Can I retire at age 62 with 1,970,000?

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 $1,970,000?

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$162,681$161,232$159,818$158,438$157,091$154,171
2 years$80,535$79,035$77,582$76,172$74,805$71,875
3 years$53,157$51,650$50,200$48,804$47,459$44,609
4 years$39,470$37,968$36,533$35,161$33,848$31,101
5 years$31,260$29,768$28,351$27,007$25,731$23,094
6 years$25,789$24,308$22,912$21,598$20,360$17,836
7 years$21,883$20,413$19,040$17,757$16,558$14,148
8 years$18,954$17,498$16,147$14,896$13,737$11,439
9 years$16,677$15,235$13,908$12,688$11,568$9,383
10 years$14,857$13,429$12,125$10,937$9,857$7,781
11 years$13,369$11,955$10,675$9,518$8,477$6,509
12 years$12,129$10,730$9,474$8,349$7,346$5,482
13 years$11,082$9,697$8,464$7,371$6,406$4,644
14 years$10,184$8,814$7,605$6,543$5,615$3,952
15 years$9,407$8,052$6,866$5,835$4,944$3,376
16 years$8,728$7,388$6,225$5,225$4,370$2,893
17 years$8,129$6,804$5,665$4,694$3,875$2,486
18 years$7,598$6,287$5,171$4,231$3,445$2,141
19 years$7,122$5,827$4,734$3,823$3,071$1,847
20 years$6,695$5,414$4,345$3,462$2,743$1,597
21 years$6,310$5,043$3,996$3,142$2,454$1,382
22 years$5,959$4,708$3,683$2,857$2,200$1,198
23 years$5,640$4,403$3,401$2,602$1,975$1,039
24 years$5,347$4,125$3,145$2,373$1,775$902
25 years$5,079$3,871$2,913$2,167$1,597$784
26 years$4,831$3,639$2,702$1,982$1,439$682
27 years$4,603$3,424$2,509$1,814$1,297$593
28 years$4,391$3,227$2,332$1,662$1,170$516
29 years$4,194$3,044$2,170$1,524$1,057$449
30 years$4,010$2,875$2,022$1,399$955$392
31 years$3,839$2,718$1,885$1,285$863$341
32 years$3,678$2,571$1,758$1,180$781$297
33 years$3,528$2,435$1,642$1,086$707$259
34 years$3,387$2,308$1,534$999$640$226
35 years$3,254$2,189$1,434$919$580$197
36 years$3,129$2,078$1,342$847$525$172
37 years$3,011$1,973$1,256$780$476$150
38 years$2,899$1,875$1,176$719$432$131
39 years$2,793$1,783$1,102$663$391$114
40 years$2,693$1,697$1,033$612$355$100
41 years$2,598$1,615$968$564$322$87
42 years$2,508$1,538$908$521$292$76
43 years$2,422$1,466$852$481$265$66
44 years$2,341$1,397$800$444$241$58
45 years$2,263$1,332$751$410$219$51
46 years$2,189$1,271$706$379$198$44
47 years$2,118$1,213$663$350$180$39
48 years$2,050$1,158$623$323$164$34
49 years$1,985$1,106$586$299$149$29
50 years$1,923$1,056$550$276$135$26

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $1,970,000, adding $2,601 every year, while hoping to spend $54,656 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: 29/49/22 Blend
61$1,970,000$1,970,000$1,970,000$1,970,000
62$2,173,623$2,069,213$2,038,678$2,221,613
63$2,337,179$2,112,451$2,048,820$2,302,122
64$2,515,586$2,155,975$2,057,470$2,383,588
65$2,710,301$2,199,743$2,064,520$2,470,030
66$2,922,927$2,243,707$2,069,858$2,561,911
67$3,155,231$2,287,814$2,073,364$2,659,742
68$3,409,157$2,332,009$2,074,913$2,764,087
69$3,686,843$2,376,230$2,074,375$2,875,568
70$3,990,648$2,420,411$2,071,613$2,994,874
71$4,323,164$2,464,481$2,066,482$3,122,764
72$4,687,249$2,508,363$2,058,832$3,260,078
73$5,086,049$2,551,974$2,048,504$3,407,742
74$5,523,029$2,595,224$2,035,331$3,566,780
75$6,002,004$2,638,016$2,019,141$3,738,323
76$6,527,177$2,680,247$1,999,751$3,923,618
77$7,103,176$2,721,806$1,976,970$4,124,045
78$7,735,100$2,762,574$1,950,597$4,341,126
79$8,428,562$2,802,423$1,920,425$4,576,543
80$9,189,749$2,841,215$1,886,232$4,832,152
81$10,025,473$2,878,804$1,847,791$5,110,002
82$10,943,240$2,915,034$1,804,861$5,412,359
83$11,951,317$2,949,737$1,757,190$5,741,720
84$13,058,811$2,982,734$1,704,516$6,100,845
85$14,275,756$3,013,835$1,646,564$6,492,780
86$15,613,206$3,042,835$1,583,046$6,920,888
87$17,083,337$3,069,518$1,513,662$7,388,880
88$18,699,565$3,093,653$1,438,098$7,900,853
89$20,476,671$3,114,992$1,356,024$8,461,331
90$22,430,939$3,133,274$1,267,099$9,075,304
91$24,580,311$3,148,220$1,170,962$9,748,282
92$26,944,552$3,159,533$1,067,239$10,486,344
93$29,545,444$3,166,897$955,539$11,296,199
94$32,406,982$3,169,977$835,452$12,185,252
95$35,555,605$3,168,418$706,551$13,161,671
96$39,020,446$3,161,839$568,389$14,234,471
97$42,833,603$3,149,841$420,502$15,413,598
98$47,030,444$3,131,997$262,402$16,710,026
99$51,649,939$3,107,854$93,582$18,135,860
100$56,735,027$3,076,933$0$19,704,458