Can I retire at age 62 with 2,910,000?

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 $2,910,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.2%
1 years$240,305$238,165$236,076$234,038$232,047$230,876
2 years$118,963$116,747$114,600$112,518$110,499$109,316
3 years$78,521$76,296$74,154$72,091$70,105$68,948
4 years$58,304$56,085$53,965$51,938$49,999$48,877
5 years$46,177$43,972$41,879$39,893$38,009$36,925
6 years$38,095$35,906$33,845$31,903$30,075$29,030
7 years$32,324$30,154$28,125$26,229$24,459$23,454
8 years$27,998$25,847$23,852$22,003$20,291$19,326
9 years$24,635$22,505$20,544$18,742$17,088$16,163
10 years$21,946$19,837$17,911$16,156$14,560$13,674
11 years$19,748$17,660$15,768$14,060$12,522$11,675
12 years$17,917$15,850$13,994$12,333$10,851$10,043
13 years$16,369$14,324$12,503$10,888$9,463$8,691
14 years$15,044$13,020$11,234$9,665$8,295$7,560
15 years$13,896$11,894$10,142$8,620$7,303$6,604
16 years$12,892$10,913$9,196$7,718$6,455$5,790
17 years$12,008$10,050$8,368$6,934$5,723$5,092
18 years$11,223$9,287$7,639$6,249$5,089$4,490
19 years$10,521$8,607$6,993$5,647$4,536$3,968
20 years$9,890$7,998$6,418$5,114$4,051$3,514
21 years$9,320$7,450$5,903$4,641$3,626$3,118
22 years$8,803$6,954$5,441$4,220$3,250$2,770
23 years$8,331$6,504$5,023$3,843$2,917$2,464
24 years$7,899$6,094$4,646$3,505$2,622$2,195
25 years$7,502$5,719$4,303$3,201$2,359$1,957
26 years$7,137$5,375$3,991$2,927$2,125$1,747
27 years$6,799$5,058$3,706$2,679$1,916$1,560
28 years$6,486$4,766$3,445$2,455$1,729$1,395
29 years$6,195$4,497$3,206$2,251$1,561$1,247
30 years$5,924$4,246$2,986$2,066$1,411$1,116
31 years$5,670$4,014$2,784$1,897$1,275$1,000
32 years$5,433$3,798$2,597$1,744$1,154$895
33 years$5,211$3,597$2,425$1,604$1,044$802
34 years$5,003$3,409$2,266$1,475$945$719
35 years$4,807$3,234$2,119$1,358$856$645
36 years$4,622$3,069$1,982$1,251$776$579
37 years$4,447$2,915$1,855$1,152$703$519
38 years$4,282$2,770$1,737$1,062$637$466
39 years$4,126$2,634$1,627$979$578$418
40 years$3,978$2,506$1,525$903$524$376
41 years$3,838$2,386$1,430$834$476$337
42 years$3,705$2,272$1,342$769$432$303
43 years$3,578$2,165$1,259$710$392$272
44 years$3,457$2,064$1,182$656$356$244
45 years$3,343$1,968$1,110$606$323$220
46 years$3,233$1,877$1,042$559$293$197
47 years$3,128$1,791$979$517$266$177
48 years$3,028$1,710$920$477$242$159
49 years$2,933$1,633$865$441$219$143
50 years$2,841$1,560$813$408$199$129

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,910,000, adding $3,214 every year, while hoping to spend $54,176 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: 39/48/13 Blend
61$2,910,000$2,910,000$2,910,000$2,910,000
62$3,210,135$3,055,905$3,010,800$3,322,653
63$3,479,926$3,148,002$3,054,019$3,494,907
64$3,775,420$3,242,795$3,096,870$3,675,515
65$4,099,181$3,340,361$3,139,284$3,869,612
66$4,454,034$3,440,775$3,181,186$4,078,442
67$4,843,090$3,544,117$3,222,500$4,303,371
68$5,269,773$3,650,466$3,263,142$4,545,899
69$5,737,858$3,759,907$3,303,025$4,807,680
70$6,251,500$3,872,523$3,342,057$5,090,530
71$6,815,277$3,988,402$3,380,140$5,396,447
72$7,434,233$4,107,631$3,417,173$5,727,629
73$8,113,922$4,230,302$3,453,045$6,086,495
74$8,860,464$4,356,508$3,487,644$6,475,707
75$9,680,598$4,486,344$3,520,847$6,898,193
76$10,581,752$4,619,908$3,552,528$7,357,178
77$11,572,106$4,757,299$3,582,553$7,856,209
78$12,660,674$4,898,619$3,610,781$8,399,193
79$13,857,383$5,043,972$3,637,064$8,990,430
80$15,173,175$5,193,466$3,661,244$9,634,655
81$16,620,102$5,347,208$3,683,158$10,337,080
82$18,211,441$5,505,310$3,702,633$11,103,444
83$19,961,824$5,667,887$3,719,487$11,940,070
84$21,887,370$5,835,053$3,733,530$12,853,918
85$24,005,839$6,006,927$3,744,560$13,852,653
86$26,336,799$6,183,632$3,752,367$14,944,720
87$28,901,812$6,365,289$3,756,731$16,139,416
88$31,724,633$6,552,025$3,757,418$17,446,984
89$34,831,440$6,743,968$3,754,186$18,878,708
90$38,251,074$6,941,250$3,746,779$20,447,013
91$42,015,317$7,144,004$3,734,928$22,165,592
92$46,159,184$7,352,366$3,718,354$24,049,523
93$50,721,263$7,566,474$3,696,761$26,115,422
94$55,744,070$7,786,469$3,669,840$28,381,590
95$61,274,454$8,012,495$3,637,269$30,868,193
96$67,364,039$8,244,698$3,598,708$33,597,444
97$74,069,709$8,483,225$3,553,803$36,593,819
98$81,454,145$8,728,229$3,502,181$39,884,283
99$89,586,417$8,979,862$3,443,453$43,498,546
100$98,542,635$9,238,278$3,377,212$47,469,343