Can I retire at age 63 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%12.9%
1 years$245,260$243,075$240,944$238,863$236,832$233,970
2 years$121,416$119,154$116,963$114,838$112,777$109,896
3 years$80,140$77,869$75,683$73,578$71,550$68,741
4 years$59,506$57,242$55,078$53,009$51,030$48,314
5 years$47,129$44,878$42,743$40,716$38,792$36,177
6 years$38,880$36,646$34,542$32,561$30,695$28,183
7 years$32,990$30,776$28,705$26,770$24,963$22,556
8 years$28,575$26,380$24,344$22,457$20,710$18,407
9 years$25,143$22,969$20,967$19,128$17,440$15,242
10 years$22,399$20,246$18,280$16,489$14,860$12,764
11 years$20,155$18,024$16,093$14,350$12,780$10,784
12 years$18,286$16,177$14,282$12,587$11,075$9,177
13 years$16,707$14,619$12,760$11,112$9,658$7,856
14 years$15,354$13,289$11,465$9,864$8,466$6,757
15 years$14,182$12,139$10,352$8,797$7,454$5,836
16 years$13,158$11,138$9,385$7,877$6,588$5,057
17 years$12,256$10,257$8,540$7,077$5,841$4,395
18 years$11,454$9,478$7,796$6,378$5,194$3,829
19 years$10,738$8,784$7,137$5,763$4,629$3,343
20 years$10,094$8,163$6,550$5,220$4,135$2,924
21 years$9,512$7,603$6,025$4,737$3,700$2,562
22 years$8,984$7,098$5,553$4,307$3,317$2,247
23 years$8,503$6,638$5,127$3,923$2,977$1,974
24 years$8,062$6,220$4,742$3,578$2,676$1,735
25 years$7,657$5,837$4,392$3,267$2,408$1,527
26 years$7,284$5,486$4,073$2,987$2,169$1,345
27 years$6,939$5,163$3,782$2,735$1,956$1,185
28 years$6,619$4,865$3,516$2,505$1,765$1,045
29 years$6,322$4,589$3,272$2,298$1,593$922
30 years$6,046$4,334$3,048$2,109$1,440$814
31 years$5,787$4,097$2,841$1,937$1,302$719
32 years$5,545$3,877$2,651$1,780$1,177$635
33 years$5,319$3,671$2,475$1,637$1,066$561
34 years$5,106$3,480$2,313$1,506$965$496
35 years$4,906$3,300$2,162$1,386$874$438
36 years$4,717$3,132$2,023$1,277$792$388
37 years$4,539$2,975$1,893$1,176$718$343
38 years$4,371$2,827$1,773$1,084$651$303
39 years$4,211$2,689$1,661$1,000$590$268
40 years$4,060$2,558$1,557$922$535$237
41 years$3,917$2,435$1,460$851$485$210
42 years$3,781$2,319$1,369$785$441$186
43 years$3,652$2,210$1,285$725$400$165
44 years$3,529$2,106$1,206$669$363$146
45 years$3,411$2,008$1,133$618$329$129
46 years$3,300$1,916$1,064$571$299$114
47 years$3,193$1,828$999$527$272$101
48 years$3,091$1,745$939$487$247$89
49 years$2,993$1,667$883$450$224$79
50 years$2,900$1,592$830$416$203$70

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 $4,137 every year, while hoping to spend $44,028 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: 83/6/11 Blend
62$2,970,000$2,970,000$2,970,000$2,970,000
63$3,277,207$3,119,797$3,073,762$3,542,942
64$3,564,637$3,225,822$3,129,888$3,823,562
65$3,879,909$3,335,566$3,186,418$4,125,397
66$4,225,816$3,449,166$3,243,320$4,455,542
67$4,605,436$3,566,762$3,300,558$4,816,818
68$5,022,158$3,688,500$3,358,094$5,212,327
69$5,479,715$3,814,533$3,415,887$5,645,492
70$5,982,219$3,945,019$3,473,892$6,120,077
71$6,534,202$4,080,121$3,532,064$6,640,232
72$7,140,653$4,220,010$3,590,351$7,210,527
73$7,807,071$4,364,862$3,648,699$7,835,996
74$8,539,513$4,514,861$3,707,051$8,522,184
75$9,344,652$4,670,197$3,765,346$9,275,200
76$10,229,840$4,831,070$3,823,518$10,101,774
77$11,203,176$4,997,684$3,881,498$11,009,319
78$12,273,583$5,170,255$3,939,212$12,006,002
79$13,450,894$5,349,003$3,996,581$13,100,822
80$14,745,941$5,534,160$4,053,522$14,303,691
81$16,170,660$5,725,966$4,109,947$15,625,532
82$17,738,199$5,924,670$4,165,763$17,078,378
83$19,463,049$6,130,532$4,220,869$18,675,486
84$21,361,173$6,343,822$4,275,161$20,431,464
85$23,450,162$6,564,818$4,328,529$22,362,405
86$25,749,397$6,793,813$4,380,853$24,486,044
87$28,280,235$7,031,110$4,432,012$26,821,918
88$31,066,207$7,277,022$4,481,872$29,391,556
89$34,133,242$7,531,878$4,530,297$32,218,680
90$37,509,911$7,796,018$4,577,139$35,329,426
91$41,227,695$8,069,796$4,622,246$38,752,596
92$45,321,283$8,353,579$4,665,455$42,519,922
93$49,828,901$8,647,752$4,706,595$46,666,373
94$54,792,669$8,952,711$4,745,486$51,230,479
95$60,258,999$9,268,872$4,781,937$56,254,698
96$66,279,035$9,596,666$4,815,751$61,785,812
97$72,909,135$9,936,540$4,846,716$67,875,374
98$80,211,398$10,288,962$4,874,613$74,580,190
99$88,254,256$10,654,416$4,899,208$81,962,855
100$97,113,116$11,033,409$4,920,257$90,092,346