Can I retire at age 62 with 8,300,000?

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 $8,300,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.5%
1 years$685,406$679,301$673,344$667,531$661,854$649,553
2 years$339,310$332,991$326,866$320,928$315,168$302,822
3 years$223,960$217,613$211,504$205,622$199,956$187,948
4 years$166,296$159,969$153,921$148,139$142,610$131,034
5 years$131,707$125,417$119,449$113,785$108,410$97,298
6 years$108,655$102,413$96,532$90,995$85,781$75,145
7 years$92,195$86,006$80,219$74,812$69,763$59,607
8 years$79,857$73,723$68,032$62,758$57,875$48,196
9 years$70,265$64,189$58,596$53,456$48,739$39,531
10 years$62,596$56,580$51,085$46,079$41,528$32,782
11 years$56,325$50,370$44,975$40,103$35,716$27,422
12 years$51,104$45,209$39,914$35,176$30,950$23,098
13 years$46,689$40,856$35,660$31,055$26,989$19,565
14 years$42,908$37,137$32,041$27,567$23,659$16,649
15 years$39,634$33,925$28,929$24,585$20,831$14,223
16 years$36,772$31,126$26,228$22,013$18,411$12,188
17 years$34,250$28,665$23,867$19,779$16,324$10,473
18 years$32,010$26,488$21,787$17,824$14,515$9,020
19 years$30,008$24,549$19,945$16,106$12,937$7,783
20 years$28,209$22,812$18,305$14,587$11,556$6,727
21 years$26,583$21,249$16,837$13,239$10,341$5,823
22 years$25,107$19,835$15,518$12,037$9,269$5,046
23 years$23,762$18,551$14,328$10,962$8,321$4,377
24 years$22,530$17,381$13,251$9,998$7,479$3,800
25 years$21,399$16,311$12,273$9,131$6,730$3,302
26 years$20,356$15,330$11,382$8,349$6,062$2,871
27 years$19,392$14,427$10,570$7,642$5,465$2,498
28 years$18,499$13,595$9,826$7,002$4,931$2,174
29 years$17,669$12,825$9,144$6,421$4,453$1,894
30 years$16,895$12,112$8,517$5,893$4,024$1,650
31 years$16,173$11,450$7,940$5,412$3,638$1,437
32 years$15,497$10,834$7,408$4,974$3,291$1,253
33 years$14,864$10,260$6,917$4,574$2,978$1,092
34 years$14,269$9,724$6,463$4,208$2,696$953
35 years$13,710$9,223$6,042$3,874$2,442$831
36 years$13,182$8,754$5,653$3,568$2,213$725
37 years$12,685$8,314$5,291$3,287$2,005$633
38 years$12,214$7,902$4,955$3,030$1,818$552
39 years$11,769$7,514$4,642$2,794$1,649$482
40 years$11,347$7,149$4,351$2,577$1,495$420
41 years$10,947$6,805$4,080$2,377$1,357$367
42 years$10,567$6,481$3,827$2,194$1,231$320
43 years$10,206$6,175$3,591$2,025$1,117$280
44 years$9,862$5,886$3,371$1,870$1,014$244
45 years$9,534$5,613$3,165$1,727$921$213
46 years$9,221$5,354$2,973$1,595$836$186
47 years$8,923$5,110$2,793$1,474$759$163
48 years$8,637$4,878$2,624$1,362$689$142
49 years$8,365$4,658$2,467$1,259$626$124
50 years$8,104$4,450$2,319$1,163$569$108

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $8,300,000, adding $2,911 every year, while hoping to spend $56,342 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: 33/46/21 Blend
61$8,300,000$8,300,000$8,300,000$8,300,000
62$9,149,603$8,709,703$8,581,053$9,392,323
63$10,022,915$9,076,531$8,808,571$9,940,281
64$10,983,416$9,459,445$9,041,822$10,525,092
65$12,039,941$9,859,174$9,280,939$11,154,213
66$13,202,222$10,276,481$9,526,058$11,831,582
67$14,480,984$10,712,163$9,777,316$12,561,513
68$15,888,041$11,167,056$10,034,853$13,348,737
69$17,436,413$11,642,034$10,298,812$14,198,442
70$19,140,444$12,138,011$10,569,340$15,116,316
71$21,015,941$12,655,944$10,846,584$16,108,603
72$23,080,318$13,196,836$11,130,695$17,182,152
73$25,352,765$13,761,736$11,421,828$18,344,480
74$27,854,427$14,351,741$11,720,139$19,603,842
75$30,608,602$14,968,000$12,025,787$20,969,299
76$33,640,963$15,611,716$12,338,935$22,450,804
77$36,979,799$16,284,147$12,659,747$24,059,286
78$40,656,281$16,986,613$12,988,391$25,806,755
79$44,704,757$17,720,493$13,325,038$27,706,405
80$49,163,077$18,487,231$13,669,861$29,772,734
81$54,072,945$19,288,341$14,023,036$32,021,678
82$59,480,321$20,125,404$14,384,743$34,470,752
83$65,435,844$21,000,080$14,755,162$37,139,213
84$71,995,320$21,914,103$15,134,479$40,048,232
85$79,220,240$22,869,291$15,522,882$43,221,089
86$87,178,366$23,867,548$15,920,560$46,683,386
87$95,944,367$24,910,866$16,327,707$50,463,281
88$105,600,525$26,001,331$16,744,518$54,591,747
89$116,237,511$27,141,129$17,171,192$59,102,854
90$127,955,240$28,332,547$17,607,930$64,034,085
91$140,863,815$29,577,983$18,054,936$69,426,681
92$155,084,565$30,879,944$18,512,416$75,326,022
93$170,751,189$32,241,060$18,980,581$81,782,041
94$188,011,021$33,664,082$19,459,641$88,849,692
95$207,026,416$35,151,894$19,949,811$96,589,456
96$227,976,288$36,707,514$20,451,306$105,067,899
97$251,057,792$38,334,105$20,964,347$114,358,294
98$276,488,188$40,034,978$21,489,155$124,541,295
99$304,506,894$41,813,602$22,025,952$135,705,693
100$335,377,741$43,673,612$22,574,965$147,949,234