Can I retire at age 62 with 2,370,000?

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 $2,370,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.6%
1 years$195,712$193,969$192,268$190,608$188,987$187,717
2 years$96,887$95,083$93,334$91,639$89,994$88,713
3 years$63,950$62,138$60,393$58,714$57,096$55,844
4 years$47,484$45,678$43,951$42,300$40,721$39,508
5 years$37,608$35,812$34,108$32,490$30,956$29,784
6 years$31,025$29,243$27,564$25,983$24,494$23,366
7 years$26,326$24,558$22,906$21,362$19,920$18,837
8 years$22,802$21,051$19,426$17,920$16,526$15,486
9 years$20,064$18,329$16,732$15,264$13,917$12,921
10 years$17,874$16,156$14,587$13,158$11,858$10,906
11 years$16,083$14,383$12,842$11,451$10,198$9,289
12 years$14,592$12,909$11,397$10,044$8,838$7,970
13 years$13,332$11,666$10,183$8,867$7,707$6,880
14 years$12,252$10,604$9,149$7,872$6,756$5,969
15 years$11,317$9,687$8,260$7,020$5,948$5,200
16 years$10,500$8,888$7,489$6,286$5,257$4,547
17 years$9,780$8,185$6,815$5,648$4,661$3,987
18 years$9,140$7,564$6,221$5,090$4,145$3,506
19 years$8,569$7,010$5,695$4,599$3,694$3,090
20 years$8,055$6,514$5,227$4,165$3,300$2,729
21 years$7,591$6,067$4,808$3,780$2,953$2,414
22 years$7,169$5,664$4,431$3,437$2,647$2,138
23 years$6,785$5,297$4,091$3,130$2,376$1,897
24 years$6,433$4,963$3,784$2,855$2,136$1,684
25 years$6,110$4,658$3,504$2,607$1,922$1,497
26 years$5,813$4,377$3,250$2,384$1,731$1,332
27 years$5,537$4,120$3,018$2,182$1,561$1,186
28 years$5,282$3,882$2,806$1,999$1,408$1,057
29 years$5,045$3,662$2,611$1,833$1,272$942
30 years$4,824$3,458$2,432$1,683$1,149$840
31 years$4,618$3,269$2,267$1,545$1,039$750
32 years$4,425$3,094$2,115$1,420$940$670
33 years$4,244$2,930$1,975$1,306$850$598
34 years$4,074$2,777$1,845$1,202$770$534
35 years$3,915$2,634$1,725$1,106$697$478
36 years$3,764$2,500$1,614$1,019$632$427
37 years$3,622$2,374$1,511$939$573$382
38 years$3,488$2,256$1,415$865$519$342
39 years$3,361$2,145$1,325$798$471$306
40 years$3,240$2,041$1,242$736$427$273
41 years$3,126$1,943$1,165$679$387$245
42 years$3,017$1,851$1,093$626$352$219
43 years$2,914$1,763$1,025$578$319$196
44 years$2,816$1,681$963$534$290$175
45 years$2,722$1,603$904$493$263$157
46 years$2,633$1,529$849$456$239$141
47 years$2,548$1,459$797$421$217$126
48 years$2,466$1,393$749$389$197$113
49 years$2,388$1,330$704$359$179$101
50 years$2,314$1,271$662$332$162$90

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,370,000, adding $2,835 every year, while hoping to spend $47,880 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: 59/27/14 Blend
61$2,370,000$2,370,000$2,370,000$2,370,000
62$2,614,664$2,489,054$2,452,319$2,759,575
63$2,830,416$2,560,074$2,483,528$2,928,690
64$3,066,570$2,632,969$2,514,178$3,107,439
65$3,325,156$2,707,780$2,544,199$3,301,228
66$3,608,411$2,784,550$2,573,518$3,511,514
67$3,918,796$2,863,321$2,602,058$3,739,897
68$4,259,024$2,944,134$2,629,738$3,988,142
69$4,632,081$3,027,033$2,656,471$4,258,190
70$5,041,257$3,112,062$2,682,166$4,552,180
71$5,490,175$3,199,263$2,706,729$4,872,465
72$5,982,827$3,288,680$2,730,058$5,221,639
73$6,523,607$3,380,358$2,752,047$5,602,556
74$7,117,359$3,474,339$2,772,584$6,018,363
75$7,769,416$3,570,668$2,791,552$6,472,521
76$8,485,654$3,669,389$2,808,827$6,968,848
77$9,272,548$3,770,546$2,824,280$7,511,544
78$10,137,227$3,874,182$2,837,773$8,105,240
79$11,087,548$3,980,341$2,849,162$8,755,034
80$12,132,167$4,089,066$2,858,297$9,466,546
81$13,280,617$4,200,400$2,865,020$10,245,964
82$14,543,405$4,314,384$2,869,163$11,100,106
83$15,932,105$4,431,062$2,870,552$12,036,484
84$17,459,468$4,550,472$2,869,004$13,063,374
85$19,139,544$4,672,655$2,864,326$14,189,896
86$20,987,813$4,797,651$2,856,316$15,426,095
87$23,021,330$4,925,497$2,844,764$16,783,041
88$25,258,888$5,056,229$2,829,446$18,272,931
89$27,721,193$5,189,882$2,810,131$19,909,205
90$30,431,059$5,326,490$2,786,574$21,706,669
91$33,413,623$5,466,085$2,758,521$23,681,641
92$36,696,585$5,608,695$2,725,703$25,852,099
93$40,310,465$5,754,349$2,687,842$28,237,854
94$44,288,891$5,903,071$2,644,643$30,860,737
95$48,668,919$6,054,883$2,595,801$33,744,803
96$53,491,381$6,209,804$2,540,992$36,916,557
97$58,801,269$6,367,851$2,479,882$40,405,210
98$64,648,159$6,529,036$2,412,118$44,242,949
99$71,086,680$6,693,368$2,337,333$48,465,240
100$78,177,029$6,860,851$2,255,142$53,111,170