Can I retire at age 63 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%12.3%
1 years$246,086$243,894$241,755$239,668$237,629$235,344
2 years$121,825$119,556$117,357$115,225$113,157$110,854
3 years$80,410$78,131$75,938$73,826$71,791$69,543
4 years$59,706$57,435$55,263$53,187$51,202$49,026
5 years$47,287$45,029$42,886$40,853$38,923$36,825
6 years$39,011$36,770$34,659$32,670$30,799$28,782
7 years$33,101$30,879$28,801$26,860$25,047$23,112
8 years$28,671$26,469$24,426$22,532$20,779$18,926
9 years$25,228$23,046$21,038$19,193$17,499$15,727
10 years$22,474$20,314$18,341$16,544$14,910$13,218
11 years$20,223$18,084$16,148$14,398$12,823$11,209
12 years$18,348$16,232$14,331$12,629$11,112$9,575
13 years$16,763$14,669$12,803$11,150$9,690$8,229
14 years$15,405$13,333$11,504$9,898$8,494$7,106
15 years$14,230$12,180$10,386$8,827$7,479$6,162
16 years$13,203$11,175$9,417$7,903$6,610$5,362
17 years$12,297$10,292$8,569$7,101$5,861$4,680
18 years$11,493$9,510$7,822$6,400$5,211$4,095
19 years$10,774$8,814$7,161$5,783$4,645$3,591
20 years$10,128$8,190$6,572$5,237$4,149$3,155
21 years$9,544$7,629$6,045$4,753$3,713$2,776
22 years$9,014$7,121$5,571$4,322$3,328$2,446
23 years$8,531$6,661$5,144$3,936$2,987$2,158
24 years$8,089$6,240$4,757$3,590$2,685$1,906
25 years$7,683$5,856$4,406$3,278$2,416$1,685
26 years$7,309$5,504$4,087$2,998$2,176$1,491
27 years$6,963$5,180$3,795$2,744$1,962$1,320
28 years$6,642$4,881$3,528$2,514$1,771$1,170
29 years$6,344$4,605$3,283$2,305$1,599$1,037
30 years$6,066$4,349$3,058$2,116$1,445$920
31 years$5,807$4,111$2,851$1,943$1,306$816
32 years$5,564$3,890$2,660$1,786$1,181$725
33 years$5,337$3,684$2,484$1,642$1,069$644
34 years$5,123$3,491$2,320$1,511$968$572
35 years$4,922$3,311$2,169$1,391$877$508
36 years$4,733$3,143$2,029$1,281$794$452
37 years$4,554$2,985$1,900$1,180$720$401
38 years$4,385$2,837$1,779$1,088$653$357
39 years$4,226$2,698$1,667$1,003$592$317
40 years$4,074$2,567$1,562$925$537$282
41 years$3,930$2,443$1,465$854$487$251
42 years$3,794$2,327$1,374$788$442$223
43 years$3,664$2,217$1,289$727$401$199
44 years$3,541$2,113$1,210$671$364$177
45 years$3,423$2,015$1,136$620$331$157
46 years$3,311$1,922$1,067$573$300$140
47 years$3,204$1,835$1,003$529$273$125
48 years$3,101$1,751$942$489$247$111
49 years$3,003$1,672$886$452$225$99
50 years$2,910$1,598$833$418$204$88

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 63 starting with $2,980,000, adding $6,548 every year, while hoping to spend $53,234 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: 42/44/14 Blend
62$2,980,000$2,980,000$2,980,000$2,980,000
63$3,290,714$3,132,774$3,086,584$3,415,169
64$3,569,727$3,229,640$3,133,344$3,600,162
65$3,875,414$3,329,467$3,179,887$3,794,580
66$4,210,441$3,432,346$3,226,148$4,003,949
67$4,577,743$3,538,367$3,272,060$4,229,661
68$4,980,551$3,647,626$3,317,553$4,473,243
69$5,422,425$3,760,218$3,362,549$4,736,379
70$5,907,288$3,876,244$3,406,970$5,020,916
71$6,439,457$3,995,806$3,450,729$5,328,891
72$7,023,691$4,119,010$3,493,738$5,662,539
73$7,665,230$4,245,964$3,535,901$6,024,325
74$8,369,848$4,376,780$3,577,117$6,416,956
75$9,143,903$4,511,573$3,617,282$6,843,415
76$9,994,403$4,650,462$3,656,282$7,306,982
77$10,929,065$4,793,567$3,694,000$7,811,269
78$11,956,392$4,941,015$3,730,312$8,360,251
79$13,085,752$5,092,933$3,765,086$8,958,305
80$14,327,466$5,249,454$3,798,184$9,610,249
81$15,692,905$5,410,714$3,829,460$10,321,388
82$17,194,595$5,576,853$3,858,761$11,097,562
83$18,846,340$5,748,015$3,885,925$11,945,202
84$20,663,346$5,924,347$3,910,783$12,871,393
85$22,662,370$6,106,002$3,933,156$13,883,932
86$24,861,871$6,293,136$3,952,857$14,991,410
87$27,282,192$6,485,910$3,969,688$16,203,287
88$29,945,745$6,684,488$3,983,442$17,529,983
89$32,877,224$6,889,042$3,993,900$18,982,975
90$36,103,840$7,099,744$4,000,835$20,574,905
91$39,655,575$7,316,774$4,004,006$22,319,697
92$43,565,464$7,540,317$4,003,161$24,232,691
93$47,869,911$7,770,562$3,998,036$26,330,786
94$52,609,025$8,007,703$3,988,354$28,632,594
95$57,827,005$8,251,940$3,973,823$31,158,624
96$63,572,553$8,503,478$3,954,139$33,931,468
97$69,899,333$8,762,528$3,928,983$36,976,014
98$76,866,480$9,029,307$3,898,018$40,319,686
99$84,539,154$9,304,036$3,860,895$43,992,693
100$92,989,158$9,586,944$3,817,246$48,028,321