Can I retire at age 62 with 2,840,000?

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 $2,840,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.2%
1 years$234,525$232,436$230,397$228,408$226,466$222,531
2 years$116,101$113,939$111,843$109,812$107,841$103,889
3 years$76,632$74,460$72,370$70,357$68,419$64,573
4 years$56,901$54,736$52,667$50,689$48,797$45,088
5 years$45,066$42,914$40,872$38,934$37,094$33,532
6 years$37,178$35,042$33,030$31,136$29,352$25,940
7 years$31,546$29,429$27,448$25,598$23,871$20,611
8 years$27,324$25,226$23,278$21,474$19,803$16,694
9 years$24,042$21,964$20,050$18,291$16,677$13,717
10 years$21,418$19,360$17,480$15,767$14,210$11,396
11 years$19,273$17,235$15,389$13,722$12,221$9,551
12 years$17,486$15,469$13,657$12,036$10,590$8,060
13 years$15,975$13,980$12,202$10,626$9,235$6,841
14 years$14,682$12,707$10,963$9,433$8,095$5,833
15 years$13,561$11,608$9,899$8,412$7,128$4,993
16 years$12,582$10,650$8,974$7,532$6,300$4,288
17 years$11,719$9,808$8,166$6,768$5,586$3,693
18 years$10,953$9,063$7,455$6,099$4,966$3,187
19 years$10,268$8,400$6,825$5,511$4,427$2,756
20 years$9,652$7,806$6,263$4,991$3,954$2,388
21 years$9,096$7,271$5,761$4,530$3,538$2,071
22 years$8,591$6,787$5,310$4,119$3,172$1,799
23 years$8,131$6,348$4,903$3,751$2,847$1,564
24 years$7,709$5,947$4,534$3,421$2,559$1,361
25 years$7,322$5,581$4,199$3,124$2,303$1,186
26 years$6,965$5,245$3,895$2,857$2,074$1,034
27 years$6,635$4,937$3,617$2,615$1,870$901
28 years$6,330$4,652$3,362$2,396$1,687$787
29 years$6,046$4,388$3,129$2,197$1,524$687
30 years$5,781$4,144$2,914$2,016$1,377$600
31 years$5,534$3,918$2,717$1,852$1,245$524
32 years$5,303$3,707$2,535$1,702$1,126$458
33 years$5,086$3,511$2,367$1,565$1,019$400
34 years$4,882$3,327$2,211$1,440$923$350
35 years$4,691$3,156$2,068$1,326$836$306
36 years$4,511$2,995$1,934$1,221$757$268
37 years$4,340$2,845$1,810$1,125$686$234
38 years$4,179$2,704$1,695$1,037$622$205
39 years$4,027$2,571$1,588$956$564$179
40 years$3,883$2,446$1,489$882$512$157
41 years$3,746$2,328$1,396$813$464$137
42 years$3,616$2,217$1,309$751$421$120
43 years$3,492$2,113$1,229$693$382$105
44 years$3,374$2,014$1,153$640$347$92
45 years$3,262$1,920$1,083$591$315$81
46 years$3,155$1,832$1,017$546$286$70
47 years$3,053$1,748$956$504$260$62
48 years$2,955$1,669$898$466$236$54
49 years$2,862$1,594$844$431$214$47
50 years$2,773$1,522$794$398$195$41

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,840,000, adding $3,573 every year, while hoping to spend $28,078 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: 68/12/20 Blend
61$2,840,000$2,840,000$2,840,000$2,840,000
62$3,133,366$2,982,846$2,938,826$3,330,653
63$3,423,094$3,099,130$3,007,401$3,579,326
64$3,741,434$3,220,172$3,077,334$3,847,646
65$4,091,274$3,346,174$3,148,638$4,140,481
66$4,475,796$3,477,348$3,221,329$4,460,246
67$4,898,506$3,613,918$3,295,423$4,809,600
68$5,363,268$3,756,114$3,370,934$5,191,469
69$5,874,336$3,904,179$3,447,875$5,609,075
70$6,436,400$4,058,365$3,526,261$6,065,967
71$7,054,625$4,218,937$3,606,103$6,566,053
72$7,734,703$4,386,171$3,687,414$7,113,633
73$8,482,905$4,560,356$3,770,204$7,713,447
74$9,306,141$4,741,792$3,854,485$8,370,712
75$10,212,023$4,930,796$3,940,266$9,091,174
76$11,208,939$5,127,695$4,027,555$9,881,164
77$12,306,132$5,332,833$4,116,359$10,747,651
78$13,513,787$5,546,571$4,206,686$11,698,314
79$14,843,123$5,769,283$4,298,541$12,741,609
80$16,306,507$6,001,363$4,391,926$13,886,854
81$17,917,561$6,243,220$4,486,846$15,144,309
82$19,691,298$6,495,284$4,583,301$16,525,278
83$21,644,259$6,758,002$4,681,291$18,042,214
84$23,794,673$7,031,844$4,780,814$19,708,834
85$26,162,624$7,317,298$4,881,866$21,540,251
86$28,770,245$7,614,879$4,984,441$23,553,111
87$31,641,922$7,925,120$5,088,532$25,765,757
88$34,804,529$8,248,582$5,194,129$28,198,395
89$38,287,679$8,585,851$5,301,220$30,873,287
90$42,124,003$8,937,537$5,409,791$33,814,959
91$46,349,457$9,304,283$5,519,825$37,050,434
92$51,003,665$9,686,756$5,631,303$40,609,483
93$56,130,289$10,085,657$5,744,202$44,524,909
94$61,777,443$10,501,719$5,858,497$48,832,854
95$67,998,145$10,935,706$5,974,159$53,573,139
96$74,850,819$11,388,419$6,091,157$58,789,639
97$82,399,848$11,860,697$6,209,456$64,530,696
98$90,716,176$12,353,415$6,329,017$70,849,578
99$99,877,984$12,867,490$6,449,797$77,804,975
100$109,971,422$13,403,880$6,571,748$85,461,557