Can I retire at age 62 with 2,940,000?

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 $2,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.1%
1 years$242,782$240,620$238,510$236,451$234,440$232,378
2 years$120,189$117,951$115,782$113,678$111,638$109,561
3 years$79,330$77,082$74,918$72,835$70,828$68,799
4 years$58,905$56,664$54,521$52,473$50,515$48,550
5 years$46,653$44,425$42,311$40,305$38,401$36,506
6 years$38,487$36,276$34,193$32,232$30,385$28,563
7 years$32,657$30,465$28,415$26,500$24,711$22,962
8 years$28,287$26,114$24,098$22,230$20,500$18,824
9 years$24,889$22,737$20,756$18,935$17,264$15,661
10 years$22,172$20,041$18,095$16,322$14,710$13,178
11 years$19,951$17,842$15,931$14,205$12,651$11,190
12 years$18,102$16,014$14,138$12,460$10,963$9,571
13 years$16,538$14,472$12,632$11,000$9,560$8,235
14 years$15,199$13,154$11,349$9,765$8,380$7,121
15 years$14,039$12,017$10,247$8,708$7,379$6,183
16 years$13,025$11,025$9,290$7,797$6,521$5,388
17 years$12,132$10,154$8,454$7,006$5,782$4,709
18 years$11,338$9,383$7,717$6,314$5,141$4,126
19 years$10,629$8,696$7,065$5,705$4,583$3,623
20 years$9,992$8,080$6,484$5,167$4,093$3,188
21 years$9,416$7,527$5,964$4,689$3,663$2,809
22 years$8,893$7,026$5,497$4,264$3,283$2,479
23 years$8,417$6,571$5,075$3,883$2,947$2,191
24 years$7,981$6,157$4,694$3,542$2,649$1,938
25 years$7,580$5,778$4,347$3,234$2,384$1,716
26 years$7,210$5,430$4,032$2,957$2,147$1,521
27 years$6,869$5,110$3,744$2,707$1,936$1,349
28 years$6,553$4,816$3,480$2,480$1,747$1,197
29 years$6,259$4,543$3,239$2,274$1,577$1,063
30 years$5,985$4,290$3,017$2,087$1,425$944
31 years$5,729$4,056$2,813$1,917$1,289$839
32 years$5,489$3,838$2,624$1,762$1,166$746
33 years$5,265$3,634$2,450$1,620$1,055$664
34 years$5,054$3,444$2,289$1,491$955$591
35 years$4,856$3,267$2,140$1,372$865$526
36 years$4,669$3,101$2,002$1,264$784$468
37 years$4,493$2,945$1,874$1,164$710$417
38 years$4,327$2,799$1,755$1,073$644$371
39 years$4,169$2,661$1,644$990$584$331
40 years$4,019$2,532$1,541$913$530$295
41 years$3,878$2,410$1,445$842$481$263
42 years$3,743$2,296$1,356$777$436$234
43 years$3,615$2,187$1,272$717$396$209
44 years$3,493$2,085$1,194$662$359$186
45 years$3,377$1,988$1,121$612$326$166
46 years$3,266$1,897$1,053$565$296$148
47 years$3,161$1,810$989$522$269$132
48 years$3,060$1,728$930$482$244$117
49 years$2,963$1,650$874$446$222$105
50 years$2,870$1,576$821$412$201$93

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,940,000, adding $5,444 every year, while hoping to spend $37,056 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: 80/13/7 Blend
61$2,940,000$2,940,000$2,940,000$2,940,000
62$3,245,495$3,089,675$3,044,105$3,502,287
63$3,537,109$3,201,642$3,106,656$3,783,235
64$3,857,225$3,317,854$3,170,059$4,085,996
65$4,208,711$3,438,478$3,234,306$4,417,080
66$4,594,728$3,563,692$3,299,384$4,779,295
67$5,018,755$3,693,678$3,365,278$5,175,734
68$5,484,628$3,828,627$3,431,974$5,609,802
69$5,996,568$3,968,739$3,499,454$6,085,249
70$6,559,231$4,114,220$3,567,699$6,606,204
71$7,177,743$4,265,286$3,636,686$7,177,215
72$7,857,751$4,422,164$3,706,394$7,803,290
73$8,605,477$4,585,086$3,776,794$8,489,945
74$9,427,779$4,754,298$3,847,859$9,243,255
75$10,332,208$4,930,054$3,919,558$10,069,913
76$11,327,087$5,112,621$3,991,858$10,977,288
77$12,421,585$5,302,274$4,064,720$11,973,500
78$13,625,805$5,499,304$4,138,106$13,067,491
79$14,950,877$5,704,010$4,211,973$14,269,113
80$16,409,067$5,916,707$4,286,274$15,589,218
81$18,013,888$6,137,722$4,360,961$17,039,762
82$19,780,231$6,367,396$4,435,979$18,633,913
83$21,724,501$6,606,085$4,511,271$20,386,181
84$23,864,778$6,854,161$4,586,776$22,312,550
85$26,220,980$7,112,010$4,662,428$24,430,629
86$28,815,059$7,380,037$4,738,158$26,759,820
87$31,671,198$7,658,662$4,813,890$29,321,497
88$34,816,050$7,948,326$4,889,545$32,139,209
89$38,278,980$8,249,487$4,965,037$35,238,902
90$42,092,346$8,562,622$5,040,277$38,649,163
91$46,291,807$8,888,232$5,115,168$42,401,488
92$50,916,654$9,226,838$5,189,608$46,530,581
93$56,010,181$9,578,982$5,263,488$51,074,678
94$61,620,100$9,945,232$5,336,695$56,075,908
95$67,798,982$10,326,180$5,409,106$61,580,692
96$74,604,759$10,722,444$5,480,592$67,640,178
97$82,101,269$11,134,668$5,551,017$74,310,723
98$90,358,859$11,563,527$5,620,236$81,654,427
99$99,455,045$12,009,722$5,688,096$89,739,714
100$109,475,249$12,473,988$5,754,437$98,641,980