937,535$5,392,545$3,614,876$11,411,601
83$19,658,207$5,547,823$3,627,017$12,301,284
84$21,550,955$5,707,277$3,636,133$13,275,062
85$23,633,223$5,871,005$3,642,015$14,341,374
86$25,924,231$6,039,103$3,644,441$15,509,518
87$28,445,155$6,211,671$3,643,183$16,789,737
88$31,219,328$6,388,810$3,637,996$18,193,320
89$34,272,458$6,570,621$3,628,628$19,732,704
90$37,632,874$6,757,206$3,614,812$21,421,592
91$41,331,788$6,948,670$3,596,269$23,275,085
92$45,403,592$7,145,117$3,572,706$25,309,821
93$49,886,183$7,346,652$3,543,816$27,544,137
94$54,821,319$7,553,383$3,509,279$29,998,235
95$60,255,010$7,765,416$3,468,757$32,694,379
96$66,237,959$7,982,859$3,421,898$35,657,101
97$72,826,032$8,205,820$3,368,332$38,913,436
98$80,080,790$8,434,408$3,307,674$42,493,173
99$88,070,068$8,668,732$3,239,519$46,429,142
100$96,868,615$8,908,900$3,163,443$50,757,518