Can I retire at age 62 with 2,930,000?

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 $2,930,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.4%
1 years$241,957$239,801$237,699$235,646$233,642$226,617
2 years$119,781$117,550$115,388$113,292$111,258$104,240
3 years$79,060$76,820$74,664$72,587$70,587$63,795
4 years$58,704$56,471$54,336$52,295$50,343$43,830
5 years$46,494$44,274$42,167$40,167$38,270$32,053
6 years$38,356$36,153$34,077$32,122$30,282$24,367
7 years$32,546$30,361$28,318$26,409$24,627$19,014
8 years$28,190$26,025$24,016$22,154$20,431$15,116
9 years$24,804$22,660$20,685$18,870$17,206$12,183
10 years$22,097$19,973$18,034$16,267$14,660$9,923
11 years$19,884$17,781$15,877$14,157$12,608$8,148
12 years$18,040$15,959$14,090$12,417$10,926$6,734
13 years$16,482$14,423$12,589$10,963$9,528$5,595
14 years$15,147$13,110$11,311$9,731$8,352$4,667
15 years$13,991$11,976$10,212$8,679$7,354$3,907
16 years$12,981$10,988$9,259$7,771$6,499$3,280
17 years$12,091$10,119$8,425$6,982$5,763$2,760
18 years$11,300$9,351$7,691$6,292$5,124$2,327
19 years$10,593$8,666$7,041$5,686$4,567$1,965
20 years$9,958$8,053$6,462$5,149$4,079$1,661
21 years$9,384$7,501$5,944$4,673$3,651$1,406
22 years$8,863$7,002$5,478$4,249$3,272$1,191
23 years$8,388$6,549$5,058$3,870$2,937$1,010
24 years$7,953$6,136$4,678$3,530$2,640$857
25 years$7,554$5,758$4,332$3,223$2,376$728
26 years$7,186$5,412$4,018$2,947$2,140$618
27 years$6,846$5,093$3,731$2,698$1,929$525
28 years$6,530$4,799$3,469$2,472$1,741$447
29 years$6,237$4,527$3,228$2,267$1,572$380
30 years$5,964$4,276$3,007$2,080$1,420$323
31 years$5,709$4,042$2,803$1,910$1,284$275
32 years$5,471$3,824$2,615$1,756$1,162$234
33 years$5,247$3,622$2,442$1,615$1,051$199
34 years$5,037$3,433$2,282$1,486$952$169
35 years$4,840$3,256$2,133$1,368$862$144
36 years$4,654$3,090$1,995$1,259$781$123
37 years$4,478$2,935$1,868$1,160$708$105
38 years$4,312$2,789$1,749$1,070$642$89
39 years$4,155$2,652$1,639$986$582$76
40 years$4,006$2,524$1,536$910$528$65
41 years$3,865$2,402$1,440$839$479$55
42 years$3,730$2,288$1,351$775$435$47
43 years$3,603$2,180$1,268$715$394$40
44 years$3,481$2,078$1,190$660$358$34
45 years$3,366$1,981$1,117$610$325$29
46 years$3,255$1,890$1,049$563$295$25
47 years$3,150$1,804$986$520$268$21
48 years$3,049$1,722$926$481$243$18
49 years$2,953$1,644$871$444$221$15
50 years$2,861$1,571$819$411$201$13

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,930,000, adding $3,879 every year, while hoping to spend $47,835 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: 48/38/14 Blend
61$2,930,000$2,930,000$2,930,000$2,930,000
62$3,232,861$3,077,571$3,032,156$3,375,269
63$3,511,717$3,177,476$3,082,837$3,573,897
64$3,817,413$3,280,673$3,133,613$3,784,197
65$4,152,636$3,387,273$3,184,436$4,011,483
66$4,520,346$3,497,391$3,235,256$4,257,358
67$4,923,803$3,611,144$3,286,019$4,523,587
68$5,366,597$3,728,657$3,336,667$4,812,110
69$5,852,685$3,850,056$3,387,140$5,125,061
70$6,386,422$3,975,472$3,437,372$5,464,788
71$6,972,608$4,105,041$3,487,296$5,833,873
72$7,616,531$4,238,905$3,536,837$6,235,160
73$8,324,014$4,377,209$3,585,918$6,671,776
74$9,101,475$4,520,103$3,634,457$7,147,163
75$9,955,981$4,667,744$3,682,368$7,665,111
76$10,895,322$4,820,293$3,729,557$8,229,789
77$11,928,075$4,977,918$3,775,928$8,845,790
78$13,063,694$5,140,792$3,821,377$9,518,166
79$14,312,594$5,309,094$3,865,796$10,252,484
80$15,686,248$5,483,009$3,909,069$11,054,870
81$17,197,298$5,662,729$3,951,076$11,932,069
82$18,859,674$5,848,454$3,991,689$12,891,512
83$20,688,722$6,040,390$4,030,772$13,941,379
84$22,701,352$6,238,749$4,068,183$15,090,678
85$24,916,195$6,443,753$4,103,772$16,349,331
86$27,353,780$6,655,630$4,137,381$17,728,267
87$30,036,727$6,874,617$4,168,845$19,239,520
88$32,989,960$7,100,960$4,197,988$20,896,348
89$36,240,941$7,334,913$4,224,626$22,713,351
90$39,819,932$7,576,738$4,248,566$24,706,613
91$43,760,275$7,826,709$4,269,603$26,893,852
92$48,098,713$8,085,108$4,287,525$29,294,585
93$52,875,731$8,352,227$4,302,106$31,930,310
94$58,135,940$8,628,370$4,313,110$34,824,712
95$63,928,496$8,913,851$4,320,290$38,003,883
96$70,307,568$9,208,995$4,323,386$41,496,568
97$77,332,845$9,514,140$4,322,123$45,334,434
98$85,070,097$9,829,635$4,316,216$49,552,372
99$93,591,802$10,155,842$4,305,365$54,188,818
100$102,977,824$10,493,137$4,289,253$59,286,124