Can I retire at age 62 with 6,700,000?

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 $6,700,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.3%
1 years$553,280$548,351$543,543$538,850$534,267$520,507
2 years$273,901$268,800$263,856$259,063$254,413$240,641
3 years$180,787$175,664$170,732$165,984$161,410$148,058
4 years$134,239$129,131$124,249$119,582$115,119$102,289
5 years$106,317$101,241$96,423$91,850$87,512$75,239
6 years$87,709$82,671$77,924$73,454$69,245$57,542
7 years$74,423$69,427$64,755$60,390$56,315$45,182
8 years$64,463$59,511$54,917$50,660$46,718$36,152
9 years$56,720$51,815$47,300$43,151$39,344$29,333
10 years$50,529$45,673$41,238$37,197$33,523$24,056
11 years$45,467$40,660$36,305$32,372$28,831$19,894
12 years$41,252$36,494$32,220$28,395$24,984$16,561
13 years$37,689$32,980$28,786$25,068$21,787$13,861
14 years$34,636$29,978$25,864$22,253$19,098$11,652
15 years$31,994$27,385$23,352$19,846$16,815$9,829
16 years$29,684$25,125$21,172$17,770$14,862$8,317
17 years$27,647$23,140$19,266$15,966$13,177$7,054
18 years$25,839$21,382$17,587$14,388$11,717$5,996
19 years$24,224$19,817$16,100$13,001$10,443$5,105
20 years$22,771$18,415$14,776$11,775$9,328$4,353
21 years$21,459$17,152$13,591$10,687$8,348$3,716
22 years$20,267$16,011$12,526$9,717$7,482$3,176
23 years$19,181$14,975$11,566$8,849$6,717$2,716
24 years$18,187$14,031$10,696$8,071$6,037$2,325
25 years$17,274$13,167$9,907$7,371$5,432$1,992
26 years$16,432$12,375$9,188$6,739$4,893$1,707
27 years$15,654$11,646$8,532$6,169$4,412$1,463
28 years$14,933$10,974$7,932$5,652$3,981$1,255
29 years$14,263$10,353$7,381$5,183$3,595$1,077
30 years$13,638$9,777$6,875$4,757$3,248$925
31 years$13,055$9,243$6,410$4,369$2,936$794
32 years$12,510$8,745$5,980$4,015$2,656$682
33 years$11,999$8,282$5,584$3,692$2,404$585
34 years$11,519$7,850$5,217$3,397$2,176$503
35 years$11,067$7,445$4,878$3,127$1,971$432
36 years$10,641$7,067$4,563$2,880$1,786$371
37 years$10,239$6,712$4,271$2,654$1,619$319
38 years$9,860$6,378$3,999$2,446$1,468$274
39 years$9,500$6,065$3,747$2,255$1,331$236
40 years$9,160$5,771$3,512$2,080$1,207$203
41 years$8,837$5,493$3,293$1,919$1,095$174
42 years$8,530$5,231$3,089$1,771$994$150
43 years$8,238$4,984$2,899$1,635$902$129
44 years$7,961$4,751$2,721$1,510$819$111
45 years$7,696$4,531$2,555$1,394$743$95
46 years$7,444$4,322$2,400$1,288$675$82
47 years$7,203$4,125$2,254$1,190$613$70
48 years$6,972$3,938$2,119$1,099$556$60
49 years$6,752$3,760$1,991$1,016$505$52
50 years$6,542$3,592$1,872$939$459$45

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $6,700,000, adding $2,406 every year, while hoping to spend $33,142 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: 30/46/24 Blend
61$6,700,000$6,700,000$6,700,000$6,700,000
62$7,385,882$7,030,782$6,926,932$7,552,410
63$8,103,979$7,340,027$7,123,721$7,990,157
64$8,894,211$7,663,315$7,325,992$8,457,647
65$9,763,901$8,001,298$7,533,894$8,959,895
66$10,721,118$8,354,660$7,747,578$9,499,936
67$11,774,752$8,724,118$7,967,201$10,081,096
68$12,934,599$9,110,422$8,192,925$10,707,014
69$14,211,453$9,514,358$8,424,913$11,381,679
70$15,617,208$9,936,749$8,663,334$12,109,462
71$17,164,970$10,378,457$8,908,363$12,895,155
72$18,869,181$10,840,384$9,160,177$13,744,012
73$20,745,752$11,323,478$9,418,958$14,661,797
74$22,812,219$11,828,729$9,684,893$15,654,830
75$25,087,903$12,357,175$9,958,175$16,730,048
76$27,594,096$12,909,903$10,239,000$17,895,063
77$30,354,258$13,488,052$10,527,571$19,158,231
78$33,394,241$14,092,816$10,824,094$20,528,727
79$36,742,534$14,725,444$11,128,781$22,016,624
80$40,430,529$15,387,247$11,441,851$23,632,987
81$44,492,817$16,079,596$11,763,527$25,389,969
82$48,967,517$16,803,929$12,094,039$27,300,923
83$53,896,634$17,561,752$12,433,619$29,380,522
84$59,326,456$18,354,643$12,782,511$31,644,888
85$65,307,989$19,184,255$13,140,959$34,111,743
86$71,897,441$20,052,321$13,509,218$36,800,570
87$79,156,750$20,960,654$13,887,547$39,732,784
88$87,154,170$21,911,158$14,276,212$42,931,935
89$95,964,916$22,905,825$14,675,485$46,423,917
90$105,671,869$23,946,743$15,085,646$50,237,209
91$116,366,366$25,036,099$15,506,981$54,403,132
92$128,149,054$26,176,186$15,939,784$58,956,141
93$141,130,845$27,369,408$16,384,355$63,934,137
94$155,433,964$28,618,281$16,841,003$69,378,818
95$171,193,095$29,925,443$17,310,043$75,336,064
96$188,556,660$31,293,660$17,791,799$81,856,356
97$207,688,218$32,725,828$18,286,603$88,995,248
98$228,768,007$34,224,984$18,794,795$96,813,876
99$251,994,645$35,794,310$19,316,722$105,379,525
100$277,587,008$37,437,140$19,852,741$114,766,253