Can I retire at age 62 with 2,230,000?

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 $2,230,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.4%
1 years$184,151$182,511$180,911$179,349$177,823$176,040
2 years$91,164$89,466$87,821$86,225$84,678$82,881
3 years$60,172$58,467$56,826$55,245$53,723$51,969
4 years$44,679$42,980$41,355$39,801$38,316$36,618
5 years$35,386$33,696$32,093$30,571$29,127$27,491
6 years$29,193$27,516$25,936$24,448$23,047$21,475
7 years$24,771$23,108$21,553$20,100$18,744$17,235
8 years$21,455$19,808$18,278$16,861$15,550$14,105
9 years$18,878$17,246$15,743$14,362$13,095$11,714
10 years$16,818$15,202$13,725$12,380$11,158$9,839
11 years$15,133$13,533$12,084$10,775$9,596$8,339
12 years$13,730$12,147$10,724$9,451$8,316$7,119
13 years$12,544$10,977$9,581$8,344$7,251$6,114
14 years$11,528$9,978$8,609$7,407$6,357$5,276
15 years$10,649$9,115$7,772$6,605$5,597$4,572
16 years$9,880$8,363$7,047$5,914$4,946$3,976
17 years$9,202$7,702$6,412$5,314$4,386$3,468
18 years$8,600$7,117$5,854$4,789$3,900$3,032
19 years$8,062$6,596$5,359$4,327$3,476$2,657
20 years$7,579$6,129$4,918$3,919$3,105$2,332
21 years$7,142$5,709$4,524$3,557$2,778$2,051
22 years$6,746$5,329$4,169$3,234$2,490$1,806
23 years$6,384$4,984$3,850$2,945$2,236$1,592
24 years$6,053$4,670$3,560$2,686$2,009$1,405
25 years$5,749$4,382$3,297$2,453$1,808$1,241
26 years$5,469$4,119$3,058$2,243$1,629$1,098
27 years$5,210$3,876$2,840$2,053$1,468$971
28 years$4,970$3,653$2,640$1,881$1,325$860
29 years$4,747$3,446$2,457$1,725$1,196$762
30 years$4,539$3,254$2,288$1,583$1,081$675
31 years$4,345$3,076$2,133$1,454$977$598
32 years$4,164$2,911$1,990$1,336$884$531
33 years$3,994$2,757$1,858$1,229$800$471
34 years$3,834$2,613$1,736$1,131$724$418
35 years$3,683$2,478$1,623$1,041$656$371
36 years$3,542$2,352$1,519$959$594$330
37 years$3,408$2,234$1,421$883$539$293
38 years$3,282$2,123$1,331$814$488$260
39 years$3,162$2,019$1,247$751$443$231
40 years$3,049$1,921$1,169$692$402$205
41 years$2,941$1,828$1,096$639$365$182
42 years$2,839$1,741$1,028$589$331$162
43 years$2,742$1,659$965$544$300$144
44 years$2,650$1,581$906$502$272$128
45 years$2,561$1,508$850$464$247$114
46 years$2,477$1,439$799$429$225$101
47 years$2,397$1,373$750$396$204$90
48 years$2,321$1,311$705$366$185$80
49 years$2,247$1,252$663$338$168$71
50 years$2,177$1,195$623$313$153$63

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,230,000, adding $4,472 every year, while hoping to spend $45,207 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: 54/34/12 Blend
61$2,230,000$2,230,000$2,230,000$2,230,000
62$2,462,073$2,343,883$2,309,318$2,587,152
63$2,665,104$2,410,633$2,338,580$2,739,402
64$2,887,330$2,479,139$2,367,308$2,899,754
65$3,130,660$2,549,439$2,395,434$3,073,235
66$3,397,197$2,621,572$2,422,891$3,261,100
67$3,689,258$2,695,576$2,449,605$3,464,733
68$4,009,394$2,771,491$2,475,499$3,685,657
69$4,360,415$2,849,356$2,500,491$3,925,547
70$4,745,415$2,929,212$2,524,495$4,186,250
71$5,167,802$3,011,099$2,547,420$4,469,796
72$5,631,331$3,095,056$2,569,172$4,778,421
73$6,140,137$3,181,124$2,589,649$5,114,590
74$6,698,775$3,269,343$2,608,747$5,481,013
75$7,312,263$3,359,753$2,626,353$5,880,679
76$7,986,129$3,452,396$2,642,350$6,316,875
77$8,726,461$3,547,310$2,656,616$6,793,225
78$9,539,968$3,644,537$2,669,021$7,313,719
79$10,434,040$3,744,115$2,679,428$7,882,753
80$11,416,819$3,846,083$2,687,696$8,505,167
81$12,497,275$3,950,481$2,693,674$9,186,295
82$13,685,289$4,057,346$2,697,204$9,932,011
83$14,991,749$4,166,717$2,698,121$10,748,788
84$16,428,651$4,278,629$2,696,251$11,643,756
85$18,009,210$4,393,120$2,691,413$12,624,769
86$19,747,989$4,510,222$2,683,415$13,700,483
87$21,661,032$4,629,970$2,672,056$14,880,431
88$23,766,015$4,752,397$2,657,128$16,175,120
89$26,082,416$4,877,533$2,638,410$17,596,123
90$28,631,697$5,005,406$2,615,672$19,156,193
91$31,437,505$5,136,045$2,588,671$20,869,383
92$34,525,894$5,269,475$2,557,155$22,751,176
93$37,925,574$5,405,718$2,520,858$24,818,630
94$41,668,179$5,544,795$2,479,504$27,090,546
95$45,788,568$5,686,725$2,432,802$29,587,636
96$50,325,149$5,831,521$2,380,448$32,332,724
97$55,320,245$5,979,196$2,322,123$35,350,961
98$60,820,491$6,129,758$2,257,495$38,670,061
99$66,877,276$6,283,211$2,186,216$42,320,563
100$73,547,225$6,439,556$2,107,922$46,336,119