Can I retire at age 62 with 2,980,000?

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 $2,980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.6%
1 years$246,086$243,894$241,755$239,668$237,629$229,381
2 years$121,825$119,556$117,357$115,225$113,157$104,932
3 years$80,410$78,131$75,938$73,826$71,791$63,848
4 years$59,706$57,435$55,263$53,187$51,202$43,602
5 years$47,287$45,029$42,886$40,853$38,923$31,685
6 years$39,011$36,770$34,659$32,670$30,799$23,929
7 years$33,101$30,879$28,801$26,860$25,047$18,545
8 years$28,671$26,469$24,426$22,532$20,779$14,639
9 years$25,228$23,046$21,038$19,193$17,499$11,713
10 years$22,474$20,314$18,341$16,544$14,910$9,468
11 years$20,223$18,084$16,148$14,398$12,823$7,715
12 years$18,348$16,232$14,331$12,629$11,112$6,325
13 years$16,763$14,669$12,803$11,150$9,690$5,212
14 years$15,405$13,333$11,504$9,898$8,494$4,312
15 years$14,230$12,180$10,386$8,827$7,479$3,579
16 years$13,203$11,175$9,417$7,903$6,610$2,979
17 years$12,297$10,292$8,569$7,101$5,861$2,484
18 years$11,493$9,510$7,822$6,400$5,211$2,076
19 years$10,774$8,814$7,161$5,783$4,645$1,737
20 years$10,128$8,190$6,572$5,237$4,149$1,455
21 years$9,544$7,629$6,045$4,753$3,713$1,221
22 years$9,014$7,121$5,571$4,322$3,328$1,024
23 years$8,531$6,661$5,144$3,936$2,987$861
24 years$8,089$6,240$4,757$3,590$2,685$723
25 years$7,683$5,856$4,406$3,278$2,416$608
26 years$7,309$5,504$4,087$2,998$2,176$512
27 years$6,963$5,180$3,795$2,744$1,962$431
28 years$6,642$4,881$3,528$2,514$1,771$363
29 years$6,344$4,605$3,283$2,305$1,599$305
30 years$6,066$4,349$3,058$2,116$1,445$257
31 years$5,807$4,111$2,851$1,943$1,306$217
32 years$5,564$3,890$2,660$1,786$1,181$182
33 years$5,337$3,684$2,484$1,642$1,069$154
34 years$5,123$3,491$2,320$1,511$968$130
35 years$4,922$3,311$2,169$1,391$877$109
36 years$4,733$3,143$2,029$1,281$794$92
37 years$4,554$2,985$1,900$1,180$720$78
38 years$4,385$2,837$1,779$1,088$653$65
39 years$4,226$2,698$1,667$1,003$592$55
40 years$4,074$2,567$1,562$925$537$46
41 years$3,930$2,443$1,465$854$487$39
42 years$3,794$2,327$1,374$788$442$33
43 years$3,664$2,217$1,289$727$401$28
44 years$3,541$2,113$1,210$671$364$23
45 years$3,423$2,015$1,136$620$331$20
46 years$3,311$1,922$1,067$573$300$17
47 years$3,204$1,835$1,003$529$273$14
48 years$3,101$1,751$942$489$247$12
49 years$3,003$1,672$886$452$225$10
50 years$2,910$1,598$833$418$204$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $2,980,000, adding $2,654 every year, while hoping to spend $38,105 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: 83/5/12 Blend
61$2,980,000$2,980,000$2,980,000$2,980,000
62$3,286,698$3,128,758$3,082,568$3,552,365
63$3,581,397$3,241,523$3,145,290$3,839,552
64$3,904,879$3,358,537$3,208,837$4,149,563
65$4,260,039$3,479,968$3,273,195$4,488,884
66$4,650,066$3,605,990$3,338,350$4,860,441
67$5,078,475$3,736,785$3,404,287$5,267,454
68$5,549,135$3,872,543$3,470,986$5,713,473
69$6,066,311$4,013,462$3,538,429$6,202,405
70$6,634,701$4,159,748$3,606,592$6,738,555
71$7,259,480$4,311,615$3,675,452$7,326,665
72$7,946,350$4,469,287$3,744,983$7,971,959
73$8,701,592$4,632,996$3,815,154$8,680,192
74$9,532,127$4,802,986$3,885,934$9,457,702
75$10,445,580$4,979,508$3,957,290$10,311,473
76$11,450,353$5,162,828$4,029,182$11,249,199
77$12,555,701$5,353,218$4,101,572$12,279,354
78$13,771,823$5,550,967$4,174,415$13,411,278
79$15,109,956$5,756,371$4,247,665$14,655,258
80$16,582,481$5,969,743$4,321,272$16,022,629
81$18,203,040$6,191,406$4,395,180$17,525,879
82$19,986,664$6,421,698$4,469,332$19,178,767
83$21,949,915$6,660,973$4,543,666$20,996,453
84$24,111,043$6,909,598$4,618,116$22,995,640
85$26,490,157$7,167,955$4,692,610$25,194,733
86$29,109,413$7,436,446$4,767,073$27,614,010
87$31,993,228$7,715,486$4,841,424$30,275,814
88$35,168,503$8,005,510$4,915,578$33,204,764
89$38,664,883$8,306,973$4,989,442$36,427,988
90$42,515,033$8,620,347$5,062,921$39,975,377
91$46,754,948$8,946,126$5,135,910$43,879,866
92$51,424,291$9,284,824$5,208,302$48,177,747
93$56,566,768$9,636,980$5,279,979$52,909,011
94$62,230,539$10,003,152$5,350,819$58,117,722
95$68,468,674$10,383,927$5,420,692$63,852,437
96$75,339,654$10,779,915$5,489,460$70,166,659
97$82,907,920$11,191,752$5,556,978$77,119,348
98$91,244,483$11,620,103$5,623,092$84,775,469
99$100,427,594$12,065,662$5,687,639$93,206,612
100$110,543,482$12,529,152$5,750,448$102,491,665