Can I retire at age 62 with 2,320,000?

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 $2,320,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.7%
1 years$191,583$189,877$188,212$186,587$185,000$183,680
2 years$94,843$93,077$91,365$89,705$88,095$86,764
3 years$62,601$60,827$59,119$57,475$55,891$54,591
4 years$46,483$44,714$43,024$41,408$39,862$38,602
5 years$36,814$35,056$33,388$31,805$30,303$29,086
6 years$30,371$28,626$26,983$25,435$23,977$22,806
7 years$25,770$24,040$22,423$20,911$19,500$18,375
8 years$22,321$20,607$19,016$17,542$16,177$15,098
9 years$19,640$17,942$16,379$14,942$13,624$12,590
10 years$17,497$15,815$14,279$12,880$11,608$10,620
11 years$15,744$14,079$12,571$11,209$9,983$9,039
12 years$14,284$12,637$11,157$9,832$8,651$7,751
13 years$13,050$11,420$9,968$8,680$7,544$6,687
14 years$11,994$10,380$8,956$7,705$6,613$5,797
15 years$11,078$9,483$8,086$6,872$5,823$5,047
16 years$10,278$8,700$7,331$6,153$5,146$4,410
17 years$9,573$8,013$6,671$5,528$4,563$3,865
18 years$8,947$7,404$6,090$4,982$4,057$3,396
19 years$8,388$6,862$5,575$4,502$3,616$2,991
20 years$7,885$6,376$5,116$4,077$3,230$2,639
21 years$7,431$5,939$4,706$3,700$2,891$2,333
22 years$7,018$5,544$4,337$3,365$2,591$2,065
23 years$6,642$5,185$4,005$3,064$2,326$1,830
24 years$6,298$4,858$3,704$2,795$2,090$1,624
25 years$5,981$4,559$3,430$2,552$1,881$1,443
26 years$5,690$4,285$3,182$2,334$1,694$1,282
27 years$5,420$4,033$2,954$2,136$1,528$1,141
28 years$5,171$3,800$2,746$1,957$1,378$1,016
29 years$4,939$3,585$2,556$1,795$1,245$905
30 years$4,723$3,386$2,381$1,647$1,125$807
31 years$4,521$3,200$2,219$1,513$1,017$719
32 years$4,332$3,028$2,071$1,390$920$642
33 years$4,155$2,868$1,933$1,278$832$573
34 years$3,989$2,718$1,807$1,176$754$511
35 years$3,832$2,578$1,689$1,083$683$457
36 years$3,685$2,447$1,580$997$618$408
37 years$3,546$2,324$1,479$919$561$364
38 years$3,414$2,209$1,385$847$508$326
39 years$3,290$2,100$1,297$781$461$291
40 years$3,172$1,998$1,216$720$418$260
41 years$3,060$1,902$1,140$665$379$233
42 years$2,954$1,811$1,070$613$344$208
43 years$2,853$1,726$1,004$566$312$186
44 years$2,756$1,645$942$523$283$166
45 years$2,665$1,569$885$483$257$149
46 years$2,577$1,497$831$446$234$133
47 years$2,494$1,428$781$412$212$119
48 years$2,414$1,363$734$381$193$107
49 years$2,338$1,302$690$352$175$95
50 years$2,265$1,244$648$325$159$85

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,320,000, adding $3,442 every year, while hoping to spend $25,539 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: 41/31/28 Blend
61$2,320,000$2,320,000$2,320,000$2,320,000
62$2,560,190$2,437,230$2,401,270$2,643,952
63$2,794,157$2,529,481$2,454,540$2,797,117
64$3,051,131$2,625,397$2,508,738$2,960,154
65$3,333,434$2,725,129$2,563,868$3,136,149
66$3,643,622$2,828,837$2,619,935$3,326,308
67$3,984,509$2,936,688$2,676,940$3,531,958
68$4,359,198$3,048,854$2,734,886$3,754,558
69$4,771,105$3,165,517$2,793,774$3,995,711
70$5,223,996$3,286,866$2,853,604$4,257,179
71$5,722,018$3,413,097$2,914,374$4,540,901
72$6,269,741$3,544,416$2,976,083$4,849,007
73$6,872,201$3,681,039$3,038,728$5,183,842
74$7,534,944$3,823,188$3,102,304$5,547,983
75$8,264,083$3,971,100$3,166,806$5,944,268
76$9,066,353$4,125,016$3,232,227$6,375,815
77$9,949,173$4,285,194$3,298,559$6,846,059
78$10,920,719$4,451,899$3,365,791$7,358,778
79$11,990,000$4,625,410$3,433,913$7,918,128
80$13,166,941$4,806,017$3,502,910$8,528,685
81$14,462,481$4,994,023$3,572,769$9,195,485
82$15,888,670$5,189,746$3,643,473$9,924,072
83$17,458,787$5,393,516$3,715,002$10,720,548
84$19,187,464$5,605,679$3,787,335$11,591,630
85$21,090,824$5,826,597$3,860,450$12,544,714
86$23,186,634$6,056,646$3,934,321$13,587,941
87$25,494,470$6,296,220$4,008,920$14,730,278
88$28,035,903$6,545,732$4,084,216$15,981,596
89$30,834,703$6,805,612$4,160,176$17,352,765
90$33,917,065$7,076,308$4,236,763$18,855,755
91$37,311,849$7,358,291$4,313,938$20,503,749
92$41,050,862$7,652,051$4,391,659$22,311,264
93$45,169,150$7,958,102$4,469,880$24,294,288
94$49,705,333$8,276,978$4,548,550$26,470,432
95$54,701,967$8,609,241$4,627,618$28,859,089
96$60,205,950$8,955,476$4,707,025$31,481,622
97$66,268,956$9,316,294$4,786,710$34,361,562
98$72,947,933$9,692,335$4,866,607$37,524,826
99$80,305,630$10,084,268$4,946,647$40,999,963
100$88,411,198$10,492,791$5,026,754$44,818,424