Can I retire at age 62 with 2,900,000?

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 $2,900,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.9%
1 years$239,479$237,346$235,265$233,234$231,250$222,956
2 years$118,554$116,346$114,206$112,132$110,119$101,853
3 years$78,251$76,033$73,899$71,844$69,864$61,886
4 years$58,103$55,893$53,780$51,759$49,828$42,198
5 years$46,018$43,821$41,735$39,756$37,878$30,616
6 years$37,964$35,783$33,728$31,793$29,972$23,084
7 years$32,213$30,050$28,028$26,139$24,375$17,859
8 years$27,902$25,759$23,770$21,927$20,221$14,072
9 years$24,550$22,428$20,473$18,677$17,029$11,239
10 years$21,871$19,769$17,849$16,100$14,510$9,068
11 years$19,680$17,599$15,714$14,012$12,479$7,374
12 years$17,855$15,796$13,946$12,290$10,814$6,034
13 years$16,313$14,275$12,460$10,850$9,430$4,962
14 years$14,992$12,975$11,195$9,632$8,266$4,097
15 years$13,848$11,853$10,108$8,590$7,278$3,393
16 years$12,848$10,875$9,164$7,691$6,433$2,818
17 years$11,967$10,016$8,339$6,911$5,704$2,345
18 years$11,184$9,255$7,612$6,228$5,071$1,955
19 years$10,485$8,577$6,969$5,627$4,520$1,632
20 years$9,856$7,970$6,396$5,097$4,038$1,364
21 years$9,288$7,424$5,883$4,626$3,613$1,141
22 years$8,772$6,930$5,422$4,206$3,239$956
23 years$8,302$6,482$5,006$3,830$2,907$801
24 years$7,872$6,073$4,630$3,493$2,613$672
25 years$7,477$5,699$4,288$3,190$2,351$564
26 years$7,112$5,356$3,977$2,917$2,118$473
27 years$6,776$5,041$3,693$2,670$1,910$397
28 years$6,463$4,750$3,433$2,446$1,723$333
29 years$6,173$4,481$3,195$2,243$1,556$280
30 years$5,903$4,232$2,976$2,059$1,406$235
31 years$5,651$4,001$2,774$1,891$1,271$198
32 years$5,415$3,785$2,588$1,738$1,150$166
33 years$5,193$3,585$2,417$1,598$1,040$140
34 years$4,986$3,398$2,258$1,470$942$117
35 years$4,790$3,223$2,111$1,354$853$99
36 years$4,606$3,059$1,975$1,247$773$83
37 years$4,432$2,905$1,849$1,149$701$70
38 years$4,268$2,761$1,731$1,059$635$59
39 years$4,112$2,625$1,622$976$576$49
40 years$3,965$2,498$1,520$900$522$41
41 years$3,825$2,378$1,425$831$474$35
42 years$3,692$2,264$1,337$767$430$29
43 years$3,566$2,157$1,255$708$390$25
44 years$3,446$2,056$1,178$653$354$21
45 years$3,331$1,961$1,106$603$322$17
46 years$3,222$1,871$1,039$557$292$15
47 years$3,118$1,785$976$515$265$12
48 years$3,018$1,704$917$476$241$10
49 years$2,923$1,628$862$440$219$9
50 years$2,831$1,555$810$406$199$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,900,000, adding $2,843 every year, while hoping to spend $54,785 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: 27/43/30 Blend
61$2,900,000$2,900,000$2,900,000$2,900,000
62$3,198,733$3,045,033$3,000,083$3,255,277
63$3,466,712$3,135,948$3,042,295$3,392,701
64$3,760,190$3,229,483$3,084,084$3,535,277
65$4,081,709$3,325,707$3,125,380$3,687,260
66$4,434,068$3,424,691$3,166,106$3,849,492
67$4,820,353$3,526,512$3,206,181$4,022,899
68$5,243,961$3,631,242$3,245,519$4,208,499
69$5,708,632$3,738,960$3,284,031$4,407,412
70$6,218,488$3,849,745$3,321,622$4,620,871
71$6,778,068$3,963,677$3,358,191$4,850,231
72$7,392,372$4,080,838$3,393,631$5,096,986
73$8,066,908$4,201,313$3,427,831$5,362,776
74$8,807,742$4,325,187$3,460,673$5,649,409
75$9,621,559$4,452,548$3,492,033$5,958,876
76$10,515,722$4,583,486$3,521,779$6,293,366
77$11,498,340$4,718,092$3,549,774$6,655,292
78$12,578,352$4,856,459$3,575,872$7,047,310
79$13,765,600$4,998,683$3,599,921$7,472,344
80$15,070,932$5,144,859$3,621,759$7,933,616
81$16,506,298$5,295,087$3,641,218$8,434,674
82$18,084,861$5,449,467$3,658,120$8,979,425
83$19,821,128$5,608,102$3,672,278$9,572,173
84$21,731,080$5,771,096$3,683,496$10,217,660
85$23,832,325$5,938,555$3,691,568$10,921,110
86$26,144,265$6,110,586$3,696,278$11,688,276
87$28,688,275$6,287,300$3,697,399$12,525,498
88$31,487,909$6,468,808$3,694,692$13,439,761
89$34,569,118$6,655,223$3,687,907$14,438,761
90$37,960,499$6,846,659$3,676,782$15,530,975
91$41,693,558$7,043,234$3,661,043$16,725,747
92$45,803,014$7,245,065$3,640,400$18,033,371
93$50,327,120$7,452,272$3,614,553$19,465,190
94$55,308,030$7,664,977$3,583,183$21,033,701
95$60,792,190$7,883,301$3,545,961$22,752,679
96$66,830,780$8,107,371$3,502,538$24,637,299
97$73,480,198$8,337,309$3,452,551$26,704,287
98$80,802,585$8,573,244$3,395,618$28,972,070
99$88,866,419$8,815,304$3,331,342$31,460,959
100$97,747,156$9,063,616$3,259,304$34,193,333