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

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 $2,890,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.9%
1 years$238,653$236,528$234,454$232,429$230,453$227,667
2 years$118,145$115,945$113,812$111,745$109,739$106,936
3 years$77,981$75,771$73,644$71,596$69,623$66,889
4 years$57,903$55,700$53,594$51,581$49,656$47,012
5 years$45,859$43,669$41,591$39,619$37,748$35,202
6 years$37,833$35,659$33,612$31,684$29,868$27,424
7 years$32,102$29,947$27,932$26,049$24,291$21,949
8 years$27,805$25,670$23,688$21,852$20,152$17,911
9 years$24,466$22,350$20,403$18,613$16,971$14,831
10 years$21,795$19,701$17,788$16,044$14,460$12,420
11 years$19,612$17,538$15,660$13,964$12,436$10,494
12 years$17,794$15,741$13,898$12,248$10,777$8,930
13 years$16,257$14,226$12,417$10,813$9,398$7,644
14 years$14,940$12,931$11,156$9,599$8,238$6,575
15 years$13,800$11,812$10,073$8,560$7,253$5,679
16 years$12,804$10,838$9,132$7,665$6,410$4,921
17 years$11,925$9,981$8,310$6,887$5,684$4,277
18 years$11,146$9,223$7,586$6,206$5,054$3,726
19 years$10,449$8,548$6,945$5,608$4,505$3,253
20 years$9,822$7,943$6,374$5,079$4,024$2,846
21 years$9,256$7,399$5,862$4,610$3,601$2,493
22 years$8,742$6,906$5,403$4,191$3,228$2,187
23 years$8,274$6,459$4,989$3,817$2,897$1,921
24 years$7,845$6,052$4,614$3,481$2,604$1,689
25 years$7,451$5,679$4,273$3,179$2,343$1,486
26 years$7,088$5,338$3,963$2,907$2,111$1,309
27 years$6,752$5,024$3,680$2,661$1,903$1,153
28 years$6,441$4,734$3,421$2,438$1,717$1,017
29 years$6,152$4,466$3,184$2,236$1,551$897
30 years$5,883$4,217$2,966$2,052$1,401$792
31 years$5,631$3,987$2,765$1,884$1,267$699
32 years$5,396$3,772$2,580$1,732$1,146$618
33 years$5,176$3,572$2,409$1,593$1,037$546
34 years$4,968$3,386$2,250$1,465$939$482
35 years$4,774$3,211$2,104$1,349$850$426
36 years$4,590$3,048$1,968$1,242$770$377
37 years$4,417$2,895$1,842$1,145$698$334
38 years$4,253$2,751$1,725$1,055$633$295
39 years$4,098$2,616$1,616$973$574$261
40 years$3,951$2,489$1,515$897$521$231
41 years$3,812$2,369$1,421$828$472$204
42 years$3,679$2,257$1,332$764$429$181
43 years$3,554$2,150$1,250$705$389$160
44 years$3,434$2,049$1,174$651$353$142
45 years$3,320$1,954$1,102$601$321$125
46 years$3,211$1,864$1,035$555$291$111
47 years$3,107$1,779$972$513$264$98
48 years$3,007$1,698$914$474$240$87
49 years$2,913$1,622$859$438$218$77
50 years$2,822$1,549$808$405$198$68

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 $3,229 every year, while hoping to spend $26,353 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: 33/38/29 Blend
61$2,890,000$2,890,000$2,890,000$2,890,000
62$3,188,111$3,034,941$2,990,146$3,265,161
63$3,485,259$3,155,613$3,062,276$3,444,888
64$3,811,832$3,281,316$3,135,940$3,635,890
65$4,170,806$3,412,267$3,211,160$3,841,235
66$4,565,454$3,548,694$3,287,961$4,062,213
67$4,999,388$3,690,837$3,366,364$4,300,237
68$5,476,583$3,838,946$3,446,395$4,556,861
69$6,001,420$3,993,280$3,528,075$4,833,788
70$6,578,727$4,154,113$3,611,428$5,132,891
71$7,213,822$4,321,729$3,696,475$5,456,223
72$7,912,564$4,496,426$3,783,240$5,806,040
73$8,681,411$4,678,516$3,871,743$6,184,822
74$9,527,475$4,868,324$3,962,007$6,595,291
75$10,458,596$5,066,190$4,054,053$7,040,440
76$11,483,409$5,272,470$4,147,900$7,523,558
77$12,611,432$5,487,536$4,243,570$8,048,260
78$13,853,150$5,711,777$4,341,081$8,618,520
79$15,220,116$5,945,599$4,440,452$9,238,707
80$16,725,062$6,189,428$4,541,702$9,913,627
81$18,382,016$6,443,708$4,644,846$10,648,563
82$20,206,436$6,708,904$4,749,903$11,449,327
83$22,215,355$6,985,502$4,856,887$12,322,311
84$24,427,541$7,274,012$4,965,813$13,274,549
85$26,863,676$7,574,964$5,076,693$14,313,777
86$29,546,549$7,888,915$5,189,541$15,448,508
87$32,501,273$8,216,448$5,304,366$16,688,111
88$35,755,519$8,558,171$5,421,179$18,042,893
89$39,339,781$8,914,720$5,539,987$19,524,201
90$43,287,659$9,286,761$5,660,797$21,144,521
91$47,636,180$9,674,993$5,783,614$22,917,597
92$52,426,146$10,080,142$5,908,440$24,858,560
93$57,702,517$10,502,973$6,035,276$26,984,063
94$63,514,838$10,944,283$6,164,123$29,312,443
95$69,917,706$11,404,908$6,294,975$31,863,885
96$76,971,283$11,885,720$6,427,828$34,660,616
97$84,741,868$12,387,633$6,562,674$37,727,108
98$93,302,516$12,911,606$6,699,502$41,090,306
99$102,733,736$13,458,638$6,838,298$44,779,882
100$113,124,243$14,029,776$6,979,047$48,828,513