Can I retire at age 47 with 340,000?

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 $340,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.5%
1 years$28,077$27,827$27,583$27,345$27,112$26,392
2 years$13,899$13,641$13,390$13,146$12,911$12,190
3 years$9,174$8,914$8,664$8,423$8,191$7,493
4 years$6,812$6,553$6,305$6,068$5,842$5,172
5 years$5,395$5,138$4,893$4,661$4,441$3,800
6 years$4,451$4,195$3,954$3,727$3,514$2,903
7 years$3,777$3,523$3,286$3,065$2,858$2,277
8 years$3,271$3,020$2,787$2,571$2,371$1,820
9 years$2,878$2,629$2,400$2,190$1,997$1,475
10 years$2,564$2,318$2,093$1,888$1,701$1,208
11 years$2,307$2,063$1,842$1,643$1,463$998
12 years$2,093$1,852$1,635$1,441$1,268$829
13 years$1,913$1,674$1,461$1,272$1,106$693
14 years$1,758$1,521$1,313$1,129$969$582
15 years$1,624$1,390$1,185$1,007$853$490
16 years$1,506$1,275$1,074$902$754$414
17 years$1,403$1,174$978$810$669$351
18 years$1,311$1,085$892$730$595$298
19 years$1,229$1,006$817$660$530$253
20 years$1,156$934$750$598$473$215
21 years$1,089$870$690$542$424$184
22 years$1,028$813$636$493$380$157
23 years$973$760$587$449$341$134
24 years$923$712$543$410$306$114
25 years$877$668$503$374$276$98
26 years$834$628$466$342$248$84
27 years$794$591$433$313$224$72
28 years$758$557$403$287$202$61
29 years$724$525$375$263$182$53
30 years$692$496$349$241$165$45
31 years$663$469$325$222$149$39
32 years$635$444$303$204$135$33
33 years$609$420$283$187$122$28
34 years$585$398$265$172$110$24
35 years$562$378$248$159$100$21
36 years$540$359$232$146$91$18
37 years$520$341$217$135$82$15
38 years$500$324$203$124$74$13
39 years$482$308$190$114$68$11
40 years$465$293$178$106$61$10
41 years$448$279$167$97$56$8
42 years$433$265$157$90$50$7
43 years$418$253$147$83$46$6
44 years$404$241$138$77$42$5
45 years$391$230$130$71$38$5
46 years$378$219$122$65$34$4
47 years$366$209$114$60$31$3
48 years$354$200$108$56$28$3
49 years$343$191$101$52$26$2
50 years$332$182$95$48$23$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 47 starting with $340,000, adding $6,846 every year, while hoping to spend $22,037 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: 38/39/23 Blend
46$340,000$340,000$340,000$340,000
47$381,742$363,722$358,452$393,403
48$397,232$358,097$347,013$396,870
49$413,564$351,458$334,452$398,056
50$430,800$343,732$320,708$398,896
51$449,008$334,841$305,718$399,372
52$468,263$324,704$289,416$399,466
53$488,645$313,234$271,731$399,160
54$510,244$300,340$252,591$398,436
55$533,157$285,924$231,921$397,278
56$557,489$269,885$209,640$395,670
57$583,356$252,112$185,667$393,594
58$610,886$232,493$159,913$391,038
59$640,216$210,905$132,290$387,989
60$671,499$187,220$102,703$384,434
61$704,901$161,303$71,053$380,366
62$740,605$133,011$37,237$375,777
63$778,810$102,193$1,149$370,664
64$819,737$68,688$0$365,027
65$863,625$32,328$0$368,039
66$910,738$0$0$371,437
67$961,366$0$0$378,014
68$1,015,826$0$0$400,046
69$1,074,468$0$0$423,804
70$1,137,675$0$0$449,450
71$1,205,867$0$0$477,157
72$1,279,508$0$0$507,118
73$1,359,106$0$0$539,547
74$1,445,219$0$0$574,676
75$1,538,461$0$0$612,760
76$1,639,508$0$0$654,083
77$1,749,101$0$0$698,953
78$1,868,057$0$0$747,712
79$1,997,274$0$0$800,734
80$2,137,739$0$0$858,432
81$2,290,539$0$0$921,261
82$2,456,869$0$0$989,719
83$2,638,045$0$0$1,064,355
84$2,835,514$0$0$1,145,777
85$3,050,870$0$0$1,234,648
86$3,285,864$0$0$1,331,701
87$3,542,428$0$0$1,437,745
88$3,822,686$0$0$1,553,667
89$4,128,976$0$0$1,680,444
90$4,463,874$0$0$1,819,155
91$4,830,214$0$0$1,970,984
92$5,231,118$0$0$2,137,238
93$5,670,023$0$0$2,319,354
94$6,150,715$0$0$2,518,915
95$6,677,361$0$0$2,737,665
96$7,254,552$0$0$2,977,526
97$7,887,344$0$0$3,240,611
98$8,581,304$0$0$3,529,252
99$9,342,567$0$0$3,846,014
100$10,177,886$0$0$4,193,725