Can I retire at age 63 with 2,980,000?

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 $2,980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14%
1 years$246,086$243,894$241,755$239,668$237,629$233,693
2 years$121,825$119,556$117,357$115,225$113,157$109,202
3 years$80,410$78,131$75,938$73,826$71,791$67,942
4 years$59,706$57,435$55,263$53,187$51,202$47,487
5 years$47,287$45,029$42,886$40,853$38,923$35,354
6 years$39,011$36,770$34,659$32,670$30,799$27,379
7 years$33,101$30,879$28,801$26,860$25,047$21,778
8 years$28,671$26,469$24,426$22,532$20,779$17,660
9 years$25,228$23,046$21,038$19,193$17,499$14,528
10 years$22,474$20,314$18,341$16,544$14,910$12,085
11 years$20,223$18,084$16,148$14,398$12,823$10,141
12 years$18,348$16,232$14,331$12,629$11,112$8,569
13 years$16,763$14,669$12,803$11,150$9,690$7,283
14 years$15,405$13,333$11,504$9,898$8,494$6,218
15 years$14,230$12,180$10,386$8,827$7,479$5,330
16 years$13,203$11,175$9,417$7,903$6,610$4,584
17 years$12,297$10,292$8,569$7,101$5,861$3,953
18 years$11,493$9,510$7,822$6,400$5,211$3,417
19 years$10,774$8,814$7,161$5,783$4,645$2,959
20 years$10,128$8,190$6,572$5,237$4,149$2,567
21 years$9,544$7,629$6,045$4,753$3,713$2,231
22 years$9,014$7,121$5,571$4,322$3,328$1,940
23 years$8,531$6,661$5,144$3,936$2,987$1,690
24 years$8,089$6,240$4,757$3,590$2,685$1,473
25 years$7,683$5,856$4,406$3,278$2,416$1,285
26 years$7,309$5,504$4,087$2,998$2,176$1,122
27 years$6,963$5,180$3,795$2,744$1,962$980
28 years$6,642$4,881$3,528$2,514$1,771$856
29 years$6,344$4,605$3,283$2,305$1,599$749
30 years$6,066$4,349$3,058$2,116$1,445$655
31 years$5,807$4,111$2,851$1,943$1,306$573
32 years$5,564$3,890$2,660$1,786$1,181$502
33 years$5,337$3,684$2,484$1,642$1,069$439
34 years$5,123$3,491$2,320$1,511$968$385
35 years$4,922$3,311$2,169$1,391$877$337
36 years$4,733$3,143$2,029$1,281$794$295
37 years$4,554$2,985$1,900$1,180$720$259
38 years$4,385$2,837$1,779$1,088$653$227
39 years$4,226$2,698$1,667$1,003$592$199
40 years$4,074$2,567$1,562$925$537$174
41 years$3,930$2,443$1,465$854$487$153
42 years$3,794$2,327$1,374$788$442$134
43 years$3,664$2,217$1,289$727$401$117
44 years$3,541$2,113$1,210$671$364$103
45 years$3,423$2,015$1,136$620$331$90
46 years$3,311$1,922$1,067$573$300$79
47 years$3,204$1,835$1,003$529$273$69
48 years$3,101$1,751$942$489$247$61
49 years$3,003$1,672$886$452$225$53
50 years$2,910$1,598$833$418$204$47

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 $4,053 every year, while hoping to spend $47,126 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: 38/42/20 Blend
62$2,980,000$2,980,000$2,980,000$2,980,000
63$3,288,141$3,130,201$3,084,011$3,393,235
64$3,573,389$3,233,439$3,137,183$3,572,748
65$3,886,154$3,340,156$3,190,558$3,761,876
66$4,229,191$3,450,473$3,244,091$3,965,303
67$4,605,538$3,564,516$3,297,737$4,184,346
68$5,018,538$3,682,413$3,351,447$4,420,453
69$5,471,877$3,804,298$3,405,168$4,675,216
70$5,969,611$3,930,312$3,458,844$4,950,383
71$6,516,212$4,060,598$3,512,416$5,247,878
72$7,116,604$4,195,305$3,565,820$5,569,816
73$7,776,212$4,334,589$3,618,989$5,918,522
74$8,501,011$4,478,610$3,671,851$6,296,557
75$9,297,586$4,627,534$3,724,331$6,706,733
76$10,173,191$4,781,534$3,776,346$7,152,149
77$11,135,815$4,940,788$3,827,813$7,636,211
78$12,194,263$5,105,482$3,878,640$8,162,670
79$13,358,235$5,275,807$3,928,731$8,735,651
80$14,638,417$5,451,964$3,977,985$9,359,698
81$16,046,583$5,634,157$4,026,295$10,039,810
82$17,595,706$5,822,603$4,073,548$10,781,489
83$19,300,079$6,017,521$4,119,623$11,590,796
84$21,175,451$6,219,144$4,164,394$12,474,400
85$23,239,174$6,427,709$4,207,728$13,439,645
86$25,510,368$6,643,464$4,249,485$14,494,619
87$28,010,098$6,866,667$4,289,515$15,648,225
88$30,761,577$7,097,583$4,327,663$16,910,270
89$33,790,383$7,336,489$4,363,765$18,291,551
90$37,124,697$7,583,672$4,397,646$19,803,962
91$40,795,573$7,839,430$4,429,124$21,460,600
92$44,837,230$8,104,070$4,458,008$23,275,891
93$49,287,372$8,377,914$4,484,096$25,265,724
94$54,187,546$8,661,293$4,507,175$27,447,599
95$59,583,533$8,954,554$4,527,022$29,840,794
96$65,525,779$9,258,053$4,543,404$32,466,543
97$72,069,873$9,572,162$4,556,072$35,348,238
98$79,277,070$9,897,267$4,564,770$38,511,647
99$87,214,866$10,233,769$4,569,226$41,985,155
100$95,957,642$10,582,083$4,569,154$45,800,034