Can I retire at age 62 with 2,740,000?

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 $2,740,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.8%
1 years$226,267$224,251$222,285$220,366$218,491$214,168
2 years$112,013$109,927$107,905$105,945$104,044$99,706
3 years$73,934$71,839$69,822$67,880$66,010$61,793
4 years$54,898$52,809$50,812$48,904$47,079$43,015
5 years$43,479$41,403$39,433$37,563$35,788$31,890
6 years$35,869$33,809$31,867$30,039$28,318$24,590
7 years$30,436$28,392$26,482$24,697$23,030$19,472
8 years$26,362$24,337$22,459$20,718$19,106$15,717
9 years$23,196$21,190$19,344$17,647$16,090$12,868
10 years$20,664$18,678$16,864$15,212$13,709$10,652
11 years$18,594$16,628$14,847$13,239$11,790$8,893
12 years$16,870$14,924$13,176$11,612$10,217$7,476
13 years$15,413$13,487$11,772$10,252$8,910$6,320
14 years$14,165$12,260$10,577$9,100$7,810$5,367
15 years$13,084$11,199$9,550$8,116$6,877$4,576
16 years$12,139$10,275$8,658$7,267$6,078$3,913
17 years$11,307$9,463$7,879$6,529$5,389$3,355
18 years$10,567$8,744$7,192$5,884$4,792$2,883
19 years$9,906$8,104$6,584$5,317$4,271$2,482
20 years$9,312$7,531$6,043$4,815$3,815$2,141
21 years$8,776$7,015$5,558$4,370$3,414$1,849
22 years$8,288$6,548$5,123$3,974$3,060$1,598
23 years$7,844$6,124$4,730$3,619$2,747$1,383
24 years$7,438$5,738$4,374$3,301$2,469$1,198
25 years$7,064$5,385$4,052$3,014$2,222$1,039
26 years$6,720$5,061$3,758$2,756$2,001$901
27 years$6,402$4,763$3,489$2,523$1,804$782
28 years$6,107$4,488$3,244$2,311$1,628$679
29 years$5,833$4,234$3,019$2,120$1,470$590
30 years$5,577$3,998$2,812$1,945$1,328$513
31 years$5,339$3,780$2,621$1,787$1,201$446
32 years$5,116$3,576$2,446$1,642$1,086$387
33 years$4,907$3,387$2,284$1,510$983$337
34 years$4,711$3,210$2,134$1,389$890$293
35 years$4,526$3,045$1,995$1,279$806$255
36 years$4,352$2,890$1,866$1,178$730$222
37 years$4,187$2,745$1,747$1,085$662$193
38 years$4,032$2,608$1,636$1,000$600$168
39 years$3,885$2,480$1,532$922$544$146
40 years$3,746$2,360$1,436$851$494$127
41 years$3,614$2,246$1,347$785$448$111
42 years$3,488$2,139$1,263$724$406$97
43 years$3,369$2,038$1,185$669$369$84
44 years$3,256$1,943$1,113$617$335$73
45 years$3,147$1,853$1,045$570$304$64
46 years$3,044$1,768$981$527$276$56
47 years$2,946$1,687$922$487$251$48
48 years$2,851$1,610$866$450$228$42
49 years$2,761$1,538$814$416$207$37
50 years$2,675$1,469$766$384$188$32

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,740,000, adding $2,177 every year, while hoping to spend $59,842 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: 71/18/11 Blend
61$2,740,000$2,740,000$2,740,000$2,740,000
62$3,021,726$2,876,506$2,834,036$3,229,397
63$3,266,270$2,953,783$2,865,304$3,444,478
64$3,533,753$3,032,841$2,895,615$3,672,305
65$3,826,450$3,113,705$2,924,872$3,920,088
66$4,146,867$3,196,396$2,952,975$4,189,779
67$4,497,767$3,280,938$2,979,819$4,483,532
68$4,882,187$3,367,353$3,005,291$4,803,715
69$5,303,477$3,455,659$3,029,275$5,152,940
70$5,765,322$3,545,877$3,051,646$5,534,080
71$6,271,783$3,638,023$3,072,275$5,950,302
72$6,827,333$3,732,115$3,091,024$6,405,091
73$7,436,897$3,828,165$3,107,750$6,902,289
74$8,105,903$3,926,186$3,122,301$7,446,127
75$8,840,325$4,026,190$3,134,518$8,041,266
76$9,646,749$4,128,184$3,144,235$8,692,838
77$10,532,426$4,232,174$3,151,276$9,406,500
78$11,505,347$4,338,163$3,155,457$10,188,484
79$12,574,311$4,446,153$3,156,584$11,045,653
80$13,749,016$4,556,139$3,154,454$11,985,570
81$15,040,142$4,668,116$3,148,855$13,016,569
82$16,459,458$4,782,076$3,139,563$14,147,830
83$18,019,929$4,898,004$3,126,345$15,389,467
84$19,735,839$5,015,883$3,108,954$16,752,627
85$21,622,924$5,135,691$3,087,134$18,249,588
86$23,698,524$5,257,401$3,060,615$19,893,883
87$25,981,742$5,380,983$3,029,114$21,700,419
88$28,493,627$5,506,398$2,992,336$23,685,626
89$31,257,368$5,633,603$2,949,971$25,867,606
90$34,298,520$5,762,549$2,901,695$28,266,304
91$37,645,235$5,893,180$2,847,168$30,903,701
92$41,328,535$6,025,432$2,786,034$33,804,016
93$45,382,601$6,159,234$2,717,922$36,993,939
94$49,845,097$6,294,507$2,642,443$40,502,879
95$54,757,522$6,431,163$2,559,190$44,363,242
96$60,165,604$6,569,104$2,467,737$48,610,742
97$66,119,728$6,708,223$2,367,639$53,284,731
98$72,675,416$6,848,402$2,258,431$58,428,574
99$79,893,845$6,989,510$2,139,625$64,090,060
100$87,842,429$7,131,408$2,010,714$70,321,849