Can I retire at age 62 with 2,980,000?

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 $2,980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.9%
1 years$246,086$243,894$241,755$239,668$237,629$230,023
2 years$121,825$119,556$117,357$115,225$113,157$105,563
3 years$80,410$78,131$75,938$73,826$71,791$64,449
4 years$59,706$57,435$55,263$53,187$51,202$44,168
5 years$47,287$45,029$42,886$40,853$38,923$32,216
6 years$39,011$36,770$34,659$32,670$30,799$24,423
7 years$33,101$30,879$28,801$26,860$25,047$19,004
8 years$28,671$26,469$24,426$22,532$20,779$15,063
9 years$25,228$23,046$21,038$19,193$17,499$12,104
10 years$22,474$20,314$18,341$16,544$14,910$9,828
11 years$20,223$18,084$16,148$14,398$12,823$8,044
12 years$18,348$16,232$14,331$12,629$11,112$6,626
13 years$16,763$14,669$12,803$11,150$9,690$5,486
14 years$15,405$13,333$11,504$9,898$8,494$4,561
15 years$14,230$12,180$10,386$8,827$7,479$3,805
16 years$13,203$11,175$9,417$7,903$6,610$3,182
17 years$12,297$10,292$8,569$7,101$5,861$2,668
18 years$11,493$9,510$7,822$6,400$5,211$2,241
19 years$10,774$8,814$7,161$5,783$4,645$1,885
20 years$10,128$8,190$6,572$5,237$4,149$1,588
21 years$9,544$7,629$6,045$4,753$3,713$1,339
22 years$9,014$7,121$5,571$4,322$3,328$1,130
23 years$8,531$6,661$5,144$3,936$2,987$954
24 years$8,089$6,240$4,757$3,590$2,685$807
25 years$7,683$5,856$4,406$3,278$2,416$682
26 years$7,309$5,504$4,087$2,998$2,176$577
27 years$6,963$5,180$3,795$2,744$1,962$489
28 years$6,642$4,881$3,528$2,514$1,771$414
29 years$6,344$4,605$3,283$2,305$1,599$350
30 years$6,066$4,349$3,058$2,116$1,445$297
31 years$5,807$4,111$2,851$1,943$1,306$251
32 years$5,564$3,890$2,660$1,786$1,181$213
33 years$5,337$3,684$2,484$1,642$1,069$181
34 years$5,123$3,491$2,320$1,511$968$153
35 years$4,922$3,311$2,169$1,391$877$130
36 years$4,733$3,143$2,029$1,281$794$110
37 years$4,554$2,985$1,900$1,180$720$93
38 years$4,385$2,837$1,779$1,088$653$79
39 years$4,226$2,698$1,667$1,003$592$67
40 years$4,074$2,567$1,562$925$537$57
41 years$3,930$2,443$1,465$854$487$48
42 years$3,794$2,327$1,374$788$442$41
43 years$3,664$2,217$1,289$727$401$35
44 years$3,541$2,113$1,210$671$364$29
45 years$3,423$2,015$1,136$620$331$25
46 years$3,311$1,922$1,067$573$300$21
47 years$3,204$1,835$1,003$529$273$18
48 years$3,101$1,751$942$489$247$15
49 years$3,003$1,672$886$452$225$13
50 years$2,910$1,598$833$418$204$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,980,000, adding $2,574 every year, while hoping to spend $20,672 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: 64/7/29 Blend
61$2,980,000$2,980,000$2,980,000$2,980,000
62$3,286,615$3,128,675$3,082,485$3,471,381
63$3,599,855$3,259,985$3,163,753$3,728,236
64$3,944,352$3,397,037$3,247,052$4,006,287
65$4,323,274$3,540,089$3,332,425$4,309,681
66$4,740,109$3,689,414$3,419,922$4,640,913
67$5,198,700$3,845,296$3,509,590$5,002,728
68$5,703,283$4,008,031$3,601,477$5,398,152
69$6,258,524$4,177,931$3,695,633$5,830,512
70$6,869,566$4,355,322$3,792,109$6,303,474
71$7,542,073$4,540,544$3,890,956$6,821,074
72$8,282,288$4,733,954$3,992,226$7,387,757
73$9,097,089$4,935,925$4,095,973$8,008,416
74$9,994,054$5,146,848$4,202,251$8,688,444
75$10,981,536$5,367,132$4,311,114$9,433,775
76$12,068,736$5,597,204$4,422,620$10,250,948
77$13,265,793$5,837,513$4,536,823$11,147,164
78$14,583,880$6,088,528$4,653,783$12,130,355
79$16,035,309$6,350,739$4,773,559$13,209,258
80$17,633,646$6,624,661$4,896,208$14,393,496
81$19,393,839$6,910,830$5,021,792$15,693,670
82$21,332,362$7,209,812$5,150,373$17,121,458
83$23,467,364$7,522,194$5,282,012$18,689,723
84$25,818,849$7,848,595$5,416,773$20,412,637
85$28,408,856$8,189,661$5,554,719$22,305,810
86$31,261,673$8,546,068$5,695,916$24,386,442
87$34,404,063$8,918,525$5,840,429$26,673,480
88$37,865,519$9,307,774$5,988,325$29,187,799
89$41,678,539$9,714,592$6,139,671$31,952,397
90$45,878,935$10,139,792$6,294,535$34,992,612
91$50,506,171$10,584,227$6,452,987$38,336,360
92$55,603,734$11,048,787$6,615,095$42,014,397
93$61,219,545$11,534,408$6,780,931$46,060,613
94$67,406,412$12,042,068$6,950,566$50,512,344
95$74,222,528$12,572,790$7,124,071$55,410,729
96$81,732,018$13,127,650$7,301,520$60,801,096
97$90,005,548$13,707,769$7,482,985$66,733,389
98$99,120,990$14,314,325$7,668,541$73,262,637
99$109,164,155$14,948,551$7,858,261$80,449,474
100$120,229,607$15,611,738$8,052,221$88,360,712