Can I retire at age 62 with 2,890,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $2,890,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.9%
1 years$238,653$236,528$234,454$232,429$230,453$223,974
2 years$118,145$115,945$113,812$111,745$109,739$103,261
3 years$77,981$75,771$73,644$71,596$69,623$63,349
4 years$57,903$55,700$53,594$51,581$49,656$43,633
5 years$45,859$43,669$41,591$39,619$37,748$31,994
6 years$37,833$35,659$33,612$31,684$29,868$24,388
7 years$32,102$29,947$27,932$26,049$24,291$19,085
8 years$27,805$25,670$23,688$21,852$20,152$15,217
9 years$24,466$22,350$20,403$18,613$16,971$12,302
10 years$21,795$19,701$17,788$16,044$14,460$10,051
11 years$19,612$17,538$15,660$13,964$12,436$8,280
12 years$17,794$15,741$13,898$12,248$10,777$6,866
13 years$16,257$14,226$12,417$10,813$9,398$5,723
14 years$14,940$12,931$11,156$9,599$8,238$4,791
15 years$13,800$11,812$10,073$8,560$7,253$4,025
16 years$12,804$10,838$9,132$7,665$6,410$3,391
17 years$11,925$9,981$8,310$6,887$5,684$2,864
18 years$11,146$9,223$7,586$6,206$5,054$2,423
19 years$10,449$8,548$6,945$5,608$4,505$2,054
20 years$9,822$7,943$6,374$5,079$4,024$1,743
21 years$9,256$7,399$5,862$4,610$3,601$1,481
22 years$8,742$6,906$5,403$4,191$3,228$1,260
23 years$8,274$6,459$4,989$3,817$2,897$1,073
24 years$7,845$6,052$4,614$3,481$2,604$914
25 years$7,451$5,679$4,273$3,179$2,343$779
26 years$7,088$5,338$3,963$2,907$2,111$664
27 years$6,752$5,024$3,680$2,661$1,903$567
28 years$6,441$4,734$3,421$2,438$1,717$484
29 years$6,152$4,466$3,184$2,236$1,551$413
30 years$5,883$4,217$2,966$2,052$1,401$353
31 years$5,631$3,987$2,765$1,884$1,267$301
32 years$5,396$3,772$2,580$1,732$1,146$258
33 years$5,176$3,572$2,409$1,593$1,037$220
34 years$4,968$3,386$2,250$1,465$939$188
35 years$4,774$3,211$2,104$1,349$850$161
36 years$4,590$3,048$1,968$1,242$770$138
37 years$4,417$2,895$1,842$1,145$698$118
38 years$4,253$2,751$1,725$1,055$633$101
39 years$4,098$2,616$1,616$973$574$86
40 years$3,951$2,489$1,515$897$521$74
41 years$3,812$2,369$1,421$828$472$63
42 years$3,679$2,257$1,332$764$429$54
43 years$3,554$2,150$1,250$705$389$46
44 years$3,434$2,049$1,174$651$353$39
45 years$3,320$1,954$1,102$601$321$34
46 years$3,211$1,864$1,035$555$291$29
47 years$3,107$1,779$972$513$264$25
48 years$3,007$1,698$914$474$240$21
49 years$2,913$1,622$859$438$218$18
50 years$2,822$1,549$808$405$198$15

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,890,000, adding $3,363 every year, while hoping to spend $58,061 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: 40/50/10 Blend
61$2,890,000$2,890,000$2,890,000$2,890,000
62$3,188,249$3,035,079$2,990,284$3,306,087
63$3,451,674$3,122,021$3,028,682$3,476,253
64$3,740,022$3,211,278$3,066,420$3,654,206
65$4,055,775$3,302,901$3,103,416$3,845,407
66$4,401,664$3,396,943$3,139,580$4,051,080
67$4,780,698$3,493,457$3,174,820$4,272,569
68$5,196,190$3,592,498$3,209,038$4,511,352
69$5,651,790$3,694,119$3,242,129$4,769,057
70$6,151,517$3,798,376$3,273,986$5,047,473
71$6,699,799$3,905,323$3,304,491$5,348,568
72$7,301,512$4,015,017$3,333,525$5,674,509
73$7,962,027$4,127,514$3,360,958$6,027,680
74$8,687,260$4,242,869$3,386,658$6,410,705
75$9,483,731$4,361,139$3,410,480$6,826,472
76$10,358,618$4,482,382$3,432,278$7,278,161
77$11,319,831$4,606,653$3,451,894$7,769,271
78$12,376,084$4,734,009$3,469,162$8,303,657
79$13,536,977$4,864,507$3,483,911$8,885,561
80$14,813,084$4,998,203$3,495,957$9,519,657
81$16,216,057$5,135,154$3,505,110$10,211,090
82$17,758,732$5,275,414$3,511,169$10,965,528
83$19,455,252$5,419,039$3,513,923$11,789,211
84$21,321,199$5,566,083$3,513,151$12,689,014
85$23,373,741$5,716,600$3,508,620$13,672,508
86$25,631,791$5,870,642$3,500,088$14,748,034
87$28,116,192$6,028,261$3,487,299$15,924,780
88$30,849,905$6,189,508$3,469,985$17,212,866
89$33,858,231$6,354,430$3,447,865$18,623,442
90$37,169,048$6,523,074$3,420,646$20,168,790
91$40,813,073$6,695,487$3,388,020$21,862,444
92$44,824,151$6,871,710$3,349,663$23,719,310
93$49,239,575$7,051,785$3,305,238$25,755,815
94$54,100,438$7,235,749$3,254,390$27,990,057
95$59,452,020$7,423,638$3,196,749$30,441,974
96$65,344,214$7,615,484$3,131,928$33,133,537
97$71,831,996$7,811,315$3,059,520$36,088,953
98$78,975,946$8,011,155$2,979,100$39,334,895
99$86,842,817$8,215,027$2,890,224$42,900,752
100$95,506,166$8,422,944$2,792,428$46,818,910