Can I retire at age 64 with 2,940,000?

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 $2,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13%
1 years$242,782$240,620$238,510$236,451$234,440$231,510
2 years$120,189$117,951$115,782$113,678$111,638$108,690
3 years$79,330$77,082$74,918$72,835$70,828$67,953
4 years$58,905$56,664$54,521$52,473$50,515$47,736
5 years$46,653$44,425$42,311$40,305$38,401$35,725
6 years$38,487$36,276$34,193$32,232$30,385$27,817
7 years$32,657$30,465$28,415$26,500$24,711$22,251
8 years$28,287$26,114$24,098$22,230$20,500$18,147
9 years$24,889$22,737$20,756$18,935$17,264$15,018
10 years$22,172$20,041$18,095$16,322$14,710$12,569
11 years$19,951$17,842$15,931$14,205$12,651$10,613
12 years$18,102$16,014$14,138$12,460$10,963$9,026
13 years$16,538$14,472$12,632$11,000$9,560$7,721
14 years$15,199$13,154$11,349$9,765$8,380$6,637
15 years$14,039$12,017$10,247$8,708$7,379$5,728
16 years$13,025$11,025$9,290$7,797$6,521$4,960
17 years$12,132$10,154$8,454$7,006$5,782$4,308
18 years$11,338$9,383$7,717$6,314$5,141$3,751
19 years$10,629$8,696$7,065$5,705$4,583$3,272
20 years$9,992$8,080$6,484$5,167$4,093$2,860
21 years$9,416$7,527$5,964$4,689$3,663$2,504
22 years$8,893$7,026$5,497$4,264$3,283$2,195
23 years$8,417$6,571$5,075$3,883$2,947$1,926
24 years$7,981$6,157$4,694$3,542$2,649$1,692
25 years$7,580$5,778$4,347$3,234$2,384$1,488
26 years$7,210$5,430$4,032$2,957$2,147$1,309
27 years$6,869$5,110$3,744$2,707$1,936$1,153
28 years$6,553$4,816$3,480$2,480$1,747$1,016
29 years$6,259$4,543$3,239$2,274$1,577$895
30 years$5,985$4,290$3,017$2,087$1,425$790
31 years$5,729$4,056$2,813$1,917$1,289$697
32 years$5,489$3,838$2,624$1,762$1,166$615
33 years$5,265$3,634$2,450$1,620$1,055$543
34 years$5,054$3,444$2,289$1,491$955$479
35 years$4,856$3,267$2,140$1,372$865$423
36 years$4,669$3,101$2,002$1,264$784$374
37 years$4,493$2,945$1,874$1,164$710$331
38 years$4,327$2,799$1,755$1,073$644$292
39 years$4,169$2,661$1,644$990$584$258
40 years$4,019$2,532$1,541$913$530$228
41 years$3,878$2,410$1,445$842$481$202
42 years$3,743$2,296$1,356$777$436$179
43 years$3,615$2,187$1,272$717$396$158
44 years$3,493$2,085$1,194$662$359$140
45 years$3,377$1,988$1,121$612$326$124
46 years$3,266$1,897$1,053$565$296$109
47 years$3,161$1,810$989$522$269$97
48 years$3,060$1,728$930$482$244$86
49 years$2,963$1,650$874$446$222$76
50 years$2,870$1,576$821$412$201$67

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 64 starting with $2,940,000, adding $6,342 every year, while hoping to spend $28,012 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: 72/5/23 Blend
63$2,940,000$2,940,000$2,940,000$2,940,000
64$3,246,422$3,090,602$3,045,032$3,461,215
65$3,547,752$3,212,237$3,117,236$3,726,884
66$3,878,880$3,338,893$3,190,920$4,013,851
67$4,242,813$3,470,787$3,266,104$4,327,481
68$4,642,870$3,608,145$3,342,808$4,670,422
69$5,082,701$3,751,203$3,421,050$5,045,591
70$5,566,333$3,900,208$3,500,852$5,456,196
71$6,098,199$4,055,417$3,582,230$5,905,776
72$6,683,184$4,217,102$3,665,203$6,398,225
73$7,326,671$4,385,542$3,749,790$6,937,832
74$8,034,590$4,561,033$3,836,007$7,529,323
75$8,813,477$4,743,881$3,923,872$8,177,903
76$9,670,529$4,934,409$4,013,399$8,889,304
77$10,613,680$5,132,953$4,104,605$9,669,842
78$11,651,671$5,339,863$4,197,505$10,526,474
79$12,794,131$5,555,506$4,292,111$11,466,864
80$14,051,673$5,780,266$4,388,437$12,499,455
81$15,435,990$6,014,545$4,486,496$13,633,549
82$16,959,964$6,258,762$4,586,297$14,879,393
83$18,637,794$6,513,354$4,687,851$16,248,276
84$20,485,121$6,778,781$4,791,166$17,752,637
85$22,519,183$7,055,521$4,896,250$19,406,179
86$24,758,974$7,344,076$5,003,109$21,224,000
87$27,225,423$7,644,969$5,111,747$23,222,735
88$29,941,592$7,958,748$5,222,166$25,420,713
89$32,932,894$8,285,987$5,334,369$27,838,127
90$36,227,333$8,627,284$5,448,354$30,497,227
91$39,855,766$8,983,266$5,564,119$33,422,531
92$43,852,197$9,354,589$5,681,659$36,641,050
93$48,254,095$9,741,937$5,800,968$40,182,550
94$53,102,748$10,146,028$5,922,037$44,079,826
95$58,443,657$10,567,611$6,044,853$48,369,016
96$64,326,958$11,007,472$6,169,404$53,089,938
97$70,807,899$11,466,430$6,295,671$58,286,468
98$77,947,365$11,945,345$6,423,635$64,006,954
99$85,812,443$12,445,113$6,553,274$70,304,668
100$94,477,063$12,966,676$6,684,560$77,238,314