Can I retire at age 62 with 2,960,000?

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 $2,960,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17%
1 years$244,434$242,257$240,132$238,059$236,035$229,306
2 years$121,007$118,753$116,569$114,451$112,397$105,671
3 years$79,870$77,607$75,428$73,330$71,310$64,796
4 years$59,306$57,049$54,892$52,830$50,859$44,608
5 years$46,970$44,727$42,599$40,579$38,662$32,691
6 years$38,749$36,523$34,426$32,451$30,592$24,906
7 years$32,879$30,672$28,608$26,680$24,879$19,479
8 years$28,479$26,292$24,262$22,381$20,640$15,522
9 years$25,058$22,892$20,897$19,064$17,382$12,541
10 years$22,323$20,178$18,218$16,433$14,810$10,240
11 years$20,087$17,963$16,039$14,302$12,737$8,430
12 years$18,225$16,123$14,234$12,545$11,038$6,986
13 years$16,650$14,570$12,717$11,075$9,625$5,819
14 years$15,302$13,244$11,427$9,831$8,437$4,868
15 years$14,135$12,099$10,317$8,768$7,429$4,087
16 years$13,114$11,100$9,354$7,850$6,566$3,441
17 years$12,214$10,223$8,511$7,054$5,822$2,903
18 years$11,416$9,446$7,770$6,357$5,176$2,455
19 years$10,702$8,755$7,113$5,744$4,614$2,079
20 years$10,060$8,135$6,528$5,202$4,121$1,763
21 years$9,480$7,578$6,004$4,721$3,688$1,497
22 years$8,954$7,074$5,534$4,293$3,306$1,273
23 years$8,474$6,616$5,110$3,909$2,967$1,083
24 years$8,035$6,199$4,726$3,566$2,667$922
25 years$7,631$5,817$4,377$3,256$2,400$785
26 years$7,260$5,467$4,059$2,977$2,162$669
27 years$6,916$5,145$3,769$2,725$1,949$570
28 years$6,597$4,848$3,504$2,497$1,759$486
29 years$6,301$4,574$3,261$2,290$1,588$415
30 years$6,025$4,319$3,037$2,101$1,435$354
31 years$5,768$4,083$2,832$1,930$1,297$302
32 years$5,527$3,864$2,642$1,774$1,173$258
33 years$5,301$3,659$2,467$1,631$1,062$220
34 years$5,089$3,468$2,305$1,501$962$188
35 years$4,889$3,289$2,155$1,382$871$161
36 years$4,701$3,122$2,016$1,272$789$137
37 years$4,524$2,965$1,887$1,172$715$117
38 years$4,356$2,818$1,767$1,081$648$100
39 years$4,197$2,680$1,655$996$588$86
40 years$4,047$2,549$1,552$919$533$73
41 years$3,904$2,427$1,455$848$484$63
42 years$3,769$2,311$1,365$782$439$53
43 years$3,640$2,202$1,281$722$398$46
44 years$3,517$2,099$1,202$667$362$39
45 years$3,400$2,002$1,129$616$328$33
46 years$3,288$1,909$1,060$569$298$28
47 years$3,182$1,822$996$526$271$24
48 years$3,080$1,740$936$486$246$21
49 years$2,983$1,661$880$449$223$18
50 years$2,890$1,587$827$415$203$15

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,960,000, adding $3,254 every year, while hoping to spend $31,923 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: 54/32/14 Blend
61$2,960,000$2,960,000$2,960,000$2,960,000
62$3,265,277$3,108,397$3,062,517$3,429,390
63$3,564,369$3,226,742$3,131,145$3,659,846
64$3,892,899$3,349,817$3,201,003$3,906,849
65$4,253,835$3,477,818$3,272,097$4,174,973
66$4,650,448$3,610,954$3,344,434$4,466,233
67$5,086,342$3,749,438$3,418,021$4,782,847
68$5,565,486$3,893,498$3,492,861$5,127,253
69$6,092,253$4,043,366$3,568,959$5,502,135
70$6,671,461$4,199,290$3,646,318$5,910,441
71$7,308,419$4,361,524$3,724,939$6,355,417
72$8,008,976$4,530,337$3,804,823$6,840,633
73$8,779,575$4,706,007$3,885,968$7,370,018
74$9,627,317$4,888,826$3,968,372$7,947,893
75$10,560,023$5,079,099$4,052,033$8,579,017
76$11,586,313$5,277,142$4,136,943$9,268,624
77$12,715,683$5,483,288$4,223,097$10,022,475
78$13,958,597$5,697,884$4,310,485$10,846,912
79$15,326,585$5,921,291$4,399,097$11,748,918
80$16,832,350$6,153,887$4,488,921$12,736,175
81$18,489,890$6,396,069$4,579,940$13,817,146
82$20,314,630$6,648,247$4,672,139$15,001,145
83$22,323,564$6,910,853$4,765,498$16,298,427
84$24,535,421$7,184,338$4,859,995$17,720,285
85$26,970,834$7,469,171$4,955,605$19,279,152
86$29,652,543$7,765,844$5,052,302$20,988,721
87$32,605,603$8,074,871$5,150,054$22,864,071
88$35,857,623$8,396,788$5,248,829$24,921,806
89$39,439,025$8,732,155$5,348,590$27,180,212
90$43,383,334$9,081,560$5,449,297$29,659,432
91$47,727,491$9,445,613$5,550,905$32,381,646
92$52,512,202$9,824,955$5,653,367$35,371,287
93$57,782,324$10,220,255$5,756,632$38,655,265
94$63,587,285$10,632,211$5,860,643$42,263,221
95$69,981,554$11,061,555$5,965,340$46,227,805
96$77,025,152$11,509,051$6,070,659$50,584,981
97$84,784,219$11,975,496$6,176,528$55,374,366
98$93,331,640$12,461,726$6,282,872$60,639,601
99$102,747,730$12,968,614$6,389,611$66,428,763
100$113,120,994$13,497,071$6,496,658$72,794,813