Can I retire at age 62 with 3,400,000?

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 $3,400,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13%
1 years$280,769$278,268$275,828$273,446$271,121$267,733
2 years$138,994$136,406$133,897$131,465$129,105$125,696
3 years$91,743$89,143$86,640$84,231$81,910$78,585
4 years$68,121$65,529$63,052$60,683$58,419$55,205
5 years$53,952$51,376$48,931$46,611$44,409$41,315
6 years$44,509$41,952$39,543$37,275$35,139$32,169
7 years$37,767$35,231$32,861$30,646$28,578$25,732
8 years$32,712$30,200$27,869$25,708$23,708$20,987
9 years$28,783$26,294$24,003$21,897$19,965$17,368
10 years$25,642$23,177$20,926$18,876$17,012$14,535
11 years$23,073$20,633$18,423$16,428$14,631$12,273
12 years$20,934$18,519$16,350$14,409$12,679$10,438
13 years$19,126$16,736$14,608$12,721$11,056$8,929
14 years$17,577$15,213$13,125$11,292$9,692$7,675
15 years$16,236$13,897$11,850$10,071$8,533$6,624
16 years$15,063$12,750$10,744$9,017$7,542$5,737
17 years$14,030$11,742$9,777$8,102$6,687$4,982
18 years$13,112$10,851$8,925$7,302$5,946$4,338
19 years$12,293$10,056$8,170$6,598$5,300$3,784
20 years$11,556$9,345$7,498$5,975$4,734$3,308
21 years$10,890$8,704$6,897$5,423$4,236$2,895
22 years$10,285$8,125$6,357$4,931$3,797$2,538
23 years$9,734$7,599$5,869$4,491$3,408$2,227
24 years$9,229$7,120$5,428$4,096$3,064$1,957
25 years$8,766$6,682$5,027$3,740$2,757$1,720
26 years$8,339$6,280$4,663$3,420$2,483$1,514
27 years$7,944$5,910$4,330$3,130$2,239$1,333
28 years$7,578$5,569$4,025$2,868$2,020$1,175
29 years$7,238$5,254$3,746$2,630$1,824$1,035
30 years$6,921$4,962$3,489$2,414$1,648$913
31 years$6,625$4,690$3,253$2,217$1,490$806
32 years$6,348$4,438$3,035$2,037$1,348$711
33 years$6,089$4,203$2,834$1,874$1,220$628
34 years$5,845$3,983$2,648$1,724$1,104$554
35 years$5,616$3,778$2,475$1,587$1,000$490
36 years$5,400$3,586$2,316$1,461$906$433
37 years$5,196$3,406$2,167$1,347$821$382
38 years$5,003$3,237$2,030$1,241$745$338
39 years$4,821$3,078$1,901$1,144$675$299
40 years$4,648$2,928$1,782$1,056$613$264
41 years$4,484$2,788$1,671$974$556$234
42 years$4,329$2,655$1,568$899$504$206
43 years$4,181$2,529$1,471$830$458$183
44 years$4,040$2,411$1,381$766$415$162
45 years$3,905$2,299$1,297$707$377$143
46 years$3,777$2,193$1,218$654$342$126
47 years$3,655$2,093$1,144$604$311$112
48 years$3,538$1,998$1,075$558$282$99
49 years$3,426$1,908$1,011$516$256$87
50 years$3,320$1,823$950$477$233$77

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $3,400,000, adding $2,208 every year, while hoping to spend $40,703 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: 42/30/28 Blend
61$3,400,000$3,400,000$3,400,000$3,400,000
62$3,749,078$3,568,878$3,516,178$3,875,708
63$4,088,176$3,700,445$3,590,662$4,098,665
64$4,460,498$3,837,095$3,666,277$4,335,967
65$4,869,390$3,979,033$3,743,018$4,592,188
66$5,318,537$4,126,476$3,820,879$4,869,100
67$5,812,000$4,279,645$3,899,851$5,168,650
68$6,354,252$4,438,776$3,979,924$5,492,979
69$6,950,220$4,604,110$4,061,086$5,844,441
70$7,605,334$4,775,904$4,143,324$6,225,626
71$8,325,575$4,954,420$4,226,622$6,639,379
72$9,117,532$5,139,934$4,310,962$7,088,834
73$9,988,465$5,332,736$4,396,324$7,577,434
74$10,946,374$5,533,125$4,482,686$8,108,970
75$12,000,070$5,741,414$4,570,022$8,687,613
76$13,159,263$5,957,930$4,658,304$9,317,951
77$14,434,653$6,183,013$4,747,502$10,005,035
78$15,838,027$6,417,020$4,837,583$10,754,423
79$17,382,372$6,660,321$4,928,508$11,572,232
80$19,082,000$6,913,303$5,020,239$12,465,196
81$20,952,679$7,176,369$5,112,732$13,440,729
82$23,011,783$7,449,942$5,205,939$14,506,990
83$25,278,456$7,734,461$5,299,810$15,672,963
84$27,773,794$8,030,384$5,394,288$16,948,542
85$30,521,039$8,338,191$5,489,315$18,344,618
86$33,545,804$8,658,382$5,584,827$19,873,185
87$36,876,312$8,991,478$5,680,754$21,547,448
88$40,543,659$9,338,024$5,777,023$23,381,951
89$44,582,114$9,698,589$5,873,555$25,392,712
90$49,029,436$10,073,766$5,970,265$27,597,369
91$53,927,233$10,464,174$6,067,063$30,015,349
92$59,321,354$10,870,462$6,163,853$32,668,050
93$65,262,322$11,293,305$6,260,532$35,579,037
94$71,805,810$11,733,408$6,356,991$38,774,270
95$79,013,165$12,191,508$6,453,113$42,282,342
96$86,951,991$12,668,375$6,548,775$46,134,746
97$95,696,780$13,164,811$6,643,845$50,366,179
98$105,329,622$13,681,658$6,738,185$55,014,857
99$115,940,975$14,219,790$6,831,645$60,122,882
100$127,630,519$14,780,125$6,924,070$65,736,632