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%13.4%
1 years$237,828$235,709$233,642$231,625$229,655$226,410
2 years$117,736$115,544$113,419$111,358$109,360$106,097
3 years$77,711$75,509$73,389$71,348$69,382$66,203
4 years$57,703$55,507$53,409$51,402$49,484$46,412
5 years$45,701$43,518$41,447$39,482$37,617$34,662
6 years$37,702$35,536$33,496$31,574$29,765$26,931
7 years$31,991$29,843$27,835$25,959$24,207$21,494
8 years$27,709$25,581$23,606$21,776$20,082$17,490
9 years$24,381$22,273$20,332$18,548$16,912$14,439
10 years$21,720$19,632$17,726$15,989$14,410$12,055
11 years$19,544$17,478$15,606$13,915$12,393$10,154
12 years$17,732$15,687$13,850$12,205$10,739$8,613
13 years$16,200$14,176$12,374$10,776$9,365$7,349
14 years$14,888$12,886$11,118$9,565$8,209$6,300
15 years$13,752$11,772$10,038$8,531$7,228$5,423
16 years$12,759$10,800$9,101$7,638$6,388$4,683
17 years$11,884$9,947$8,281$6,863$5,664$4,056
18 years$11,107$9,191$7,560$6,185$5,036$3,521
19 years$10,413$8,518$6,921$5,589$4,489$3,063
20 years$9,788$7,916$6,351$5,062$4,010$2,669
21 years$9,224$7,373$5,842$4,594$3,588$2,329
22 years$8,712$6,882$5,384$4,177$3,216$2,036
23 years$8,245$6,437$4,972$3,804$2,887$1,781
24 years$7,818$6,031$4,598$3,469$2,595$1,560
25 years$7,425$5,660$4,259$3,168$2,335$1,367
26 years$7,063$5,319$3,950$2,897$2,103$1,199
27 years$6,729$5,006$3,668$2,652$1,896$1,053
28 years$6,419$4,717$3,409$2,429$1,711$924
29 years$6,131$4,450$3,173$2,228$1,545$812
30 years$5,862$4,203$2,955$2,045$1,396$714
31 years$5,612$3,973$2,755$1,878$1,262$628
32 years$5,377$3,759$2,571$1,726$1,142$552
33 years$5,158$3,560$2,400$1,587$1,033$486
34 years$4,951$3,374$2,243$1,460$936$428
35 years$4,757$3,200$2,097$1,344$847$377
36 years$4,574$3,038$1,961$1,238$768$332
37 years$4,401$2,885$1,836$1,141$696$292
38 years$4,238$2,742$1,719$1,051$631$257
39 years$4,084$2,607$1,611$969$572$227
40 years$3,937$2,480$1,510$894$519$200
41 years$3,799$2,361$1,416$825$471$176
42 years$3,667$2,249$1,328$761$427$155
43 years$3,541$2,143$1,246$703$388$137
44 years$3,422$2,042$1,170$649$352$120
45 years$3,308$1,948$1,098$599$319$106
46 years$3,200$1,858$1,031$554$290$94
47 years$3,096$1,773$969$511$263$82
48 years$2,997$1,693$911$473$239$73
49 years$2,902$1,616$856$437$217$64
50 years$2,812$1,544$805$404$197$57

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 $3,814 every year, while hoping to spend $30,498 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: 56/27/17 Blend
61$2,880,000$2,880,000$2,880,000$2,880,000
62$3,177,694$3,025,054$2,980,414$3,341,149
63$3,469,369$3,140,832$3,047,808$3,568,547
64$3,789,773$3,261,261$3,116,438$3,812,520
65$4,141,804$3,386,537$3,186,313$4,077,604
66$4,528,654$3,516,863$3,257,440$4,365,828
67$4,953,841$3,652,454$3,329,829$4,679,427
68$5,421,240$3,793,532$3,403,486$5,020,855
69$5,935,121$3,940,328$3,478,416$5,392,813
70$6,500,185$4,093,087$3,554,625$5,798,275
71$7,121,617$4,252,060$3,632,118$6,240,511
72$7,805,124$4,417,514$3,710,896$6,723,119
73$8,556,998$4,589,723$3,790,962$7,250,060
74$9,384,169$4,768,977$3,872,317$7,825,693
75$10,294,273$4,955,576$3,954,959$8,454,817
76$11,295,726$5,149,836$4,038,887$9,142,712
77$12,397,797$5,352,085$4,124,096$9,895,192
78$13,610,701$5,562,666$4,210,582$10,718,657
79$14,945,693$5,781,938$4,298,338$11,620,154
80$16,415,176$6,010,275$4,387,354$12,607,441
81$18,032,815$6,248,069$4,477,621$13,689,059
82$19,813,666$6,495,728$4,569,126$14,874,416
83$21,774,322$6,753,680$4,661,853$16,173,867
84$23,933,063$7,022,372$4,755,786$17,598,819
85$26,310,036$7,302,268$4,850,905$19,161,833
86$28,927,438$7,593,857$4,947,188$20,876,741
87$31,809,728$7,897,648$5,044,611$22,758,778
88$34,983,861$8,214,173$5,143,146$24,824,724
89$38,479,536$8,543,989$5,242,762$27,093,059
90$42,329,480$8,887,676$5,343,426$29,584,139
91$46,569,756$9,245,842$5,445,101$32,320,385
92$51,240,106$9,619,122$5,547,746$35,326,495
93$56,384,318$10,008,180$5,651,317$38,629,672
94$62,050,648$10,413,711$5,755,765$42,259,884
95$68,292,270$10,836,439$5,861,040$46,250,143
96$75,167,780$11,277,123$5,967,083$50,636,814
97$82,741,748$11,736,556$6,073,835$55,459,958
98$91,085,326$12,215,567$6,181,228$60,763,709
99$100,276,923$12,715,024$6,289,193$66,596,687
100$110,402,941$13,235,831$6,397,652$73,012,457