Can I retire at age 62 with 1,940,000?

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 $1,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.7%
1 years$160,203$158,776$157,384$156,025$154,698$152,956
2 years$79,309$77,832$76,400$75,012$73,666$71,911
3 years$52,347$50,864$49,436$48,061$46,737$45,025
4 years$38,869$37,390$35,977$34,625$33,333$31,677
5 years$30,784$29,314$27,919$26,596$25,339$23,744
6 years$25,396$23,937$22,563$21,269$20,050$18,518
7 years$21,549$20,103$18,750$17,486$16,306$14,837
8 years$18,665$17,232$15,901$14,669$13,527$12,122
9 years$16,423$15,003$13,696$12,494$11,392$10,049
10 years$14,631$13,225$11,940$10,770$9,707$8,426
11 years$13,165$11,773$10,512$9,373$8,348$7,128
12 years$11,945$10,567$9,329$8,222$7,234$6,073
13 years$10,913$9,549$8,335$7,259$6,308$5,206
14 years$10,029$8,680$7,489$6,443$5,530$4,484
15 years$9,264$7,929$6,762$5,746$4,869$3,877
16 years$8,595$7,275$6,130$5,145$4,303$3,365
17 years$8,005$6,700$5,578$4,623$3,816$2,929
18 years$7,482$6,191$5,092$4,166$3,393$2,555
19 years$7,014$5,738$4,662$3,765$3,024$2,234
20 years$6,593$5,332$4,278$3,409$2,701$1,957
21 years$6,213$4,967$3,935$3,094$2,417$1,717
22 years$5,868$4,636$3,627$2,813$2,167$1,508
23 years$5,554$4,336$3,349$2,562$1,945$1,327
24 years$5,266$4,063$3,097$2,337$1,748$1,168
25 years$5,002$3,813$2,869$2,134$1,573$1,030
26 years$4,758$3,583$2,660$1,951$1,417$908
27 years$4,533$3,372$2,470$1,786$1,277$802
28 years$4,324$3,178$2,297$1,637$1,153$708
29 years$4,130$2,998$2,137$1,501$1,041$626
30 years$3,949$2,831$1,991$1,377$940$553
31 years$3,780$2,676$1,856$1,265$850$489
32 years$3,622$2,532$1,732$1,163$769$433
33 years$3,474$2,398$1,617$1,069$696$383
34 years$3,335$2,273$1,511$984$630$339
35 years$3,204$2,156$1,412$905$571$300
36 years$3,081$2,046$1,321$834$517$266
37 years$2,965$1,943$1,237$768$469$236
38 years$2,855$1,847$1,158$708$425$209
39 years$2,751$1,756$1,085$653$385$185
40 years$2,652$1,671$1,017$602$350$164
41 years$2,559$1,591$954$556$317$145
42 years$2,470$1,515$894$513$288$129
43 years$2,385$1,443$839$473$261$114
44 years$2,305$1,376$788$437$237$101
45 years$2,228$1,312$740$404$215$90
46 years$2,155$1,251$695$373$195$80
47 years$2,086$1,194$653$345$177$71
48 years$2,019$1,140$613$318$161$63
49 years$1,955$1,089$577$294$146$56
50 years$1,894$1,040$542$272$133$49

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,940,000, adding $2,867 every year, while hoping to spend $26,708 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: 53/30/17 Blend
61$1,940,000$1,940,000$1,940,000$1,940,000
62$2,140,837$2,038,017$2,007,947$2,244,308
63$2,330,786$2,109,463$2,046,796$2,386,894
64$2,539,213$2,183,514$2,086,052$2,538,896
65$2,767,978$2,260,271$2,125,699$2,703,698
66$3,019,123$2,339,836$2,165,722$2,882,524
67$3,294,904$2,422,318$2,206,103$3,076,721
68$3,597,800$2,507,828$2,246,824$3,287,771
69$3,930,546$2,596,482$2,287,863$3,517,303
70$4,296,155$2,688,403$2,329,200$3,767,110
71$4,697,943$2,783,715$2,370,808$4,039,167
72$5,139,567$2,882,550$2,412,664$4,335,644
73$5,625,053$2,985,045$2,454,738$4,658,932
74$6,158,837$3,091,342$2,497,001$5,011,662
75$6,745,809$3,201,588$2,539,421$5,396,730
76$7,391,353$3,315,937$2,581,963$5,817,323
77$8,101,403$3,434,550$2,624,590$6,276,952
78$8,882,496$3,557,593$2,667,264$6,779,479
79$9,741,835$3,685,239$2,709,942$7,329,160
80$10,687,357$3,817,670$2,752,580$7,930,678
81$11,727,805$3,955,074$2,795,129$8,589,191
82$12,872,814$4,097,646$2,837,539$9,310,381
83$14,133,001$4,245,591$2,879,756$10,100,501
84$15,520,063$4,399,120$2,921,724$10,966,441
85$17,046,888$4,558,455$2,963,380$11,915,788
86$18,727,678$4,723,827$3,004,660$12,956,897
87$20,578,081$4,895,475$3,045,497$14,098,973
88$22,615,342$5,073,650$3,085,818$15,352,151
89$24,858,460$5,258,611$3,125,545$16,727,599
90$27,328,370$5,450,631$3,164,599$18,237,614
91$30,048,144$5,649,992$3,202,893$19,895,746
92$33,043,201$5,856,988$3,240,336$21,716,918
93$36,341,554$6,071,927$3,276,834$23,717,571
94$39,974,069$6,295,128$3,312,284$25,915,817
95$43,974,759$6,526,924$3,346,581$28,331,607
96$48,381,105$6,767,664$3,379,612$30,986,921
97$53,234,407$7,017,709$3,411,258$33,905,975
98$58,580,177$7,277,437$3,441,396$37,115,448
99$64,468,564$7,547,240$3,469,892$40,644,731
100$70,954,833$7,827,531$3,496,609$44,526,206