Can I retire at age 62 with 2,020,000?

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 $2,020,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.9%
1 years$166,810$165,324$163,874$162,459$161,078$157,184
2 years$82,579$81,041$79,551$78,105$76,704$72,804
3 years$54,506$52,961$51,474$50,043$48,664$44,880
4 years$40,472$38,932$37,460$36,053$34,708$31,069
5 years$32,054$30,523$29,071$27,692$26,384$22,901
6 years$26,444$24,925$23,493$22,146$20,877$17,553
7 years$22,438$20,932$19,523$18,207$16,978$13,814
8 years$19,435$17,942$16,557$15,274$14,085$11,079
9 years$17,101$15,622$14,261$13,010$11,862$9,011
10 years$15,234$13,770$12,433$11,214$10,107$7,408
11 years$13,708$12,259$10,946$9,760$8,692$6,142
12 years$12,437$11,003$9,714$8,561$7,533$5,127
13 years$11,363$9,943$8,679$7,558$6,569$4,302
14 years$10,443$9,038$7,798$6,709$5,758$3,626
15 years$9,646$8,256$7,040$5,983$5,070$3,068
16 years$8,949$7,575$6,383$5,357$4,481$2,603
17 years$8,335$6,976$5,808$4,814$3,973$2,214
18 years$7,790$6,447$5,302$4,338$3,532$1,888
19 years$7,303$5,975$4,854$3,920$3,149$1,612
20 years$6,865$5,552$4,455$3,550$2,812$1,379
21 years$6,470$5,171$4,098$3,222$2,517$1,181
22 years$6,110$4,827$3,777$2,929$2,256$1,012
23 years$5,783$4,515$3,487$2,668$2,025$868
24 years$5,483$4,230$3,225$2,433$1,820$746
25 years$5,208$3,970$2,987$2,222$1,638$641
26 years$4,954$3,731$2,770$2,032$1,475$551
27 years$4,720$3,511$2,572$1,860$1,330$474
28 years$4,502$3,309$2,391$1,704$1,200$408
29 years$4,300$3,121$2,225$1,563$1,084$351
30 years$4,112$2,948$2,073$1,434$979$302
31 years$3,936$2,787$1,932$1,317$885$260
32 years$3,772$2,637$1,803$1,210$801$224
33 years$3,618$2,497$1,683$1,113$725$193
34 years$3,473$2,367$1,573$1,024$656$167
35 years$3,337$2,245$1,471$943$594$144
36 years$3,208$2,131$1,376$868$538$124
37 years$3,087$2,023$1,288$800$488$107
38 years$2,973$1,923$1,206$737$442$92
39 years$2,864$1,829$1,130$680$401$79
40 years$2,762$1,740$1,059$627$364$68
41 years$2,664$1,656$993$579$330$59
42 years$2,572$1,577$931$534$300$51
43 years$2,484$1,503$874$493$272$44
44 years$2,400$1,432$820$455$247$38
45 years$2,320$1,366$770$420$224$33
46 years$2,244$1,303$723$388$203$28
47 years$2,172$1,244$680$359$185$24
48 years$2,102$1,187$639$331$168$21
49 years$2,036$1,134$600$306$152$18
50 years$1,972$1,083$564$283$138$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,020,000, adding $5,729 every year, while hoping to spend $35,779 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: 46/45/9 Blend
61$2,020,000$2,020,000$2,020,000$2,020,000
62$2,231,949$2,124,889$2,093,579$2,328,783
63$2,421,540$2,190,940$2,125,646$2,462,218
64$2,629,269$2,259,029$2,157,587$2,602,718
65$2,856,950$2,329,217$2,189,362$2,754,311
66$3,106,578$2,401,568$2,220,925$2,918,033
67$3,380,352$2,476,148$2,252,229$3,095,027
68$3,680,694$2,553,025$2,283,225$3,286,547
69$4,010,270$2,632,268$2,313,858$3,493,973
70$4,372,019$2,713,951$2,344,073$3,718,823
71$4,769,176$2,798,145$2,373,811$3,962,767
72$5,205,307$2,884,929$2,403,008$4,227,643
73$5,684,337$2,974,379$2,431,598$4,515,472
74$6,210,593$3,066,578$2,459,510$4,828,478
75$6,788,841$3,161,607$2,486,671$5,169,110
76$7,424,330$3,259,553$2,513,002$5,540,061
77$8,122,844$3,360,504$2,538,420$5,944,300
78$8,890,756$3,464,550$2,562,838$6,385,089
79$9,735,085$3,571,785$2,586,166$6,866,024
80$10,663,566$3,682,305$2,608,305$7,391,061
81$11,684,720$3,796,209$2,629,153$7,964,559
82$12,807,937$3,913,598$2,648,605$8,591,313
83$14,043,560$4,034,578$2,666,547$9,276,608
84$15,402,986$4,159,256$2,682,860$10,026,261
85$16,898,775$4,287,743$2,697,419$10,846,678
86$18,544,761$4,420,153$2,710,094$11,744,915
87$20,356,190$4,556,605$2,720,746$12,728,744
88$22,349,861$4,697,218$2,729,230$13,806,723
89$24,544,283$4,842,118$2,735,395$14,988,280
90$26,959,850$4,991,431$2,739,081$16,283,799
91$29,619,034$5,145,291$2,740,120$17,704,718
92$32,546,597$5,303,832$2,738,336$19,263,637
93$35,769,824$5,467,194$2,733,544$20,974,437
94$39,318,780$5,635,520$2,725,551$22,852,408
95$43,226,593$5,808,958$2,714,155$24,914,393
96$47,529,767$5,987,659$2,699,141$27,178,950
97$52,268,528$6,171,779$2,680,287$29,666,524
98$57,487,201$6,361,479$2,657,360$32,399,637
99$63,234,628$6,556,924$2,630,114$35,403,103
100$69,564,630$6,758,283$2,598,292$38,704,263