Can I retire at age 62 with 3,000,000?

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 $3,000,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.8%
1 years$247,737$245,530$243,378$241,276$239,224$233,536
2 years$122,642$120,358$118,144$115,998$113,916$108,219
3 years$80,949$78,655$76,447$74,321$72,273$66,744
4 years$60,107$57,820$55,634$53,544$51,546$46,228
5 years$47,605$45,332$43,174$41,127$39,184$34,093
6 years$39,273$37,017$34,891$32,890$31,005$26,145
7 years$33,324$31,087$28,995$27,040$25,216$20,587
8 years$28,864$26,647$24,590$22,684$20,919$16,521
9 years$25,397$23,201$21,179$19,321$17,617$13,445
10 years$22,625$20,450$18,465$16,655$15,010$11,061
11 years$20,359$18,206$16,256$14,495$12,909$9,176
12 years$18,471$16,341$14,427$12,714$11,187$7,664
13 years$16,875$14,767$12,889$11,225$9,755$6,436
14 years$15,509$13,423$11,581$9,964$8,551$5,429
15 years$14,326$12,262$10,456$8,886$7,529$4,596
16 years$13,291$11,250$9,480$7,957$6,654$3,902
17 years$12,379$10,361$8,626$7,149$5,900$3,322
18 years$11,570$9,574$7,875$6,443$5,246$2,834
19 years$10,846$8,873$7,209$5,821$4,676$2,422
20 years$10,196$8,245$6,616$5,272$4,177$2,073
21 years$9,608$7,680$6,086$4,785$3,738$1,776
22 years$9,075$7,169$5,609$4,351$3,350$1,524
23 years$8,589$6,705$5,179$3,962$3,007$1,309
24 years$8,143$6,282$4,789$3,614$2,703$1,125
25 years$7,734$5,896$4,436$3,300$2,432$967
26 years$7,358$5,541$4,114$3,018$2,191$832
27 years$7,009$5,215$3,820$2,762$1,975$717
28 years$6,686$4,914$3,551$2,531$1,782$617
29 years$6,386$4,636$3,305$2,321$1,610$532
30 years$6,107$4,378$3,078$2,130$1,454$458
31 years$5,846$4,139$2,870$1,956$1,315$395
32 years$5,601$3,916$2,678$1,798$1,189$341
33 years$5,373$3,708$2,500$1,653$1,076$294
34 years$5,158$3,515$2,336$1,521$975$253
35 years$4,955$3,334$2,184$1,400$883$219
36 years$4,765$3,164$2,043$1,290$800$189
37 years$4,585$3,005$1,912$1,188$725$163
38 years$4,415$2,856$1,791$1,095$657$141
39 years$4,254$2,716$1,678$1,010$596$121
40 years$4,101$2,584$1,573$931$541$105
41 years$3,957$2,460$1,475$859$490$90
42 years$3,819$2,342$1,383$793$445$78
43 years$3,689$2,232$1,298$732$404$67
44 years$3,564$2,127$1,218$676$367$58
45 years$3,446$2,029$1,144$624$333$50
46 years$3,333$1,935$1,074$577$302$43
47 years$3,225$1,847$1,009$533$274$37
48 years$3,122$1,763$949$492$249$32
49 years$3,023$1,684$892$455$226$28
50 years$2,929$1,608$838$421$206$24

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $3,000,000, adding $6,932 every year, while hoping to spend $37,717 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: 26/47/27 Blend
61$3,000,000$3,000,000$3,000,000$3,000,000
62$3,313,150$3,154,150$3,107,650$3,371,130
63$3,610,961$3,268,573$3,171,626$3,533,495
64$3,937,884$3,387,339$3,236,481$3,703,891
65$4,296,850$3,510,619$3,302,204$3,885,940
66$4,691,085$3,638,596$3,368,784$4,080,650
67$5,124,145$3,771,456$3,436,208$4,289,130
68$5,599,945$3,909,396$3,504,459$4,512,593
69$6,122,802$4,052,618$3,573,520$4,752,372
70$6,697,466$4,201,335$3,643,372$5,009,929
71$7,329,176$4,355,769$3,713,993$5,286,865
72$8,023,701$4,516,150$3,785,360$5,584,943
73$8,787,395$4,682,719$3,857,447$5,906,093
74$9,627,263$4,855,725$3,930,225$6,252,439
75$10,551,020$5,035,431$4,003,663$6,626,311
76$11,567,165$5,222,109$4,077,727$7,030,269
77$12,685,065$5,416,042$4,152,380$7,467,127
78$13,915,040$5,617,526$4,227,583$7,939,976
79$15,268,459$5,826,870$4,303,292$8,452,215
80$16,757,851$6,044,395$4,379,461$9,007,578
81$18,397,019$6,270,437$4,456,041$9,610,173
82$20,201,172$6,505,347$4,532,976$10,264,514
83$22,187,071$6,749,488$4,610,210$10,975,568
84$24,373,181$7,003,241$4,687,680$11,748,796
85$26,779,850$7,267,004$4,765,321$12,590,205
86$29,429,497$7,541,190$4,843,063$13,506,404
87$32,346,829$7,826,232$4,920,829$14,504,663
88$35,559,068$8,122,580$4,998,539$15,592,983
89$39,096,210$8,430,703$5,076,107$16,780,165
90$42,991,310$8,751,094$5,153,443$18,075,897
91$47,280,789$9,084,263$5,230,449$19,490,840
92$52,004,783$9,430,745$5,307,022$21,036,729
93$57,207,516$9,791,097$5,383,053$22,726,479
94$62,937,723$10,165,902$5,458,426$24,574,307
95$69,249,105$10,555,765$5,533,017$26,595,867
96$76,200,838$10,961,322$5,606,697$28,808,389
97$83,858,130$11,383,232$5,679,328$31,230,844
98$92,292,836$11,822,188$5,750,762$33,884,121
99$101,584,140$12,278,910$5,820,848$36,791,219
100$111,819,296$12,754,150$5,889,420$39,977,465