Can I retire at age 62 with 2,950,000?

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 $2,950,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.7%
1 years$243,608$241,438$239,321$237,255$235,237$227,890
2 years$120,598$118,352$116,175$114,065$112,018$104,681
3 years$79,600$77,344$75,173$73,082$71,069$63,972
4 years$59,105$56,856$54,707$52,652$50,687$43,885
5 years$46,811$44,576$42,455$40,442$38,531$32,043
6 years$38,618$36,400$34,310$32,341$30,488$24,319
7 years$32,768$30,568$28,512$26,590$24,795$18,944
8 years$28,383$26,203$24,180$22,305$20,570$15,034
9 years$24,974$22,814$20,826$18,999$17,323$12,095
10 years$22,248$20,110$18,157$16,378$14,760$9,833
11 years$20,019$17,902$15,985$14,253$12,694$8,059
12 years$18,163$16,068$14,186$12,502$11,000$6,647
13 years$16,594$14,521$12,674$11,038$9,593$5,511
14 years$15,250$13,199$11,388$9,798$8,409$4,588
15 years$14,087$12,058$10,282$8,738$7,404$3,832
16 years$13,070$11,063$9,322$7,824$6,544$3,210
17 years$12,173$10,188$8,483$7,030$5,802$2,695
18 years$11,377$9,414$7,744$6,335$5,159$2,267
19 years$10,666$8,725$7,089$5,724$4,598$1,910
20 years$10,026$8,108$6,506$5,185$4,107$1,611
21 years$9,448$7,552$5,984$4,705$3,675$1,361
22 years$8,924$7,050$5,515$4,278$3,295$1,150
23 years$8,445$6,593$5,092$3,896$2,957$973
24 years$8,008$6,178$4,710$3,554$2,658$824
25 years$7,606$5,797$4,362$3,245$2,392$698
26 years$7,235$5,449$4,046$2,967$2,155$591
27 years$6,892$5,128$3,757$2,716$1,943$501
28 years$6,575$4,832$3,492$2,489$1,753$425
29 years$6,280$4,558$3,250$2,282$1,583$361
30 years$6,005$4,305$3,027$2,094$1,430$306
31 years$5,748$4,070$2,822$1,923$1,293$260
32 years$5,508$3,851$2,633$1,768$1,170$220
33 years$5,283$3,647$2,459$1,626$1,058$187
34 years$5,072$3,456$2,297$1,496$958$159
35 years$4,873$3,278$2,148$1,377$868$135
36 years$4,685$3,111$2,009$1,268$786$115
37 years$4,508$2,955$1,880$1,168$713$97
38 years$4,341$2,808$1,761$1,077$646$83
39 years$4,183$2,671$1,650$993$586$70
40 years$4,033$2,541$1,546$916$531$60
41 years$3,891$2,419$1,450$845$482$51
42 years$3,756$2,303$1,360$780$438$43
43 years$3,627$2,195$1,276$720$397$37
44 years$3,505$2,092$1,198$665$360$31
45 years$3,388$1,995$1,125$614$327$26
46 years$3,277$1,903$1,057$567$297$22
47 years$3,171$1,816$993$524$270$19
48 years$3,070$1,734$933$484$245$16
49 years$2,973$1,656$877$447$223$14
50 years$2,880$1,581$824$414$202$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,950,000, adding $3,267 every year, while hoping to spend $50,200 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: 64/22/14 Blend
61$2,950,000$2,950,000$2,950,000$2,950,000
62$3,254,270$3,097,920$3,052,195$3,451,459
63$3,532,793$3,196,306$3,101,031$3,682,253
64$3,838,043$3,297,830$3,149,821$3,928,165
65$4,172,693$3,402,593$3,198,509$4,195,549
66$4,539,687$3,510,699$3,247,039$4,486,497
67$4,942,268$3,622,257$3,295,347$4,803,314
68$5,384,008$3,737,375$3,343,370$5,148,533
69$5,868,840$3,856,170$3,391,036$5,524,947
70$6,401,099$3,978,759$3,438,273$5,935,627
71$6,985,557$4,105,265$3,485,001$6,383,959
72$7,627,474$4,235,813$3,531,139$6,873,668
73$8,332,642$4,370,534$3,576,598$7,408,857
74$9,107,443$4,509,562$3,621,286$7,994,045
75$9,958,908$4,653,036$3,665,104$8,634,208
76$10,894,780$4,801,098$3,707,949$9,334,826
77$11,923,594$4,953,898$3,749,711$10,101,937
78$13,054,749$5,111,588$3,790,276$10,942,189
79$14,298,604$5,274,325$3,829,519$11,862,905
80$15,666,567$5,442,273$3,867,314$12,872,153
81$17,171,213$5,615,600$3,903,525$13,978,820
82$18,826,392$5,794,480$3,938,008$15,192,693
83$20,647,366$5,979,092$3,970,614$16,524,557
84$22,650,951$6,169,621$4,001,183$17,986,291
85$24,855,674$6,366,259$4,029,550$19,590,984
86$27,281,951$6,569,204$4,055,537$21,353,053
87$29,952,275$6,778,659$4,078,962$23,288,384
88$32,891,429$6,994,836$4,099,630$25,414,476
89$36,126,725$7,217,953$4,117,337$27,750,613
90$39,688,252$7,448,234$4,131,869$30,318,038
91$43,609,167$7,685,911$4,143,001$33,140,157
92$47,926,007$7,931,225$4,150,496$36,242,760
93$52,679,028$8,184,424$4,154,106$39,654,260
94$57,912,592$8,445,763$4,153,571$43,405,967
95$63,675,578$8,715,508$4,148,618$47,532,376
96$70,021,850$8,993,931$4,138,960$52,071,498
97$77,010,760$9,281,314$4,124,296$57,065,215
98$84,707,709$9,577,950$4,104,311$62,559,675
99$93,184,765$9,884,139$4,078,675$68,605,729
100$102,521,342$10,200,193$4,047,042$75,259,407