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

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 $2,980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.7%
1 years$246,086$243,894$241,755$239,668$237,629$235,934
2 years$121,825$119,556$117,357$115,225$113,157$111,447
3 years$80,410$78,131$75,938$73,826$71,791$70,121
4 years$59,706$57,435$55,263$53,187$51,202$49,583
5 years$47,287$45,029$42,886$40,853$38,923$37,360
6 years$39,011$36,770$34,659$32,670$30,799$29,294
7 years$33,101$30,879$28,801$26,860$25,047$23,602
8 years$28,671$26,469$24,426$22,532$20,779$19,393
9 years$25,228$23,046$21,038$19,193$17,499$16,172
10 years$22,474$20,314$18,341$16,544$14,910$13,641
11 years$20,223$18,084$16,148$14,398$12,823$11,611
12 years$18,348$16,232$14,331$12,629$11,112$9,956
13 years$16,763$14,669$12,803$11,150$9,690$8,589
14 years$15,405$13,333$11,504$9,898$8,494$7,447
15 years$14,230$12,180$10,386$8,827$7,479$6,483
16 years$13,203$11,175$9,417$7,903$6,610$5,665
17 years$12,297$10,292$8,569$7,101$5,861$4,965
18 years$11,493$9,510$7,822$6,400$5,211$4,363
19 years$10,774$8,814$7,161$5,783$4,645$3,842
20 years$10,128$8,190$6,572$5,237$4,149$3,390
21 years$9,544$7,629$6,045$4,753$3,713$2,997
22 years$9,014$7,121$5,571$4,322$3,328$2,652
23 years$8,531$6,661$5,144$3,936$2,987$2,351
24 years$8,089$6,240$4,757$3,590$2,685$2,086
25 years$7,683$5,856$4,406$3,278$2,416$1,853
26 years$7,309$5,504$4,087$2,998$2,176$1,647
27 years$6,963$5,180$3,795$2,744$1,962$1,466
28 years$6,642$4,881$3,528$2,514$1,771$1,305
29 years$6,344$4,605$3,283$2,305$1,599$1,162
30 years$6,066$4,349$3,058$2,116$1,445$1,036
31 years$5,807$4,111$2,851$1,943$1,306$924
32 years$5,564$3,890$2,660$1,786$1,181$824
33 years$5,337$3,684$2,484$1,642$1,069$736
34 years$5,123$3,491$2,320$1,511$968$657
35 years$4,922$3,311$2,169$1,391$877$586
36 years$4,733$3,143$2,029$1,281$794$524
37 years$4,554$2,985$1,900$1,180$720$468
38 years$4,385$2,837$1,779$1,088$653$418
39 years$4,226$2,698$1,667$1,003$592$374
40 years$4,074$2,567$1,562$925$537$334
41 years$3,930$2,443$1,465$854$487$299
42 years$3,794$2,327$1,374$788$442$267
43 years$3,664$2,217$1,289$727$401$239
44 years$3,541$2,113$1,210$671$364$214
45 years$3,423$2,015$1,136$620$331$191
46 years$3,311$1,922$1,067$573$300$171
47 years$3,204$1,835$1,003$529$273$153
48 years$3,101$1,751$942$489$247$137
49 years$3,003$1,672$886$452$225$123
50 years$2,910$1,598$833$418$204$110

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 $4,911 every year, while hoping to spend $48,824 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: 43/30/27 Blend
61$2,980,000$2,980,000$2,980,000$2,980,000
62$3,289,026$3,131,086$3,084,896$3,404,373
63$3,572,558$3,232,561$3,136,291$3,588,858
64$3,883,374$3,337,371$3,187,772$3,783,601
65$4,224,206$3,445,630$3,239,290$3,993,666
66$4,598,061$3,557,452$3,290,793$4,220,501
67$5,008,253$3,672,957$3,342,224$4,465,698
68$5,458,433$3,792,270$3,393,527$4,731,008
69$5,952,620$3,915,518$3,444,637$5,018,361
70$6,495,243$4,042,835$3,495,488$5,329,878
71$7,091,181$4,174,356$3,546,010$5,667,894
72$7,745,807$4,310,225$3,596,127$6,034,980
73$8,465,042$4,450,589$3,645,759$6,433,965
74$9,255,407$4,595,599$3,694,823$6,867,964
75$10,124,088$4,745,412$3,743,229$7,340,406
76$11,079,000$4,900,193$3,790,882$7,855,068
77$12,128,864$5,060,108$3,837,683$8,416,107
78$13,283,288$5,225,333$3,883,526$9,028,102
79$14,552,858$5,396,049$3,928,298$9,696,094
80$15,949,236$5,572,442$3,971,883$10,425,637
81$17,485,272$5,754,706$4,014,155$11,222,845
82$19,175,124$5,943,041$4,054,983$12,094,453
83$21,034,392$6,137,655$4,094,230$13,047,882
84$23,080,262$6,338,762$4,131,749$14,091,301
85$25,331,672$6,546,584$4,167,385$15,233,712
86$27,809,488$6,761,353$4,200,978$16,485,031
87$30,536,702$6,983,305$4,232,358$17,856,179
88$33,538,647$7,212,689$4,261,343$19,359,189
89$36,843,238$7,449,759$4,287,747$21,007,316
90$40,481,231$7,694,781$4,311,370$22,815,164
91$44,486,520$7,948,028$4,332,004$24,798,820
92$48,896,448$8,209,785$4,349,429$26,976,010
93$53,752,167$8,480,345$4,363,416$29,366,261
94$59,099,020$8,760,014$4,373,722$31,991,088
95$64,986,972$9,049,106$4,380,094$34,874,198
96$71,471,080$9,347,950$4,382,264$38,041,708
97$78,612,013$9,656,883$4,379,953$41,522,395
98$86,476,625$9,976,256$4,372,868$45,347,967
99$95,138,582$10,306,434$4,360,700$49,553,361
100$104,679,061$10,647,793$4,343,127$54,177,072