Can I retire at age 62 with 2,970,000?

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 $2,970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.6%
1 years$245,260$243,075$240,944$238,863$236,832$230,452
2 years$121,416$119,154$116,963$114,838$112,777$106,395
3 years$80,140$77,869$75,683$73,578$71,550$65,366
4 years$59,506$57,242$55,078$53,009$51,030$45,091
5 years$47,129$44,878$42,743$40,716$38,792$33,115
6 years$38,880$36,646$34,542$32,561$30,695$25,284
7 years$32,990$30,776$28,705$26,770$24,963$19,820
8 years$28,575$26,380$24,344$22,457$20,710$15,830
9 years$25,143$22,969$20,967$19,128$17,440$12,821
10 years$22,399$20,246$18,280$16,489$14,860$10,495
11 years$20,155$18,024$16,093$14,350$12,780$8,663
12 years$18,286$16,177$14,282$12,587$11,075$7,197
13 years$16,707$14,619$12,760$11,112$9,658$6,012
14 years$15,354$13,289$11,465$9,864$8,466$5,043
15 years$14,182$12,139$10,352$8,797$7,454$4,245
16 years$13,158$11,138$9,385$7,877$6,588$3,584
17 years$12,256$10,257$8,540$7,077$5,841$3,034
18 years$11,454$9,478$7,796$6,378$5,194$2,573
19 years$10,738$8,784$7,137$5,763$4,629$2,185
20 years$10,094$8,163$6,550$5,220$4,135$1,859
21 years$9,512$7,603$6,025$4,737$3,700$1,584
22 years$8,984$7,098$5,553$4,307$3,317$1,350
23 years$8,503$6,638$5,127$3,923$2,977$1,152
24 years$8,062$6,220$4,742$3,578$2,676$984
25 years$7,657$5,837$4,392$3,267$2,408$841
26 years$7,284$5,486$4,073$2,987$2,169$719
27 years$6,939$5,163$3,782$2,735$1,956$615
28 years$6,619$4,865$3,516$2,505$1,765$526
29 years$6,322$4,589$3,272$2,298$1,593$450
30 years$6,046$4,334$3,048$2,109$1,440$386
31 years$5,787$4,097$2,841$1,937$1,302$330
32 years$5,545$3,877$2,651$1,780$1,177$283
33 years$5,319$3,671$2,475$1,637$1,066$242
34 years$5,106$3,480$2,313$1,506$965$208
35 years$4,906$3,300$2,162$1,386$874$178
36 years$4,717$3,132$2,023$1,277$792$152
37 years$4,539$2,975$1,893$1,176$718$131
38 years$4,371$2,827$1,773$1,084$651$112
39 years$4,211$2,689$1,661$1,000$590$96
40 years$4,060$2,558$1,557$922$535$82
41 years$3,917$2,435$1,460$851$485$71
42 years$3,781$2,319$1,369$785$441$61
43 years$3,652$2,210$1,285$725$400$52
44 years$3,529$2,106$1,206$669$363$45
45 years$3,411$2,008$1,133$618$329$38
46 years$3,300$1,916$1,064$571$299$33
47 years$3,193$1,828$999$527$272$28
48 years$3,091$1,745$939$487$247$24
49 years$2,993$1,667$883$450$224$21
50 years$2,900$1,592$830$416$203$18

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,970,000, adding $3,325 every year, while hoping to spend $37,012 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: 38/47/15 Blend
61$2,970,000$2,970,000$2,970,000$2,970,000
62$3,276,370$3,118,960$3,072,925$3,385,904
63$3,571,179$3,232,408$3,136,487$3,578,006
64$3,894,818$3,350,175$3,200,939$3,781,671
65$4,250,189$3,472,433$3,266,270$4,000,976
66$4,640,488$3,599,362$3,332,469$4,237,348
67$5,069,236$3,731,149$3,399,525$4,492,352
68$5,540,312$3,867,989$3,467,423$4,767,706
69$6,057,989$4,010,086$3,536,147$5,065,297
70$6,626,975$4,157,651$3,605,679$5,387,198
71$7,252,456$4,310,906$3,675,999$5,735,689
72$7,940,147$4,470,080$3,747,085$6,113,270
73$8,696,342$4,635,415$3,818,912$6,522,693
74$9,527,977$4,807,158$3,891,455$6,966,983
75$10,442,695$4,985,573$3,964,682$7,449,462
76$11,448,914$5,170,930$4,038,563$7,973,787
77$12,555,910$5,363,513$4,113,062$8,543,975
78$13,773,906$5,563,618$4,188,142$9,164,448
79$15,114,161$5,771,552$4,263,762$9,840,066
80$16,589,085$5,987,638$4,339,878$10,576,178
81$18,212,350$6,212,210$4,416,442$11,378,667
82$19,999,020$6,445,619$4,493,403$12,254,006
83$21,965,694$6,688,228$4,570,706$13,209,317
84$24,130,662$6,940,418$4,648,292$14,252,439
85$26,514,078$7,202,587$4,726,097$15,391,995
86$29,138,147$7,475,147$4,804,056$16,637,481
87$32,027,341$7,758,532$4,882,094$17,999,343
88$35,208,620$8,053,191$4,960,135$19,489,085
89$38,711,697$8,359,595$5,038,097$21,119,365
90$42,569,309$8,678,234$5,115,892$22,904,124
91$46,817,532$9,009,621$5,193,428$24,858,704
92$51,496,117$9,354,289$5,270,605$27,000,003
93$56,648,869$9,712,797$5,347,317$29,346,620
94$62,324,056$10,085,726$5,423,455$31,919,040
95$68,574,868$10,473,685$5,498,899$34,739,818
96$75,459,915$10,877,307$5,573,523$37,833,790
97$83,043,786$11,297,254$5,647,195$41,228,310
98$91,397,651$11,734,218$5,719,775$44,953,501
99$100,599,937$12,188,920$5,791,113$49,042,536
100$110,737,067$12,662,114$5,861,052$53,531,955