Can I retire at age 62 with 3,100,000?

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 $3,100,000?

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$255,995$253,715$251,490$249,319$247,198$239,285
2 years$126,730$124,370$122,083$119,865$117,714$109,814
3 years$83,648$81,277$78,996$76,799$74,682$67,045
4 years$62,110$59,747$57,489$55,329$53,264$45,947
5 years$49,192$46,843$44,613$42,498$40,490$33,513
6 years$40,582$38,251$36,054$33,986$32,039$25,407
7 years$34,434$32,123$29,961$27,942$26,056$19,769
8 years$29,826$27,535$25,410$23,440$21,616$15,670
9 years$26,243$23,974$21,885$19,965$18,204$12,591
10 years$23,379$21,132$19,080$17,210$15,511$10,223
11 years$21,037$18,813$16,798$14,978$13,340$8,368
12 years$19,087$16,885$14,908$13,138$11,560$6,893
13 years$17,438$15,259$13,319$11,599$10,080$5,707
14 years$16,026$13,870$11,967$10,296$8,836$4,745
15 years$14,803$12,671$10,805$9,182$7,780$3,958
16 years$13,734$11,625$9,796$8,222$6,876$3,310
17 years$12,792$10,706$8,914$7,387$6,097$2,775
18 years$11,956$9,893$8,137$6,657$5,421$2,331
19 years$11,208$9,169$7,449$6,015$4,832$1,961
20 years$10,536$8,520$6,837$5,448$4,316$1,652
21 years$9,929$7,936$6,288$4,945$3,862$1,393
22 years$9,377$7,408$5,796$4,496$3,462$1,176
23 years$8,875$6,929$5,351$4,094$3,108$993
24 years$8,415$6,492$4,949$3,734$2,793$839
25 years$7,992$6,092$4,584$3,410$2,514$710
26 years$7,603$5,726$4,251$3,118$2,264$600
27 years$7,243$5,389$3,948$2,854$2,041$508
28 years$6,909$5,078$3,670$2,615$1,842$430
29 years$6,599$4,790$3,415$2,398$1,663$364
30 years$6,310$4,524$3,181$2,201$1,503$309
31 years$6,041$4,276$2,966$2,021$1,359$262
32 years$5,788$4,046$2,767$1,858$1,229$222
33 years$5,552$3,832$2,584$1,708$1,112$188
34 years$5,329$3,632$2,414$1,572$1,007$159
35 years$5,120$3,445$2,257$1,447$912$135
36 years$4,924$3,270$2,111$1,333$826$114
37 years$4,738$3,105$1,976$1,228$749$97
38 years$4,562$2,951$1,850$1,132$679$82
39 years$4,396$2,806$1,734$1,043$616$70
40 years$4,238$2,670$1,625$962$559$59
41 years$4,089$2,542$1,524$888$507$50
42 years$3,947$2,420$1,429$819$460$43
43 years$3,812$2,306$1,341$756$417$36
44 years$3,683$2,198$1,259$698$379$31
45 years$3,561$2,096$1,182$645$344$26
46 years$3,444$2,000$1,110$596$312$22
47 years$3,333$1,908$1,043$550$283$19
48 years$3,226$1,822$980$509$257$16
49 years$3,124$1,740$921$470$234$13
50 years$3,027$1,662$866$435$212$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $3,100,000, adding $4,555 every year, while hoping to spend $46,792 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: 78/16/6 Blend
61$3,100,000$3,100,000$3,100,000$3,100,000
62$3,420,898$3,256,598$3,208,548$3,685,597
63$3,720,044$3,366,385$3,266,249$3,969,606
64$4,048,134$3,479,984$3,324,313$4,274,427
65$4,408,071$3,597,531$3,382,705$4,607,309
66$4,803,053$3,719,169$3,441,385$4,971,024
67$5,236,603$3,845,046$3,500,310$5,368,620
68$5,712,599$3,975,316$3,559,432$5,803,457
69$6,235,315$4,110,137$3,618,705$6,279,231
70$6,809,459$4,249,676$3,678,073$6,800,013
71$7,440,218$4,394,104$3,737,482$7,370,286
72$8,133,304$4,543,599$3,796,872$7,994,989
73$8,895,011$4,698,346$3,856,178$8,679,558
74$9,732,274$4,858,537$3,915,332$9,429,982
75$10,652,733$5,024,371$3,974,261$10,252,856
76$11,664,802$5,196,056$4,032,890$11,155,445
77$12,777,756$5,373,807$4,091,135$12,145,750
78$14,001,809$5,557,846$4,148,911$13,232,586
79$15,348,220$5,748,406$4,206,125$14,425,661
80$16,829,388$5,945,727$4,262,680$15,735,670
81$18,458,978$6,150,061$4,318,472$17,174,393
82$20,252,045$6,361,666$4,373,393$18,754,808
83$22,225,179$6,580,812$4,427,327$20,491,214
84$24,396,656$6,807,780$4,480,151$22,399,359
85$26,786,615$7,042,862$4,531,736$24,496,597
86$29,417,248$7,286,361$4,581,948$26,802,043
87$32,313,005$7,538,590$4,630,640$29,336,760
88$35,500,827$7,799,877$4,677,663$32,123,950
89$39,010,403$8,070,562$4,722,856$35,189,179
90$42,874,442$8,350,998$4,766,050$38,560,614
91$47,128,990$8,641,552$4,807,068$42,269,287
92$51,813,765$8,942,606$4,845,722$46,349,393
93$56,972,532$9,254,556$4,881,817$50,838,603
94$62,653,517$9,577,816$4,915,144$55,778,428
95$68,909,861$9,912,814$4,945,486$61,214,605
96$75,800,120$10,259,995$4,972,614$67,197,528
97$83,388,822$10,619,825$4,996,286$73,782,724
98$91,747,070$10,992,784$5,016,249$81,031,378
99$100,953,215$11,379,375$5,032,238$89,010,904
100$111,093,598$11,780,119$5,043,973$97,795,588