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%19.1%
1 years$245,260$243,075$240,944$238,863$236,832$228,157
2 years$121,416$119,154$116,963$114,838$112,777$104,134
3 years$80,140$77,869$75,683$73,578$71,550$63,210
4 years$59,506$57,242$55,078$53,009$51,030$43,057
5 years$47,129$44,878$42,743$40,716$38,792$31,207
6 years$38,880$36,646$34,542$32,561$30,695$23,503
7 years$32,990$30,776$28,705$26,770$24,963$18,163
8 years$28,575$26,380$24,344$22,457$20,710$14,295
9 years$25,143$22,969$20,967$19,128$17,440$11,403
10 years$22,399$20,246$18,280$16,489$14,860$9,188
11 years$20,155$18,024$16,093$14,350$12,780$7,463
12 years$18,286$16,177$14,282$12,587$11,075$6,098
13 years$16,707$14,619$12,760$11,112$9,658$5,008
14 years$15,354$13,289$11,465$9,864$8,466$4,129
15 years$14,182$12,139$10,352$8,797$7,454$3,415
16 years$13,158$11,138$9,385$7,877$6,588$2,832
17 years$12,256$10,257$8,540$7,077$5,841$2,353
18 years$11,454$9,478$7,796$6,378$5,194$1,959
19 years$10,738$8,784$7,137$5,763$4,629$1,633
20 years$10,094$8,163$6,550$5,220$4,135$1,363
21 years$9,512$7,603$6,025$4,737$3,700$1,138
22 years$8,984$7,098$5,553$4,307$3,317$952
23 years$8,503$6,638$5,127$3,923$2,977$796
24 years$8,062$6,220$4,742$3,578$2,676$667
25 years$7,657$5,837$4,392$3,267$2,408$558
26 years$7,284$5,486$4,073$2,987$2,169$468
27 years$6,939$5,163$3,782$2,735$1,956$392
28 years$6,619$4,865$3,516$2,505$1,765$329
29 years$6,322$4,589$3,272$2,298$1,593$276
30 years$6,046$4,334$3,048$2,109$1,440$231
31 years$5,787$4,097$2,841$1,937$1,302$194
32 years$5,545$3,877$2,651$1,780$1,177$163
33 years$5,319$3,671$2,475$1,637$1,066$137
34 years$5,106$3,480$2,313$1,506$965$115
35 years$4,906$3,300$2,162$1,386$874$96
36 years$4,717$3,132$2,023$1,277$792$81
37 years$4,539$2,975$1,893$1,176$718$68
38 years$4,371$2,827$1,773$1,084$651$57
39 years$4,211$2,689$1,661$1,000$590$48
40 years$4,060$2,558$1,557$922$535$40
41 years$3,917$2,435$1,460$851$485$34
42 years$3,781$2,319$1,369$785$441$28
43 years$3,652$2,210$1,285$725$400$24
44 years$3,529$2,106$1,206$669$363$20
45 years$3,411$2,008$1,133$618$329$17
46 years$3,300$1,916$1,064$571$299$14
47 years$3,193$1,828$999$527$272$12
48 years$3,091$1,745$939$487$247$10
49 years$2,993$1,667$883$450$224$8
50 years$2,900$1,592$830$416$203$7

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 $6,025 every year, while hoping to spend $31,713 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: 43/33/24 Blend
61$2,970,000$2,970,000$2,970,000$2,970,000
62$3,279,155$3,121,745$3,075,710$3,396,991
63$3,579,886$3,240,968$3,145,004$3,600,674
64$3,910,229$3,364,970$3,215,556$3,817,709
65$4,273,171$3,493,952$3,287,376$4,052,231
66$4,672,002$3,628,123$3,360,470$4,305,874
67$5,110,347$3,767,702$3,434,847$4,580,434
68$5,592,200$3,912,917$3,510,512$4,877,884
69$6,121,961$4,064,007$3,587,470$5,200,392
70$6,704,477$4,221,219$3,665,727$5,550,344
71$7,345,090$4,384,814$3,745,284$5,930,359
72$8,049,682$4,555,064$3,826,145$6,343,322
73$8,824,738$4,732,250$3,908,309$6,792,402
74$9,677,400$4,916,669$3,991,776$7,281,087
75$10,615,539$5,108,630$4,076,545$7,813,212
76$11,647,826$5,308,455$4,162,611$8,392,998
77$12,783,815$5,516,480$4,249,969$9,025,087
78$14,034,035$5,733,058$4,338,614$9,714,588
79$15,410,084$5,958,556$4,428,535$10,467,122
80$16,924,745$6,193,357$4,519,723$11,288,877
81$18,592,100$6,437,863$4,612,165$12,186,663
82$20,427,668$6,692,492$4,705,846$13,167,973
83$22,448,548$6,957,682$4,800,750$14,241,058
84$24,673,581$7,233,889$4,896,856$15,415,000
85$27,123,529$7,521,592$4,994,144$16,699,797
86$29,821,269$7,821,290$5,092,587$18,106,455
87$32,792,009$8,133,504$5,192,160$19,647,095
88$36,063,527$8,458,779$5,292,830$21,335,059
89$39,666,432$8,797,685$5,394,565$23,185,042
90$43,634,453$9,150,816$5,497,328$25,213,224
91$48,004,756$9,518,795$5,601,078$27,437,420
92$52,818,298$9,902,273$5,705,770$29,877,254
93$58,120,208$10,301,928$5,811,357$32,554,333
94$63,960,217$10,718,471$5,917,786$35,492,457
95$70,393,128$11,152,644$6,025,001$38,717,836
96$77,479,328$11,605,225$6,132,939$42,259,341
97$85,285,363$12,077,024$6,241,536$46,148,769
98$93,884,563$12,568,891$6,350,720$50,421,145
99$103,357,733$13,081,712$6,460,414$55,115,048
100$113,793,921$13,616,414$6,570,537$60,272,973