Can I retire at age 62 with 2,890,000?

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 $2,890,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.2%
1 years$238,653$236,528$234,454$232,429$230,453$225,523
2 years$118,145$115,945$113,812$111,745$109,739$104,797
3 years$77,981$75,771$73,644$71,596$69,623$64,822
4 years$57,903$55,700$53,594$51,581$49,656$45,033
5 years$45,859$43,669$41,591$39,619$37,748$33,316
6 years$37,833$35,659$33,612$31,684$29,868$25,633
7 years$32,102$29,947$27,932$26,049$24,291$20,253
8 years$27,805$25,670$23,688$21,852$20,152$16,309
9 years$24,466$22,350$20,403$18,613$16,971$13,321
10 years$21,795$19,701$17,788$16,044$14,460$10,999
11 years$19,612$17,538$15,660$13,964$12,436$9,160
12 years$17,794$15,741$13,898$12,248$10,777$7,681
13 years$16,257$14,226$12,417$10,813$9,398$6,476
14 years$14,940$12,931$11,156$9,599$8,238$5,485
15 years$13,800$11,812$10,073$8,560$7,253$4,663
16 years$12,804$10,838$9,132$7,665$6,410$3,976
17 years$11,925$9,981$8,310$6,887$5,684$3,399
18 years$11,146$9,223$7,586$6,206$5,054$2,913
19 years$10,449$8,548$6,945$5,608$4,505$2,500
20 years$9,822$7,943$6,374$5,079$4,024$2,150
21 years$9,256$7,399$5,862$4,610$3,601$1,851
22 years$8,742$6,906$5,403$4,191$3,228$1,595
23 years$8,274$6,459$4,989$3,817$2,897$1,376
24 years$7,845$6,052$4,614$3,481$2,604$1,188
25 years$7,451$5,679$4,273$3,179$2,343$1,027
26 years$7,088$5,338$3,963$2,907$2,111$888
27 years$6,752$5,024$3,680$2,661$1,903$768
28 years$6,441$4,734$3,421$2,438$1,717$665
29 years$6,152$4,466$3,184$2,236$1,551$576
30 years$5,883$4,217$2,966$2,052$1,401$499
31 years$5,631$3,987$2,765$1,884$1,267$432
32 years$5,396$3,772$2,580$1,732$1,146$374
33 years$5,176$3,572$2,409$1,593$1,037$324
34 years$4,968$3,386$2,250$1,465$939$281
35 years$4,774$3,211$2,104$1,349$850$244
36 years$4,590$3,048$1,968$1,242$770$212
37 years$4,417$2,895$1,842$1,145$698$183
38 years$4,253$2,751$1,725$1,055$633$159
39 years$4,098$2,616$1,616$973$574$138
40 years$3,951$2,489$1,515$897$521$120
41 years$3,812$2,369$1,421$828$472$104
42 years$3,679$2,257$1,332$764$429$90
43 years$3,554$2,150$1,250$705$389$78
44 years$3,434$2,049$1,174$651$353$68
45 years$3,320$1,954$1,102$601$321$59
46 years$3,211$1,864$1,035$555$291$51
47 years$3,107$1,779$972$513$264$44
48 years$3,007$1,698$914$474$240$39
49 years$2,913$1,622$859$438$218$33
50 years$2,822$1,549$808$405$198$29

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,890,000, adding $4,982 every year, while hoping to spend $47,634 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: 44/49/7 Blend
61$2,890,000$2,890,000$2,890,000$2,890,000
62$3,189,919$3,036,749$2,991,954$3,323,734
63$3,464,608$3,134,867$3,041,502$3,514,920
64$3,765,720$3,236,197$3,091,114$3,716,711
65$4,095,898$3,340,845$3,140,741$3,934,305
66$4,458,055$3,448,923$3,190,331$4,169,169
67$4,855,401$3,560,544$3,239,831$4,422,914
68$5,291,468$3,675,827$3,289,182$4,697,310
69$5,770,150$3,794,894$3,338,322$4,994,303
70$6,295,734$3,917,873$3,387,184$5,316,033
71$6,872,944$4,044,894$3,435,701$5,664,852
72$7,506,984$4,176,094$3,483,796$6,043,348
73$8,203,585$4,311,611$3,531,392$6,454,367
74$8,969,063$4,451,592$3,578,405$6,901,040
75$9,810,374$4,596,186$3,624,748$7,386,810
76$10,735,182$4,745,549$3,670,327$7,915,468
77$11,751,931$4,899,842$3,715,044$8,491,182
78$12,869,924$5,059,230$3,758,794$9,118,543
79$14,099,410$5,223,887$3,801,468$9,802,599
80$15,451,682$5,393,989$3,842,949$10,548,911
81$16,939,180$5,569,721$3,883,115$11,363,596
82$18,575,614$5,751,275$3,921,836$12,253,390
83$20,376,085$5,938,846$3,958,976$13,225,708
84$22,357,236$6,132,640$3,994,392$14,288,714
85$24,537,403$6,332,867$4,027,933$15,451,397
86$26,936,787$6,539,748$4,059,438$16,723,653
87$29,577,651$6,753,507$4,088,741$18,116,382
88$32,484,523$6,974,380$4,115,665$19,641,583
89$35,684,428$7,202,609$4,140,024$21,312,475
90$39,207,149$7,438,445$4,161,623$23,143,611
91$43,085,498$7,682,149$4,180,258$25,151,022
92$47,355,635$7,933,990$4,195,712$27,352,364
93$52,057,401$8,194,247$4,207,760$29,767,082
94$57,234,699$8,463,209$4,216,163$32,416,596
95$62,935,906$8,741,174$4,220,673$35,324,497
96$69,214,329$9,028,452$4,221,026$38,516,775
97$76,128,709$9,325,364$4,216,948$42,022,057
98$83,743,772$9,632,242$4,208,151$45,871,877
99$92,130,845$9,949,430$4,194,332$50,100,976
100$101,368,524$10,277,284$4,175,175$54,747,624