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

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 $2,960,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12%
1 years$244,434$242,257$240,132$238,059$236,035$234,057
2 years$121,007$118,753$116,569$114,451$112,397$110,404
3 years$79,870$77,607$75,428$73,330$71,310$69,363
4 years$59,306$57,049$54,892$52,830$50,859$48,973
5 years$46,970$44,727$42,599$40,579$38,662$36,843
6 years$38,749$36,523$34,426$32,451$30,592$28,842
7 years$32,879$30,672$28,608$26,680$24,879$23,199
8 years$28,479$26,292$24,262$22,381$20,640$19,029
9 years$25,058$22,892$20,897$19,064$17,382$15,841
10 years$22,323$20,178$18,218$16,433$14,810$13,338
11 years$20,087$17,963$16,039$14,302$12,737$11,332
12 years$18,225$16,123$14,234$12,545$11,038$9,699
13 years$16,650$14,570$12,717$11,075$9,625$8,350
14 years$15,302$13,244$11,427$9,831$8,437$7,226
15 years$14,135$12,099$10,317$8,768$7,429$6,278
16 years$13,114$11,100$9,354$7,850$6,566$5,475
17 years$12,214$10,223$8,511$7,054$5,822$4,788
18 years$11,416$9,446$7,770$6,357$5,176$4,198
19 years$10,702$8,755$7,113$5,744$4,614$3,689
20 years$10,060$8,135$6,528$5,202$4,121$3,248
21 years$9,480$7,578$6,004$4,721$3,688$2,865
22 years$8,954$7,074$5,534$4,293$3,306$2,530
23 years$8,474$6,616$5,110$3,909$2,967$2,238
24 years$8,035$6,199$4,726$3,566$2,667$1,981
25 years$7,631$5,817$4,377$3,256$2,400$1,755
26 years$7,260$5,467$4,059$2,977$2,162$1,557
27 years$6,916$5,145$3,769$2,725$1,949$1,382
28 years$6,597$4,848$3,504$2,497$1,759$1,227
29 years$6,301$4,574$3,261$2,290$1,588$1,091
30 years$6,025$4,319$3,037$2,101$1,435$970
31 years$5,768$4,083$2,832$1,930$1,297$863
32 years$5,527$3,864$2,642$1,774$1,173$768
33 years$5,301$3,659$2,467$1,631$1,062$684
34 years$5,089$3,468$2,305$1,501$962$609
35 years$4,889$3,289$2,155$1,382$871$542
36 years$4,701$3,122$2,016$1,272$789$483
37 years$4,524$2,965$1,887$1,172$715$431
38 years$4,356$2,818$1,767$1,081$648$384
39 years$4,197$2,680$1,655$996$588$342
40 years$4,047$2,549$1,552$919$533$305
41 years$3,904$2,427$1,455$848$484$272
42 years$3,769$2,311$1,365$782$439$243
43 years$3,640$2,202$1,281$722$398$217
44 years$3,517$2,099$1,202$667$362$193
45 years$3,400$2,002$1,129$616$328$172
46 years$3,288$1,909$1,060$569$298$154
47 years$3,182$1,822$996$526$271$137
48 years$3,080$1,740$936$486$246$122
49 years$2,983$1,661$880$449$223$109
50 years$2,890$1,587$827$415$203$98

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 $2,415 every year, while hoping to spend $49,928 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: 58/13/29 Blend
61$2,960,000$2,960,000$2,960,000$2,960,000
62$3,264,411$3,107,531$3,061,651$3,427,690
63$3,544,258$3,206,677$3,111,093$3,639,081
64$3,850,976$3,309,008$3,160,519$3,864,017
65$4,187,253$3,414,627$3,209,874$4,108,278
66$4,556,050$3,523,641$3,259,101$4,373,752
67$4,960,628$3,636,160$3,308,142$4,662,523
68$5,404,578$3,752,297$3,356,931$4,976,881
69$5,891,857$3,872,172$3,405,400$5,319,351
70$6,426,823$3,995,905$3,453,477$5,692,715
71$7,014,276$4,123,622$3,501,086$6,100,034
72$7,659,505$4,255,452$3,548,145$6,544,682
73$8,368,335$4,391,530$3,594,569$7,030,375
74$9,147,184$4,531,993$3,640,266$7,561,206
75$10,003,121$4,676,986$3,685,139$8,141,687
76$10,943,937$4,826,655$3,729,089$8,776,784
77$11,978,211$4,981,154$3,772,006$9,471,971
78$13,115,398$5,140,641$3,813,778$10,233,279
79$14,365,914$5,305,277$3,854,284$11,067,351
80$15,741,234$5,475,232$3,893,399$11,981,507
81$17,254,001$5,650,680$3,930,990$12,983,813
82$18,918,146$5,831,800$3,966,915$14,083,154
83$20,749,017$6,018,779$4,001,027$15,289,323
84$22,763,526$6,211,808$4,033,170$16,613,108
85$24,980,305$6,411,085$4,063,180$18,066,396
86$27,419,884$6,616,817$4,090,886$19,662,286
87$30,104,886$6,829,215$4,116,104$21,415,211
88$33,060,235$7,048,497$4,138,644$23,341,077
89$36,313,397$7,274,891$4,158,307$25,457,408
90$39,894,633$7,508,631$4,174,880$27,783,515
91$43,837,290$7,749,957$4,188,142$30,340,678
92$48,178,109$7,999,121$4,197,860$33,152,348
93$52,957,579$8,256,381$4,203,791$36,244,363
94$58,220,311$8,522,003$4,205,678$39,645,199
95$64,015,466$8,796,264$4,203,251$43,386,233
96$70,397,212$9,079,449$4,196,228$47,502,042
97$77,425,239$9,371,854$4,184,313$52,030,731
98$85,165,322$9,673,783$4,167,196$57,014,287
99$93,689,938$9,985,552$4,144,551$62,498,983
100$103,078,954$10,307,487$4,116,036$68,535,807