Can I retire at age 62 with 2,920,000?

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 $2,920,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.8%
1 years$241,131$238,983$236,887$234,842$232,845$223,695
2 years$119,372$117,149$114,994$112,905$110,879$101,772
3 years$78,791$76,558$74,409$72,339$70,346$61,570
4 years$58,504$56,278$54,150$52,116$50,171$41,792
5 years$46,335$44,123$42,023$40,030$38,139$30,179
6 years$38,225$36,030$33,961$32,013$30,178$22,641
7 years$32,435$30,258$28,222$26,319$24,543$17,427
8 years$28,094$25,936$23,934$22,079$20,361$13,658
9 years$24,720$22,582$20,614$18,806$17,147$10,848
10 years$22,022$19,905$17,972$16,211$14,610$8,703
11 years$19,816$17,720$15,822$14,108$12,565$7,036
12 years$17,979$15,905$14,042$12,375$10,889$5,723
13 years$16,425$14,373$12,546$10,925$9,495$4,677
14 years$15,095$13,065$11,272$9,698$8,323$3,837
15 years$13,944$11,935$10,177$8,649$7,329$3,158
16 years$12,937$10,950$9,227$7,744$6,477$2,605
17 years$12,049$10,085$8,396$6,958$5,743$2,154
18 years$11,261$9,319$7,665$6,271$5,106$1,783
19 years$10,557$8,637$7,017$5,666$4,551$1,479
20 years$9,924$8,025$6,440$5,132$4,065$1,228
21 years$9,352$7,475$5,923$4,657$3,638$1,020
22 years$8,833$6,978$5,459$4,235$3,261$848
23 years$8,360$6,526$5,041$3,857$2,927$706
24 years$7,926$6,115$4,662$3,517$2,631$588
25 years$7,528$5,738$4,318$3,212$2,368$489
26 years$7,161$5,393$4,004$2,937$2,133$408
27 years$6,822$5,076$3,718$2,688$1,923$340
28 years$6,508$4,783$3,457$2,463$1,735$283
29 years$6,216$4,512$3,217$2,259$1,567$236
30 years$5,944$4,261$2,996$2,073$1,416$197
31 years$5,690$4,028$2,793$1,904$1,280$164
32 years$5,452$3,811$2,606$1,750$1,158$137
33 years$5,229$3,609$2,434$1,609$1,048$114
34 years$5,020$3,421$2,274$1,480$949$95
35 years$4,823$3,245$2,126$1,363$859$80
36 years$4,638$3,080$1,989$1,255$778$66
37 years$4,463$2,925$1,861$1,156$706$55
38 years$4,297$2,780$1,743$1,066$640$46
39 years$4,140$2,643$1,633$983$580$39
40 years$3,992$2,515$1,531$907$526$32
41 years$3,851$2,394$1,435$836$477$27
42 years$3,718$2,280$1,346$772$433$22
43 years$3,590$2,172$1,263$713$393$19
44 years$3,469$2,071$1,186$658$357$16
45 years$3,354$1,975$1,113$608$324$13
46 years$3,244$1,884$1,046$561$294$11
47 years$3,139$1,798$983$519$267$9
48 years$3,039$1,716$923$479$243$8
49 years$2,943$1,639$868$443$220$6
50 years$2,851$1,565$816$409$200$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,920,000, adding $5,477 every year, while hoping to spend $44,553 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: 28/46/26 Blend
61$2,920,000$2,920,000$2,920,000$2,920,000
62$3,223,490$3,068,730$3,023,470$3,287,523
63$3,504,881$3,171,693$3,077,352$3,441,685
64$3,813,482$3,278,209$3,131,546$3,602,957
65$4,152,020$3,388,404$3,186,015$3,775,318
66$4,523,499$3,502,409$3,240,720$3,959,749
67$4,931,231$3,620,362$3,295,619$4,157,326
68$5,378,861$3,742,404$3,350,667$4,369,230
69$5,870,406$3,868,683$3,405,815$4,596,758
70$6,410,289$3,999,350$3,461,012$4,841,336
71$7,003,385$4,134,565$3,516,202$5,104,530
72$7,655,064$4,274,492$3,571,328$5,388,059
73$8,371,239$4,419,301$3,626,327$5,693,815
74$9,158,429$4,569,170$3,681,132$6,023,877
75$10,023,811$4,724,281$3,735,672$6,380,528
76$10,975,296$4,884,827$3,789,873$6,766,282
77$12,021,597$5,051,005$3,843,655$7,183,901
78$13,172,316$5,223,020$3,896,934$7,636,426
79$14,438,031$5,401,087$3,949,619$8,127,198
80$15,830,396$5,585,426$4,001,617$8,659,897
81$17,362,252$5,776,268$4,052,827$9,238,567
82$19,047,748$5,973,851$4,103,144$9,867,662
83$20,902,473$6,178,424$4,152,453$10,552,082
84$22,943,603$6,390,245$4,200,638$11,297,219
85$25,190,064$6,609,581$4,247,574$12,109,008
86$27,662,710$6,836,710$4,293,127$12,993,984
87$30,384,519$7,071,921$4,337,159$13,959,338
88$33,380,809$7,315,514$4,379,523$15,012,989
89$36,679,478$7,567,801$4,420,064$16,163,652
90$40,311,267$7,829,106$4,458,618$17,420,927
91$44,310,049$8,099,764$4,495,014$18,795,381
92$48,713,148$8,380,127$4,529,071$20,298,651
93$53,561,692$8,670,556$4,560,598$21,943,553
94$58,901,002$8,971,431$4,589,395$23,744,199
95$64,781,016$9,283,142$4,615,252$25,716,131
96$71,256,763$9,606,100$4,637,946$27,876,466
97$78,388,880$9,940,726$4,657,245$30,244,058
98$86,244,188$10,287,463$4,672,904$32,839,670
99$94,896,315$10,646,769$4,684,667$35,686,175
100$104,426,399$11,019,121$4,692,263$38,808,766