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

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 $2,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.8%
1 years$242,782$240,620$238,510$236,451$234,440$228,865
2 years$120,189$117,951$115,782$113,678$111,638$106,054
3 years$79,330$77,082$74,918$72,835$70,828$65,409
4 years$58,905$56,664$54,521$52,473$50,515$45,304
5 years$46,653$44,425$42,311$40,305$38,401$33,411
6 years$38,487$36,276$34,193$32,232$30,385$25,622
7 years$32,657$30,465$28,415$26,500$24,711$20,176
8 years$28,287$26,114$24,098$22,230$20,500$16,190
9 years$24,889$22,737$20,756$18,935$17,264$13,176
10 years$22,172$20,041$18,095$16,322$14,710$10,840
11 years$19,951$17,842$15,931$14,205$12,651$8,993
12 years$18,102$16,014$14,138$12,460$10,963$7,511
13 years$16,538$14,472$12,632$11,000$9,560$6,307
14 years$15,199$13,154$11,349$9,765$8,380$5,320
15 years$14,039$12,017$10,247$8,708$7,379$4,504
16 years$13,025$11,025$9,290$7,797$6,521$3,824
17 years$12,132$10,154$8,454$7,006$5,782$3,256
18 years$11,338$9,383$7,717$6,314$5,141$2,777
19 years$10,629$8,696$7,065$5,705$4,583$2,373
20 years$9,992$8,080$6,484$5,167$4,093$2,031
21 years$9,416$7,527$5,964$4,689$3,663$1,741
22 years$8,893$7,026$5,497$4,264$3,283$1,494
23 years$8,417$6,571$5,075$3,883$2,947$1,283
24 years$7,981$6,157$4,694$3,542$2,649$1,102
25 years$7,580$5,778$4,347$3,234$2,384$948
26 years$7,210$5,430$4,032$2,957$2,147$816
27 years$6,869$5,110$3,744$2,707$1,936$702
28 years$6,553$4,816$3,480$2,480$1,747$605
29 years$6,259$4,543$3,239$2,274$1,577$521
30 years$5,985$4,290$3,017$2,087$1,425$449
31 years$5,729$4,056$2,813$1,917$1,289$387
32 years$5,489$3,838$2,624$1,762$1,166$334
33 years$5,265$3,634$2,450$1,620$1,055$288
34 years$5,054$3,444$2,289$1,491$955$248
35 years$4,856$3,267$2,140$1,372$865$214
36 years$4,669$3,101$2,002$1,264$784$185
37 years$4,493$2,945$1,874$1,164$710$160
38 years$4,327$2,799$1,755$1,073$644$138
39 years$4,169$2,661$1,644$990$584$119
40 years$4,019$2,532$1,541$913$530$103
41 years$3,878$2,410$1,445$842$481$89
42 years$3,743$2,296$1,356$777$436$76
43 years$3,615$2,187$1,272$717$396$66
44 years$3,493$2,085$1,194$662$359$57
45 years$3,377$1,988$1,121$612$326$49
46 years$3,266$1,897$1,053$565$296$42
47 years$3,161$1,810$989$522$269$37
48 years$3,060$1,728$930$482$244$32
49 years$2,963$1,650$874$446$222$27
50 years$2,870$1,576$821$412$201$24

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 $6,905 every year, while hoping to spend $52,921 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: 84/9/7 Blend
61$2,940,000$2,940,000$2,940,000$2,940,000
62$3,247,003$3,091,183$3,045,613$3,517,200
63$3,521,889$3,186,343$3,091,333$3,789,812
64$3,823,041$3,284,392$3,136,811$4,081,293
65$4,153,080$3,385,417$3,181,984$4,399,779
66$4,514,896$3,489,504$3,226,782$4,747,947
67$4,911,671$3,596,746$3,271,135$5,128,747
68$5,346,909$3,707,233$3,314,965$5,545,426
69$5,824,470$3,821,064$3,358,193$6,001,560
70$6,348,606$3,938,336$3,400,732$6,501,088
71$6,923,999$4,059,151$3,442,493$7,048,350
72$7,555,810$4,183,612$3,483,379$7,648,123
73$8,249,721$4,311,827$3,523,290$8,305,671
74$9,011,992$4,443,906$3,562,120$9,026,792
75$9,849,520$4,579,962$3,599,756$9,817,874
76$10,769,902$4,720,111$3,636,079$10,685,950
77$11,781,509$4,864,474$3,670,964$11,638,773
78$12,893,562$5,013,172$3,704,280$12,684,880
79$14,116,219$5,166,331$3,735,888$13,833,677
80$15,460,675$5,324,083$3,765,641$15,095,528
81$16,939,260$5,486,559$3,793,386$16,481,848
82$18,565,560$5,653,896$3,818,961$18,005,218
83$20,354,546$5,826,236$3,842,195$19,679,493
84$22,322,711$6,003,723$3,862,910$21,519,944
85$24,488,226$6,186,504$3,880,916$23,543,392
86$26,871,115$6,374,732$3,896,016$25,768,371
87$29,493,439$6,568,564$3,908,003$28,215,306
88$32,379,506$6,768,160$3,916,658$30,906,695
89$35,556,101$6,973,685$3,921,751$33,867,334
90$39,052,736$7,185,308$3,923,042$37,124,538
91$42,901,929$7,403,203$3,920,278$40,708,410
92$47,139,514$7,627,548$3,913,195$44,652,116
93$51,804,972$7,858,525$3,901,515$48,992,202
94$56,941,810$8,096,324$3,884,947$53,768,938
95$62,597,966$8,341,135$3,863,184$59,026,696
96$68,826,265$8,593,157$3,835,907$64,814,370
97$75,684,915$8,852,592$3,802,780$71,185,837
98$83,238,055$9,119,649$3,763,453$78,200,467
99$91,556,364$9,394,539$3,717,556$85,923,677
100$100,717,724$9,677,482$3,664,705$94,427,554