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%18.2%
1 years$246,911$244,712$242,566$240,472$238,427$230,518
2 years$122,233$119,957$117,751$115,611$113,537$105,645
3 years$80,679$78,393$76,192$74,073$72,032$64,406
4 years$59,907$57,627$55,449$53,366$51,374$44,072
5 years$47,446$45,180$43,030$40,990$39,054$32,094
6 years$39,142$36,893$34,775$32,780$30,902$24,291
7 years$33,213$30,983$28,898$26,950$25,131$18,869
8 years$28,768$26,558$24,508$22,608$20,849$14,930
9 years$25,312$23,124$21,109$19,257$17,558$11,975
10 years$22,550$20,382$18,403$16,600$14,960$9,704
11 years$20,291$18,145$16,202$14,447$12,866$7,928
12 years$18,410$16,286$14,379$12,672$11,150$6,517
13 years$16,819$14,718$12,846$11,187$9,723$5,385
14 years$15,457$13,378$11,542$9,931$8,523$4,468
15 years$14,278$12,221$10,421$8,856$7,504$3,719
16 years$13,247$11,213$9,448$7,930$6,632$3,104
17 years$12,338$10,326$8,598$7,125$5,881$2,596
18 years$11,531$9,542$7,849$6,421$5,229$2,176
19 years$10,810$8,844$7,185$5,802$4,660$1,826
20 years$10,162$8,218$6,594$5,255$4,163$1,535
21 years$9,576$7,655$6,065$4,769$3,725$1,291
22 years$9,045$7,145$5,590$4,336$3,339$1,087
23 years$8,560$6,683$5,161$3,949$2,997$916
24 years$8,116$6,261$4,773$3,602$2,694$772
25 years$7,709$5,876$4,421$3,289$2,424$652
26 years$7,333$5,523$4,100$3,008$2,184$550
27 years$6,986$5,197$3,808$2,753$1,969$464
28 years$6,664$4,897$3,540$2,522$1,777$392
29 years$6,365$4,620$3,294$2,313$1,604$331
30 years$6,086$4,363$3,068$2,123$1,449$280
31 years$5,826$4,125$2,860$1,950$1,310$237
32 years$5,583$3,903$2,669$1,792$1,185$200
33 years$5,355$3,696$2,492$1,648$1,073$169
34 years$5,140$3,503$2,328$1,516$971$143
35 years$4,939$3,323$2,177$1,396$880$121
36 years$4,749$3,154$2,036$1,285$797$102
37 years$4,570$2,995$1,906$1,184$722$86
38 years$4,400$2,846$1,785$1,091$655$73
39 years$4,240$2,707$1,672$1,006$594$62
40 years$4,088$2,575$1,567$928$539$52
41 years$3,944$2,451$1,470$856$489$44
42 years$3,807$2,335$1,379$790$443$37
43 years$3,676$2,224$1,294$730$402$32
44 years$3,553$2,120$1,214$674$365$27
45 years$3,434$2,022$1,140$622$332$23
46 years$3,322$1,929$1,071$575$301$19
47 years$3,214$1,841$1,006$531$273$16
48 years$3,112$1,757$945$491$248$14
49 years$3,013$1,678$889$453$226$12
50 years$2,919$1,603$835$419$205$10

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 $2,529 every year, while hoping to spend $32,786 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: 47/39/14 Blend
61$2,990,000$2,990,000$2,990,000$2,990,000
62$3,297,589$3,139,119$3,092,774$3,439,504
63$3,599,059$3,258,051$3,161,498$3,656,938
64$3,930,180$3,381,713$3,231,425$3,889,226
65$4,293,942$3,510,301$3,302,561$4,140,614
66$4,693,638$3,644,020$3,374,911$4,412,890
67$5,132,898$3,783,085$3,448,479$4,708,025
68$5,615,718$3,927,721$3,523,268$5,028,179
69$6,146,502$4,078,161$3,599,279$5,375,730
70$6,730,103$4,234,648$3,676,512$5,753,291
71$7,371,866$4,397,438$3,754,968$6,163,734
72$8,077,681$4,566,797$3,834,644$6,610,219
73$8,854,036$4,743,002$3,915,536$7,096,220
74$9,708,081$4,926,342$3,997,639$7,625,558
75$10,647,693$5,117,120$4,080,948$8,202,434
76$11,681,550$5,315,652$4,165,453$8,831,473
77$12,819,217$5,522,268$4,251,144$9,517,762
78$14,071,230$5,737,311$4,338,010$10,266,896
79$15,449,198$5,961,142$4,426,036$11,085,034
80$16,965,914$6,194,136$4,515,206$11,978,954
81$18,635,473$6,436,685$4,605,501$12,956,113
82$20,473,407$6,689,198$4,696,901$14,024,720
83$22,496,829$6,952,104$4,789,382$15,193,812
84$24,724,598$7,225,848$4,882,918$16,473,334
85$27,177,491$7,510,899$4,977,480$17,874,236
86$29,878,405$7,807,743$5,073,035$19,408,571
87$32,852,569$8,116,890$5,169,549$21,089,611
88$36,127,786$8,438,872$5,266,984$22,931,966
89$39,734,688$8,774,245$5,365,296$24,951,726
90$43,707,034$9,123,590$5,464,441$27,166,605
91$48,082,020$9,487,514$5,564,368$29,596,110
92$52,900,635$9,866,652$5,665,024$32,261,725
93$58,208,049$10,261,667$5,766,351$35,187,106
94$64,054,033$10,673,251$5,868,287$38,398,307
95$70,493,433$11,102,129$5,970,763$41,924,022
96$77,586,687$11,549,058$6,073,707$45,795,852
97$85,400,395$12,014,828$6,177,043$50,048,607
98$94,007,947$12,500,266$6,280,686$54,720,622
99$103,490,216$13,006,238$6,384,547$59,854,128
100$113,936,321$13,533,646$6,488,532$65,495,637