Can I retire at age 62 with 1,640,000?

Use the below retirement simulation to view the chances of a successful retirement.
Confused? Try the simple retirement calculator
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 $1,640,000?

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%
1 years$135,430$134,223$133,046$131,898$130,776$129,088
2 years$67,044$65,796$64,586$63,412$62,274$60,576
3 years$44,252$42,998$41,791$40,629$39,509$37,854
4 years$32,858$31,608$30,413$29,271$28,178$26,578
5 years$26,024$24,781$23,602$22,483$21,421$19,881
6 years$21,469$20,236$19,074$17,980$16,950$15,471
7 years$18,217$16,994$15,850$14,782$13,784$12,369
8 years$15,779$14,567$13,442$12,400$11,436$10,082
9 years$13,884$12,683$11,578$10,562$9,630$8,338
10 years$12,368$11,180$10,094$9,105$8,206$6,974
11 years$11,129$9,953$8,887$7,924$7,057$5,885
12 years$10,098$8,933$7,887$6,950$6,116$5,002
13 years$9,225$8,073$7,046$6,136$5,333$4,276
14 years$8,478$7,338$6,331$5,447$4,675$3,673
15 years$7,831$6,703$5,716$4,858$4,116$3,168
16 years$7,266$6,150$5,182$4,350$3,638$2,742
17 years$6,767$5,664$4,716$3,908$3,225$2,379
18 years$6,325$5,234$4,305$3,522$2,868$2,070
19 years$5,929$4,851$3,941$3,182$2,556$1,805
20 years$5,574$4,507$3,617$2,882$2,283$1,576
21 years$5,253$4,199$3,327$2,616$2,043$1,379
22 years$4,961$3,919$3,066$2,378$1,832$1,208
23 years$4,695$3,666$2,831$2,166$1,644$1,059
24 years$4,452$3,434$2,618$1,976$1,478$930
25 years$4,228$3,223$2,425$1,804$1,330$817
26 years$4,022$3,029$2,249$1,650$1,198$718
27 years$3,832$2,851$2,088$1,510$1,080$632
28 years$3,655$2,686$1,941$1,383$974$556
29 years$3,491$2,534$1,807$1,269$880$490
30 years$3,338$2,393$1,683$1,164$795$432
31 years$3,196$2,262$1,569$1,069$719$381
32 years$3,062$2,141$1,464$983$650$336
33 years$2,937$2,027$1,367$904$588$296
34 years$2,819$1,921$1,277$831$533$261
35 years$2,709$1,822$1,194$765$483$231
36 years$2,605$1,730$1,117$705$437$204
37 years$2,506$1,643$1,045$650$396$180
38 years$2,413$1,561$979$599$359$159
39 years$2,325$1,485$917$552$326$140
40 years$2,242$1,412$860$509$295$124
41 years$2,163$1,345$806$470$268$109
42 years$2,088$1,281$756$434$243$97
43 years$2,017$1,220$710$400$221$85
44 years$1,949$1,163$666$370$200$75
45 years$1,884$1,109$625$341$182$67
46 years$1,822$1,058$587$315$165$59
47 years$1,763$1,010$552$291$150$52
48 years$1,707$964$519$269$136$46
49 years$1,653$920$487$249$124$41
50 years$1,601$879$458$230$112$36

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,640,000, adding $2,798 every year, while hoping to spend $55,898 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: 53/40/7 Blend
61$1,640,000$1,640,000$1,640,000$1,640,000
62$1,810,166$1,723,246$1,697,826$1,902,930
63$1,935,328$1,748,210$1,695,228$1,991,058
64$2,071,383$1,772,524$1,690,670$2,080,537
65$2,219,383$1,796,097$1,684,026$2,176,536
66$2,380,486$1,818,831$1,675,167$2,279,679
67$2,555,965$1,840,623$1,663,955$2,390,659
68$2,747,222$1,861,362$1,650,246$2,510,236
69$2,955,799$1,880,930$1,633,890$2,639,251
70$3,183,395$1,899,200$1,614,729$2,778,632
71$3,431,878$1,916,037$1,592,599$2,929,402
72$3,703,305$1,931,299$1,567,327$3,092,690
73$3,999,941$1,944,831$1,538,731$3,269,740
74$4,324,279$1,956,472$1,506,623$3,461,929
75$4,679,065$1,966,048$1,470,804$3,670,772
76$5,067,320$1,973,375$1,431,066$3,897,943
77$5,492,374$1,978,258$1,387,194$4,145,288
78$5,957,891$1,980,487$1,338,960$4,414,844
79$6,467,908$1,979,843$1,286,127$4,708,858
80$7,026,869$1,976,090$1,228,447$5,029,811
81$7,639,670$1,968,979$1,165,660$5,380,439
82$8,311,703$1,958,245$1,097,496$5,763,760
83$9,048,905$1,943,608$1,023,671$6,183,105
84$9,857,819$1,924,770$943,890$6,642,147
85$10,745,649$1,901,416$857,842$7,144,942
86$11,720,331$1,873,211$765,206$7,695,960
87$12,790,607$1,839,801$665,642$8,300,134
88$13,966,107$1,800,810$558,800$8,962,906
89$15,257,441$1,755,840$444,310$9,690,280
90$16,676,294$1,704,471$321,789$10,488,876
91$18,235,543$1,646,256$190,836$11,365,999
92$19,949,370$1,580,724$51,030$12,329,704
93$21,833,402$1,507,376$0$13,388,879
94$23,904,855$1,425,684$0$14,560,656
95$26,182,696$1,335,088$0$15,853,056
96$28,687,823$1,234,999$0$17,274,221
97$31,443,259$1,124,793$0$18,837,338
98$34,474,372$1,003,808$0$20,556,944
99$37,809,112$871,348$0$22,449,072
100$41,478,273$726,676$0$24,531,399