Can I retire at age 62 with 2,990,000?

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 $2,990,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.7%
1 years$246,911$244,712$242,566$240,472$238,427$233,804
2 years$122,233$119,957$117,751$115,611$113,537$108,898
3 years$80,679$78,393$76,192$74,073$72,032$67,523
4 years$59,907$57,627$55,449$53,366$51,374$47,028
5 years$47,446$45,180$43,030$40,990$39,054$34,883
6 years$39,142$36,893$34,775$32,780$30,902$26,912
7 years$33,213$30,983$28,898$26,950$25,131$21,323
8 years$28,768$26,558$24,508$22,608$20,849$17,221
9 years$25,312$23,124$21,109$19,257$17,558$14,108
10 years$22,550$20,382$18,403$16,600$14,960$11,685
11 years$20,291$18,145$16,202$14,447$12,866$9,762
12 years$18,410$16,286$14,379$12,672$11,150$8,212
13 years$16,819$14,718$12,846$11,187$9,723$6,947
14 years$15,457$13,378$11,542$9,931$8,523$5,904
15 years$14,278$12,221$10,421$8,856$7,504$5,036
16 years$13,247$11,213$9,448$7,930$6,632$4,310
17 years$12,338$10,326$8,598$7,125$5,881$3,698
18 years$11,531$9,542$7,849$6,421$5,229$3,180
19 years$10,810$8,844$7,185$5,802$4,660$2,740
20 years$10,162$8,218$6,594$5,255$4,163$2,365
21 years$9,576$7,655$6,065$4,769$3,725$2,044
22 years$9,045$7,145$5,590$4,336$3,339$1,768
23 years$8,560$6,683$5,161$3,949$2,997$1,532
24 years$8,116$6,261$4,773$3,602$2,694$1,328
25 years$7,709$5,876$4,421$3,289$2,424$1,152
26 years$7,333$5,523$4,100$3,008$2,184$1,000
27 years$6,986$5,197$3,808$2,753$1,969$869
28 years$6,664$4,897$3,540$2,522$1,777$755
29 years$6,365$4,620$3,294$2,313$1,604$656
30 years$6,086$4,363$3,068$2,123$1,449$571
31 years$5,826$4,125$2,860$1,950$1,310$497
32 years$5,583$3,903$2,669$1,792$1,185$432
33 years$5,355$3,696$2,492$1,648$1,073$376
34 years$5,140$3,503$2,328$1,516$971$327
35 years$4,939$3,323$2,177$1,396$880$285
36 years$4,749$3,154$2,036$1,285$797$248
37 years$4,570$2,995$1,906$1,184$722$216
38 years$4,400$2,846$1,785$1,091$655$188
39 years$4,240$2,707$1,672$1,006$594$164
40 years$4,088$2,575$1,567$928$539$143
41 years$3,944$2,451$1,470$856$489$125
42 years$3,807$2,335$1,379$790$443$109
43 years$3,676$2,224$1,294$730$402$95
44 years$3,553$2,120$1,214$674$365$82
45 years$3,434$2,022$1,140$622$332$72
46 years$3,322$1,929$1,071$575$301$63
47 years$3,214$1,841$1,006$531$273$55
48 years$3,112$1,757$945$491$248$48
49 years$3,013$1,678$889$453$226$42
50 years$2,919$1,603$835$419$205$36

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,990,000, adding $2,402 every year, while hoping to spend $41,798 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: 32/44/24 Blend
61$2,990,000$2,990,000$2,990,000$2,990,000
62$3,297,458$3,138,988$3,092,643$3,378,591
63$3,589,326$3,248,325$3,151,773$3,549,571
64$3,909,563$3,361,620$3,211,484$3,729,689
65$4,261,020$3,479,020$3,271,750$3,922,853
66$4,646,835$3,600,683$3,332,545$4,130,233
67$5,070,465$3,726,770$3,393,838$4,353,118
68$5,535,720$3,857,449$3,455,599$4,592,920
69$6,046,795$3,992,896$3,517,793$4,851,190
70$6,608,312$4,133,292$3,580,384$5,129,635
71$7,225,364$4,278,826$3,643,330$5,430,126
72$7,903,559$4,429,697$3,706,590$5,754,724
73$8,649,078$4,586,108$3,770,117$6,105,689
74$9,468,730$4,748,274$3,833,861$6,485,510
75$10,370,016$4,916,415$3,897,771$6,896,922
76$11,361,201$5,090,762$3,961,790$7,342,931
77$12,451,389$5,271,556$4,025,856$7,826,843
78$13,650,615$5,459,046$4,089,906$8,352,298
79$14,969,931$5,653,492$4,153,871$8,923,295
80$16,421,516$5,855,165$4,217,678$9,544,236
81$18,018,789$6,064,347$4,281,249$10,219,964
82$19,776,536$6,281,330$4,344,501$10,955,808
83$21,711,048$6,506,421$4,407,347$11,757,633
84$23,840,275$6,739,936$4,469,693$12,631,891
85$26,183,997$6,982,206$4,531,441$13,585,686
86$28,764,006$7,233,575$4,592,486$14,626,837
87$31,604,317$7,494,404$4,652,717$15,763,950
88$34,731,392$7,765,063$4,712,017$17,006,500
89$38,174,386$8,045,943$4,770,262$18,364,916
90$41,965,427$8,337,449$4,827,320$19,850,685
91$46,139,919$8,640,002$4,883,053$21,476,449
92$50,736,870$8,954,041$4,937,315$23,256,133
93$55,799,267$9,280,025$4,989,951$25,205,068
94$61,374,476$9,618,430$5,040,798$27,340,137
95$67,514,692$9,969,753$5,089,685$29,679,933
96$74,277,431$10,334,512$5,136,429$32,244,933
97$81,726,071$10,713,245$5,180,842$35,057,688
98$89,930,451$11,106,515$5,222,721$38,143,037
99$98,967,530$11,514,907$5,261,855$41,528,335
100$108,922,113$11,939,032$5,298,022$45,243,715