Can I retire at age 62 with 2,400,000?

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 $2,400,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.2%
1 years$198,190$196,424$194,702$193,021$191,379$190,413
2 years$98,114$96,286$94,516$92,799$91,133$90,158
3 years$64,759$62,924$61,158$59,457$57,819$56,864
4 years$48,086$46,256$44,507$42,835$41,237$40,311
5 years$38,084$36,265$34,539$32,902$31,347$30,453
6 years$31,418$29,613$27,913$26,312$24,804$23,943
7 years$26,659$24,869$23,196$21,632$20,172$19,344
8 years$23,091$21,318$19,672$18,147$16,735$15,939
9 years$20,318$18,561$16,943$15,457$14,093$13,330
10 years$18,100$16,360$14,772$13,324$12,008$11,278
11 years$16,287$14,565$13,005$11,596$10,327$9,629
12 years$14,777$13,072$11,541$10,171$8,950$8,283
13 years$13,500$11,814$10,311$8,980$7,804$7,168
14 years$12,407$10,738$9,265$7,971$6,841$6,235
15 years$11,460$9,810$8,365$7,109$6,023$5,447
16 years$10,633$9,000$7,584$6,365$5,324$4,775
17 years$9,904$8,289$6,901$5,719$4,720$4,199
18 years$9,256$7,659$6,300$5,154$4,197$3,703
19 years$8,677$7,099$5,767$4,657$3,741$3,273
20 years$8,157$6,596$5,293$4,218$3,341$2,898
21 years$7,687$6,144$4,868$3,828$2,990$2,571
22 years$7,260$5,735$4,487$3,481$2,680$2,285
23 years$6,871$5,364$4,143$3,170$2,406$2,033
24 years$6,515$5,026$3,832$2,891$2,163$1,810
25 years$6,188$4,717$3,549$2,640$1,946$1,614
26 years$5,886$4,433$3,291$2,414$1,753$1,441
27 years$5,607$4,172$3,056$2,210$1,580$1,287
28 years$5,349$3,931$2,841$2,025$1,426$1,150
29 years$5,109$3,708$2,644$1,857$1,288$1,029
30 years$4,885$3,502$2,463$1,704$1,163$921
31 years$4,677$3,311$2,296$1,565$1,052$824
32 years$4,481$3,133$2,142$1,438$951$738
33 years$4,298$2,967$2,000$1,323$861$662
34 years$4,126$2,812$1,869$1,217$780$593
35 years$3,964$2,667$1,747$1,120$706$532
36 years$3,812$2,531$1,634$1,032$640$477
37 years$3,668$2,404$1,530$951$580$428
38 years$3,532$2,285$1,433$876$526$384
39 years$3,403$2,173$1,342$808$477$345
40 years$3,281$2,067$1,258$745$432$310
41 years$3,165$1,968$1,180$687$392$278
42 years$3,056$1,874$1,107$634$356$250
43 years$2,951$1,785$1,038$586$323$224
44 years$2,852$1,702$975$541$293$202
45 years$2,757$1,623$915$499$266$181
46 years$2,666$1,548$860$461$242$163
47 years$2,580$1,477$808$426$219$146
48 years$2,498$1,410$759$394$199$131
49 years$2,419$1,347$713$364$181$118
50 years$2,343$1,287$671$336$164$106

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,400,000, adding $5,266 every year, while hoping to spend $26,848 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: 38/42/20 Blend
61$2,400,000$2,400,000$2,400,000$2,400,000
62$2,650,232$2,523,032$2,485,832$2,734,871
63$2,891,989$2,618,094$2,540,541$2,891,546
64$3,157,506$2,716,915$2,596,183$3,057,833
65$3,449,178$2,819,650$2,652,761$3,236,992
66$3,769,643$2,926,461$2,710,278$3,430,201
67$4,121,807$3,037,519$2,768,733$3,638,751
68$4,508,874$3,152,999$2,828,128$3,864,061
69$4,934,371$3,273,088$2,888,461$4,107,691
70$5,402,184$3,397,977$2,949,732$4,371,353
71$5,916,596$3,527,867$3,011,938$4,656,927
72$6,482,326$3,662,969$3,075,074$4,966,481
73$7,104,570$3,803,502$3,139,136$5,302,288
74$7,789,055$3,949,693$3,204,117$5,666,845
75$8,542,093$4,101,782$3,270,009$6,062,898
76$9,370,635$4,260,018$3,336,803$6,493,466
77$10,282,342$4,424,661$3,404,488$6,961,871
78$11,285,654$4,595,982$3,473,051$7,471,762
79$12,389,871$4,774,265$3,542,478$8,027,157
80$13,605,239$4,959,806$3,612,753$8,632,474
81$14,943,051$5,152,914$3,683,858$9,292,573
82$16,415,747$5,353,912$3,755,772$10,012,804
83$18,037,036$5,563,136$3,828,473$10,799,049
84$19,822,024$5,780,940$3,901,937$11,657,786
85$21,787,354$6,007,689$3,976,135$12,596,140
86$23,951,367$6,243,770$4,051,039$13,621,954
87$26,334,274$6,489,581$4,126,616$14,743,863
88$28,958,343$6,745,544$4,202,831$15,971,369
89$31,848,113$7,012,095$4,279,645$17,314,932
90$35,030,624$7,289,691$4,357,017$18,786,070
91$38,535,673$7,578,811$4,434,902$20,397,460
92$42,396,092$7,879,953$4,513,251$22,163,063
93$46,648,062$8,193,639$4,592,014$24,098,248
94$51,331,451$8,520,414$4,671,133$26,219,940
95$56,490,192$8,860,848$4,750,549$28,546,773
96$62,172,698$9,215,535$4,830,199$31,099,271
97$68,432,315$9,585,098$4,910,012$33,900,033
98$75,327,830$9,970,187$4,989,916$36,973,948
99$82,924,023$10,371,481$5,069,833$40,348,427
100$91,292,279$10,789,690$5,149,679$44,053,658