Can I retire at age 63 with 2,970,000?

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 $2,970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.9%
1 years$245,260$243,075$240,944$238,863$236,832$228,338
2 years$121,416$119,154$116,963$114,838$112,777$104,312
3 years$80,140$77,869$75,683$73,578$71,550$63,379
4 years$59,506$57,242$55,078$53,009$51,030$43,216
5 years$47,129$44,878$42,743$40,716$38,792$31,355
6 years$38,880$36,646$34,542$32,561$30,695$23,641
7 years$32,990$30,776$28,705$26,770$24,963$18,290
8 years$28,575$26,380$24,344$22,457$20,710$14,412
9 years$25,143$22,969$20,967$19,128$17,440$11,510
10 years$22,399$20,246$18,280$16,489$14,860$9,287
11 years$20,155$18,024$16,093$14,350$12,780$7,552
12 years$18,286$16,177$14,282$12,587$11,075$6,180
13 years$16,707$14,619$12,760$11,112$9,658$5,082
14 years$15,354$13,289$11,465$9,864$8,466$4,196
15 years$14,182$12,139$10,352$8,797$7,454$3,475
16 years$13,158$11,138$9,385$7,877$6,588$2,886
17 years$12,256$10,257$8,540$7,077$5,841$2,401
18 years$11,454$9,478$7,796$6,378$5,194$2,002
19 years$10,738$8,784$7,137$5,763$4,629$1,671
20 years$10,094$8,163$6,550$5,220$4,135$1,397
21 years$9,512$7,603$6,025$4,737$3,700$1,169
22 years$8,984$7,098$5,553$4,307$3,317$979
23 years$8,503$6,638$5,127$3,923$2,977$820
24 years$8,062$6,220$4,742$3,578$2,676$688
25 years$7,657$5,837$4,392$3,267$2,408$577
26 years$7,284$5,486$4,073$2,987$2,169$484
27 years$6,939$5,163$3,782$2,735$1,956$407
28 years$6,619$4,865$3,516$2,505$1,765$341
29 years$6,322$4,589$3,272$2,298$1,593$287
30 years$6,046$4,334$3,048$2,109$1,440$241
31 years$5,787$4,097$2,841$1,937$1,302$203
32 years$5,545$3,877$2,651$1,780$1,177$170
33 years$5,319$3,671$2,475$1,637$1,066$143
34 years$5,106$3,480$2,313$1,506$965$120
35 years$4,906$3,300$2,162$1,386$874$101
36 years$4,717$3,132$2,023$1,277$792$85
37 years$4,539$2,975$1,893$1,176$718$71
38 years$4,371$2,827$1,773$1,084$651$60
39 years$4,211$2,689$1,661$1,000$590$51
40 years$4,060$2,558$1,557$922$535$42
41 years$3,917$2,435$1,460$851$485$36
42 years$3,781$2,319$1,369$785$441$30
43 years$3,652$2,210$1,285$725$400$25
44 years$3,529$2,106$1,206$669$363$21
45 years$3,411$2,008$1,133$618$329$18
46 years$3,300$1,916$1,064$571$299$15
47 years$3,193$1,828$999$527$272$13
48 years$3,091$1,745$939$487$247$11
49 years$2,993$1,667$883$450$224$9
50 years$2,900$1,592$830$416$203$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 63 starting with $2,970,000, adding $6,162 every year, while hoping to spend $40,871 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: 43/40/17 Blend
62$2,970,000$2,970,000$2,970,000$2,970,000
63$3,279,296$3,121,886$3,075,851$3,403,843
64$3,570,298$3,231,372$3,135,406$3,601,587
65$3,889,612$3,344,853$3,195,586$3,811,182
66$4,240,083$3,462,482$3,256,368$4,037,391
67$4,624,845$3,584,417$3,317,730$4,281,759
68$5,047,349$3,710,823$3,379,644$4,545,989
69$5,511,398$3,841,872$3,442,081$4,831,949
70$6,021,180$3,977,744$3,505,010$5,141,693
71$6,581,310$4,118,623$3,568,398$5,477,480
72$7,196,871$4,264,703$3,632,207$5,841,793
73$7,873,464$4,416,185$3,696,398$6,237,365
74$8,617,259$4,573,280$3,760,928$6,667,199
75$9,435,052$4,736,204$3,825,753$7,134,600
76$10,334,334$4,905,184$3,890,822$7,643,204
77$11,323,355$5,080,457$3,956,083$8,197,010
78$12,411,207$5,262,269$4,021,481$8,800,419
79$13,607,904$5,450,874$4,086,955$9,458,274
80$14,924,483$5,646,540$4,152,441$10,175,907
81$16,373,104$5,849,544$4,217,872$10,959,182
82$17,967,163$6,060,174$4,283,173$11,814,556
83$19,721,422$6,278,731$4,348,267$12,749,138
84$21,652,146$6,505,528$4,413,073$13,770,752
85$23,777,257$6,740,891$4,477,503$14,888,012
86$26,116,502$6,985,159$4,541,464$16,110,401
87$28,691,640$7,238,686$4,604,858$17,448,361
88$31,526,646$7,501,841$4,667,580$18,913,390
89$34,647,939$7,775,007$4,729,519$20,518,148
90$38,084,630$8,058,583$4,790,559$22,276,577
91$41,868,796$8,352,987$4,850,576$24,204,031
92$46,035,781$8,658,652$4,909,439$26,317,416
93$50,624,535$8,976,029$4,967,009$28,635,355
94$55,677,974$9,305,592$5,023,141$31,178,357
95$61,243,391$9,647,829$5,077,679$33,969,011
96$67,372,898$10,003,254$5,130,462$37,032,196
97$74,123,919$10,372,398$5,181,318$40,395,319
98$81,559,732$10,755,819$5,230,066$44,088,565
99$89,750,066$11,154,095$5,276,514$48,145,186
100$98,771,758$11,567,831$5,320,463$52,601,811