Can I retire at age 63 with 2,940,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $2,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.1%
1 years$242,782$240,620$238,510$236,451$234,440$229,519
2 years$120,189$117,951$115,782$113,678$111,638$106,703
3 years$79,330$77,082$74,918$72,835$70,828$66,033
4 years$58,905$56,664$54,521$52,473$50,515$45,898
5 years$46,653$44,425$42,311$40,305$38,401$33,974
6 years$38,487$36,276$34,193$32,232$30,385$26,153
7 years$32,657$30,465$28,415$26,500$24,711$20,675
8 years$28,287$26,114$24,098$22,230$20,500$16,659
9 years$24,889$22,737$20,756$18,935$17,264$13,615
10 years$22,172$20,041$18,095$16,322$14,710$11,249
11 years$19,951$17,842$15,931$14,205$12,651$9,374
12 years$18,102$16,014$14,138$12,460$10,963$7,865
13 years$16,538$14,472$12,632$11,000$9,560$6,636
14 years$15,199$13,154$11,349$9,765$8,380$5,624
15 years$14,039$12,017$10,247$8,708$7,379$4,784
16 years$13,025$11,025$9,290$7,797$6,521$4,083
17 years$12,132$10,154$8,454$7,006$5,782$3,493
18 years$11,338$9,383$7,717$6,314$5,141$2,995
19 years$10,629$8,696$7,065$5,705$4,583$2,573
20 years$9,992$8,080$6,484$5,167$4,093$2,214
21 years$9,416$7,527$5,964$4,689$3,663$1,908
22 years$8,893$7,026$5,497$4,264$3,283$1,645
23 years$8,417$6,571$5,075$3,883$2,947$1,421
24 years$7,981$6,157$4,694$3,542$2,649$1,228
25 years$7,580$5,778$4,347$3,234$2,384$1,062
26 years$7,210$5,430$4,032$2,957$2,147$919
27 years$6,869$5,110$3,744$2,707$1,936$795
28 years$6,553$4,816$3,480$2,480$1,747$689
29 years$6,259$4,543$3,239$2,274$1,577$597
30 years$5,985$4,290$3,017$2,087$1,425$518
31 years$5,729$4,056$2,813$1,917$1,289$449
32 years$5,489$3,838$2,624$1,762$1,166$389
33 years$5,265$3,634$2,450$1,620$1,055$338
34 years$5,054$3,444$2,289$1,491$955$293
35 years$4,856$3,267$2,140$1,372$865$254
36 years$4,669$3,101$2,002$1,264$784$221
37 years$4,493$2,945$1,874$1,164$710$192
38 years$4,327$2,799$1,755$1,073$644$166
39 years$4,169$2,661$1,644$990$584$144
40 years$4,019$2,532$1,541$913$530$125
41 years$3,878$2,410$1,445$842$481$109
42 years$3,743$2,296$1,356$777$436$95
43 years$3,615$2,187$1,272$717$396$82
44 years$3,493$2,085$1,194$662$359$71
45 years$3,377$1,988$1,121$612$326$62
46 years$3,266$1,897$1,053$565$296$54
47 years$3,161$1,810$989$522$269$47
48 years$3,060$1,728$930$482$244$41
49 years$2,963$1,650$874$446$222$35
50 years$2,870$1,576$821$412$201$31

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 63 starting with $2,940,000, adding $4,259 every year, while hoping to spend $34,760 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: 65/8/27 Blend
62$2,940,000$2,940,000$2,940,000$2,940,000
63$3,244,273$3,088,453$3,042,883$3,431,809
64$3,538,205$3,202,803$3,107,835$3,673,353
65$3,860,952$3,321,591$3,173,798$3,933,004
66$4,215,418$3,444,998$3,240,770$4,216,048
67$4,604,800$3,573,212$3,308,745$4,524,788
68$5,032,621$3,706,430$3,377,718$4,861,764
69$5,502,760$3,844,857$3,447,684$5,229,769
70$6,019,493$3,988,707$3,518,633$5,631,883
71$6,587,529$4,138,201$3,590,555$6,071,494
72$7,212,058$4,293,574$3,663,439$6,552,335
73$7,898,795$4,455,067$3,737,272$7,078,519
74$8,654,040$4,622,932$3,812,038$7,654,573
75$9,484,731$4,797,435$3,887,721$8,285,486
76$10,398,514$4,978,850$3,964,299$8,976,752
77$11,403,812$5,167,463$4,041,753$9,734,422
78$12,509,907$5,363,575$4,120,058$10,565,165
79$13,727,025$5,567,498$4,199,188$11,476,323
80$15,066,435$5,779,559$4,279,114$12,475,988
81$16,540,551$6,000,096$4,359,804$13,573,073
82$18,163,052$6,229,466$4,441,223$14,777,395
83$19,949,013$6,468,040$4,523,333$16,099,774
84$21,915,042$6,716,203$4,606,094$17,552,127
85$24,079,439$6,974,360$4,689,461$19,147,584
86$26,462,371$7,242,932$4,773,387$20,900,613
87$29,086,056$7,522,360$4,857,819$22,827,151
88$31,974,980$7,813,102$4,942,702$24,944,761
89$35,156,122$8,115,638$5,027,977$27,272,791
90$38,659,210$8,430,468$5,113,578$29,832,562
91$42,517,005$8,758,116$5,199,438$32,647,561
92$46,765,602$9,099,127$5,285,482$35,743,673
93$51,444,781$9,454,071$5,371,633$39,149,416
94$56,598,372$9,823,544$5,457,806$42,896,212
95$62,274,675$10,208,166$5,543,911$47,018,687
96$68,526,914$10,608,589$5,629,855$51,554,993
97$75,413,739$11,025,489$5,715,534$56,547,169
98$82,999,777$11,459,575$5,800,842$62,041,539
99$91,356,248$11,911,588$5,885,663$68,089,145
100$100,561,628$12,382,299$5,969,876$74,746,235