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%11.6%
1 years$246,086$243,894$241,755$239,668$237,629$236,033
2 years$121,825$119,556$117,357$115,225$113,157$111,547
3 years$80,410$78,131$75,938$73,826$71,791$70,217
4 years$59,706$57,435$55,263$53,187$51,202$49,677
5 years$47,287$45,029$42,886$40,853$38,923$37,450
6 years$39,011$36,770$34,659$32,670$30,799$29,381
7 years$33,101$30,879$28,801$26,860$25,047$23,685
8 years$28,671$26,469$24,426$22,532$20,779$19,472
9 years$25,228$23,046$21,038$19,193$17,499$16,247
10 years$22,474$20,314$18,341$16,544$14,910$13,713
11 years$20,223$18,084$16,148$14,398$12,823$11,679
12 years$18,348$16,232$14,331$12,629$11,112$10,021
13 years$16,763$14,669$12,803$11,150$9,690$8,650
14 years$15,405$13,333$11,504$9,898$8,494$7,505
15 years$14,230$12,180$10,386$8,827$7,479$6,538
16 years$13,203$11,175$9,417$7,903$6,610$5,717
17 years$12,297$10,292$8,569$7,101$5,861$5,014
18 years$11,493$9,510$7,822$6,400$5,211$4,409
19 years$10,774$8,814$7,161$5,783$4,645$3,885
20 years$10,128$8,190$6,572$5,237$4,149$3,431
21 years$9,544$7,629$6,045$4,753$3,713$3,035
22 years$9,014$7,121$5,571$4,322$3,328$2,688
23 years$8,531$6,661$5,144$3,936$2,987$2,385
24 years$8,089$6,240$4,757$3,590$2,685$2,118
25 years$7,683$5,856$4,406$3,278$2,416$1,882
26 years$7,309$5,504$4,087$2,998$2,176$1,675
27 years$6,963$5,180$3,795$2,744$1,962$1,491
28 years$6,642$4,881$3,528$2,514$1,771$1,329
29 years$6,344$4,605$3,283$2,305$1,599$1,185
30 years$6,066$4,349$3,058$2,116$1,445$1,057
31 years$5,807$4,111$2,851$1,943$1,306$943
32 years$5,564$3,890$2,660$1,786$1,181$842
33 years$5,337$3,684$2,484$1,642$1,069$752
34 years$5,123$3,491$2,320$1,511$968$672
35 years$4,922$3,311$2,169$1,391$877$601
36 years$4,733$3,143$2,029$1,281$794$537
37 years$4,554$2,985$1,900$1,180$720$480
38 years$4,385$2,837$1,779$1,088$653$429
39 years$4,226$2,698$1,667$1,003$592$384
40 years$4,074$2,567$1,562$925$537$344
41 years$3,930$2,443$1,465$854$487$308
42 years$3,794$2,327$1,374$788$442$275
43 years$3,664$2,217$1,289$727$401$246
44 years$3,541$2,113$1,210$671$364$221
45 years$3,423$2,015$1,136$620$331$198
46 years$3,311$1,922$1,067$573$300$177
47 years$3,204$1,835$1,003$529$273$158
48 years$3,101$1,751$942$489$247$142
49 years$3,003$1,672$886$452$225$127
50 years$2,910$1,598$833$418$204$114

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 $6,040 every year, while hoping to spend $35,858 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: 74/17/9 Blend
62$2,980,000$2,980,000$2,980,000$2,980,000
63$3,290,190$3,132,250$3,086,060$3,528,167
64$3,587,637$3,247,578$3,151,291$3,801,217
65$3,914,222$3,367,355$3,217,504$4,095,163
66$4,272,878$3,491,761$3,284,697$4,416,183
67$4,666,839$3,620,985$3,352,861$4,766,946
68$5,099,665$3,755,221$3,421,990$5,150,390
69$5,575,278$3,894,674$3,492,075$5,569,749
70$6,098,001$4,039,558$3,563,103$6,028,584
71$6,672,593$4,190,093$3,635,064$6,530,817
72$7,304,301$4,346,511$3,707,942$7,080,764
73$7,998,903$4,509,053$3,781,721$7,683,181
74$8,762,766$4,677,971$3,856,383$8,343,301
75$9,602,903$4,853,527$3,931,908$9,066,891
76$10,527,045$5,035,995$4,008,272$9,860,299
77$11,543,705$5,225,660$4,085,451$10,730,518
78$12,662,266$5,422,821$4,163,416$11,685,250
79$13,893,064$5,627,786$4,242,138$12,732,977
80$15,247,491$5,840,882$4,321,584$13,883,041
81$16,738,095$6,062,445$4,401,717$15,145,736
82$18,378,704$6,292,829$4,482,498$16,532,395
83$20,184,556$6,532,401$4,563,885$18,055,506
84$22,172,438$6,781,546$4,645,833$19,728,824
85$24,360,849$7,040,664$4,728,290$21,567,502
86$26,770,172$7,310,174$4,811,205$23,588,231
87$29,422,870$7,590,512$4,894,520$25,809,402
88$32,343,689$7,882,134$4,978,174$28,251,271
89$35,559,903$8,185,515$5,062,100$30,936,156
90$39,101,560$8,501,153$5,146,227$33,888,647
91$43,001,775$8,829,565$5,230,482$37,135,830
92$47,297,035$9,171,293$5,314,782$40,707,552
93$52,027,548$9,526,902$5,399,043$44,636,692
94$57,237,619$9,896,981$5,483,172$48,959,479
95$62,976,070$10,282,147$5,567,072$53,715,826
96$69,296,700$10,683,043$5,650,639$58,949,711
97$76,258,791$11,100,340$5,733,764$64,709,587
98$83,927,672$11,534,740$5,816,328$71,048,843
99$92,375,328$11,986,977$5,898,209$78,026,301
100$101,681,087$12,457,814$5,979,275$85,706,775