Can I retire at age 62 with 2,970,000?

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 $2,970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.7%
1 years$245,260$243,075$240,944$238,863$236,832$235,142
2 years$121,416$119,154$116,963$114,838$112,777$111,073
3 years$80,140$77,869$75,683$73,578$71,550$69,885
4 years$59,506$57,242$55,078$53,009$51,030$49,417
5 years$47,129$44,878$42,743$40,716$38,792$37,235
6 years$38,880$36,646$34,542$32,561$30,695$29,196
7 years$32,990$30,776$28,705$26,770$24,963$23,523
8 years$28,575$26,380$24,344$22,457$20,710$19,328
9 years$25,143$22,969$20,967$19,128$17,440$16,118
10 years$22,399$20,246$18,280$16,489$14,860$13,595
11 years$20,155$18,024$16,093$14,350$12,780$11,572
12 years$18,286$16,177$14,282$12,587$11,075$9,923
13 years$16,707$14,619$12,760$11,112$9,658$8,560
14 years$15,354$13,289$11,465$9,864$8,466$7,422
15 years$14,182$12,139$10,352$8,797$7,454$6,462
16 years$13,158$11,138$9,385$7,877$6,588$5,646
17 years$12,256$10,257$8,540$7,077$5,841$4,948
18 years$11,454$9,478$7,796$6,378$5,194$4,348
19 years$10,738$8,784$7,137$5,763$4,629$3,829
20 years$10,094$8,163$6,550$5,220$4,135$3,379
21 years$9,512$7,603$6,025$4,737$3,700$2,986
22 years$8,984$7,098$5,553$4,307$3,317$2,644
23 years$8,503$6,638$5,127$3,923$2,977$2,343
24 years$8,062$6,220$4,742$3,578$2,676$2,079
25 years$7,657$5,837$4,392$3,267$2,408$1,847
26 years$7,284$5,486$4,073$2,987$2,169$1,642
27 years$6,939$5,163$3,782$2,735$1,956$1,461
28 years$6,619$4,865$3,516$2,505$1,765$1,300
29 years$6,322$4,589$3,272$2,298$1,593$1,158
30 years$6,046$4,334$3,048$2,109$1,440$1,033
31 years$5,787$4,097$2,841$1,937$1,302$921
32 years$5,545$3,877$2,651$1,780$1,177$821
33 years$5,319$3,671$2,475$1,637$1,066$733
34 years$5,106$3,480$2,313$1,506$965$655
35 years$4,906$3,300$2,162$1,386$874$585
36 years$4,717$3,132$2,023$1,277$792$522
37 years$4,539$2,975$1,893$1,176$718$467
38 years$4,371$2,827$1,773$1,084$651$417
39 years$4,211$2,689$1,661$1,000$590$373
40 years$4,060$2,558$1,557$922$535$333
41 years$3,917$2,435$1,460$851$485$298
42 years$3,781$2,319$1,369$785$441$266
43 years$3,652$2,210$1,285$725$400$238
44 years$3,529$2,106$1,206$669$363$213
45 years$3,411$2,008$1,133$618$329$191
46 years$3,300$1,916$1,064$571$299$171
47 years$3,193$1,828$999$527$272$153
48 years$3,091$1,745$939$487$247$136
49 years$2,993$1,667$883$450$224$122
50 years$2,900$1,592$830$416$203$109

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,970,000, adding $2,815 every year, while hoping to spend $22,250 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: 61/29/10 Blend
61$2,970,000$2,970,000$2,970,000$2,970,000
62$3,275,844$3,118,434$3,072,399$3,468,047
63$3,586,306$3,247,563$3,151,650$3,726,339
64$3,927,690$3,382,274$3,232,811$4,005,252
65$4,303,125$3,522,817$3,315,921$4,309,033
66$4,716,062$3,669,453$3,401,022$4,640,084
67$5,170,299$3,822,455$3,488,156$5,001,047
68$5,670,025$3,982,111$3,577,364$5,394,828
69$6,219,852$4,148,718$3,668,690$5,824,625
70$6,824,863$4,322,592$3,762,178$6,293,953
71$7,490,658$4,504,058$3,857,870$6,806,681
72$8,223,409$4,693,461$3,955,813$7,367,068
73$9,029,915$4,891,158$4,056,050$7,979,797
74$9,917,667$5,097,526$4,158,629$8,650,024
75$10,894,922$5,312,957$4,263,595$9,383,422
76$11,970,774$5,537,862$4,370,996$10,186,236
77$13,155,247$5,772,672$4,480,878$11,065,339
78$14,459,385$6,017,835$4,593,291$12,028,298
79$15,895,358$6,273,825$4,708,282$13,083,441
80$17,476,575$6,541,133$4,825,900$14,239,938
81$19,217,813$6,820,276$4,946,195$15,507,884
82$21,135,354$7,111,793$5,069,216$16,898,394
83$23,247,140$7,416,251$5,195,015$18,423,707
84$25,572,941$7,734,240$5,323,641$20,097,296
85$28,134,544$8,066,381$5,455,145$21,934,003
86$30,955,954$8,413,321$5,589,580$23,950,165
87$34,063,627$8,775,739$5,726,996$26,163,780
88$37,486,713$9,154,346$5,867,447$28,594,663
89$41,257,334$9,549,885$6,010,982$31,264,641
90$45,410,889$9,963,136$6,157,657$34,197,750
91$49,986,383$10,394,913$6,307,522$37,420,466
92$55,026,800$10,846,070$6,460,630$40,961,947
93$60,579,507$11,317,500$6,617,034$44,854,312
94$66,696,699$11,810,140$6,776,787$49,132,938
95$73,435,894$12,324,969$6,939,941$53,836,794
96$80,860,475$12,863,013$7,106,549$59,008,803
97$89,040,288$13,425,345$7,276,664$64,696,251
98$98,052,302$14,013,091$7,450,336$70,951,225
99$107,981,333$14,627,429$7,627,619$77,831,105
100$118,920,848$15,269,592$7,808,563$85,399,100