Can I retire at age 64 with 2,950,000?

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 $2,950,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.2%
1 years$243,608$241,438$239,321$237,255$235,237$233,072
2 years$120,598$118,352$116,175$114,065$112,018$109,836
3 years$79,600$77,344$75,173$73,082$71,069$68,938
4 years$59,105$56,856$54,707$52,652$50,687$48,624
5 years$46,811$44,576$42,455$40,442$38,531$36,542
6 years$38,618$36,400$34,310$32,341$30,488$28,576
7 years$32,768$30,568$28,512$26,590$24,795$22,960
8 years$28,383$26,203$24,180$22,305$20,570$18,812
9 years$24,974$22,814$20,826$18,999$17,323$15,641
10 years$22,248$20,110$18,157$16,378$14,760$13,154
11 years$20,019$17,902$15,985$14,253$12,694$11,162
12 years$18,163$16,068$14,186$12,502$11,000$9,541
13 years$16,594$14,521$12,674$11,038$9,593$8,204
14 years$15,250$13,199$11,388$9,798$8,409$7,090
15 years$14,087$12,058$10,282$8,738$7,404$6,152
16 years$13,070$11,063$9,322$7,824$6,544$5,357
17 years$12,173$10,188$8,483$7,030$5,802$4,679
18 years$11,377$9,414$7,744$6,335$5,159$4,097
19 years$10,666$8,725$7,089$5,724$4,598$3,595
20 years$10,026$8,108$6,506$5,185$4,107$3,161
21 years$9,448$7,552$5,984$4,705$3,675$2,783
22 years$8,924$7,050$5,515$4,278$3,295$2,455
23 years$8,445$6,593$5,092$3,896$2,957$2,167
24 years$8,008$6,178$4,710$3,554$2,658$1,916
25 years$7,606$5,797$4,362$3,245$2,392$1,695
26 years$7,235$5,449$4,046$2,967$2,155$1,501
27 years$6,892$5,128$3,757$2,716$1,943$1,330
28 years$6,575$4,832$3,492$2,489$1,753$1,180
29 years$6,280$4,558$3,250$2,282$1,583$1,047
30 years$6,005$4,305$3,027$2,094$1,430$929
31 years$5,748$4,070$2,822$1,923$1,293$825
32 years$5,508$3,851$2,633$1,768$1,170$733
33 years$5,283$3,647$2,459$1,626$1,058$652
34 years$5,072$3,456$2,297$1,496$958$579
35 years$4,873$3,278$2,148$1,377$868$515
36 years$4,685$3,111$2,009$1,268$786$458
37 years$4,508$2,955$1,880$1,168$713$408
38 years$4,341$2,808$1,761$1,077$646$363
39 years$4,183$2,671$1,650$993$586$323
40 years$4,033$2,541$1,546$916$531$287
41 years$3,891$2,419$1,450$845$482$256
42 years$3,756$2,303$1,360$780$438$228
43 years$3,627$2,195$1,276$720$397$203
44 years$3,505$2,092$1,198$665$360$181
45 years$3,388$1,995$1,125$614$327$161
46 years$3,277$1,903$1,057$567$297$143
47 years$3,171$1,816$993$524$270$128
48 years$3,070$1,734$933$484$245$114
49 years$2,973$1,656$877$447$223$101
50 years$2,880$1,581$824$414$202$90

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 64 starting with $2,950,000, adding $6,436 every year, while hoping to spend $48,453 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: 51/42/7 Blend
63$2,950,000$2,950,000$2,950,000$2,950,000
64$3,257,539$3,101,189$3,055,464$3,417,674
65$3,538,254$3,201,593$3,106,268$3,627,714
66$3,845,978$3,305,294$3,157,151$3,850,153
67$4,183,416$3,412,401$3,208,062$4,090,797
68$4,553,543$3,523,028$3,258,952$4,351,367
69$4,959,642$3,637,293$3,309,764$4,633,756
70$5,405,324$3,755,319$3,360,440$4,940,042
71$5,894,570$3,877,233$3,410,917$5,272,514
72$6,431,762$4,003,163$3,461,129$5,633,689
73$7,021,731$4,133,247$3,511,006$6,026,335
74$7,669,795$4,267,624$3,560,472$6,453,498
75$8,381,815$4,406,438$3,609,448$6,918,530
76$9,164,246$4,549,839$3,657,851$7,425,119
77$10,024,201$4,697,984$3,705,591$7,977,326
78$10,969,515$4,851,031$3,752,574$8,579,616
79$12,008,821$5,009,147$3,798,701$9,236,909
80$13,151,630$5,172,503$3,843,866$9,954,617
81$14,408,419$5,341,279$3,887,958$10,738,701
82$15,790,733$5,515,657$3,930,860$11,595,720
83$17,311,292$5,695,828$3,972,448$12,532,899
84$18,984,109$5,881,990$4,012,591$13,558,192
85$20,824,627$6,074,346$4,051,152$14,680,357
86$22,849,858$6,273,108$4,087,984$15,909,039
87$25,078,548$6,478,494$4,122,936$17,254,858
88$27,531,351$6,690,732$4,155,846$18,729,512
89$30,231,026$6,910,055$4,186,544$20,345,882
90$33,202,649$7,136,706$4,214,852$22,118,156
91$36,473,852$7,370,938$4,240,582$24,061,961
92$40,075,081$7,613,009$4,263,537$26,194,508
93$44,039,883$7,863,190$4,283,509$28,534,757
94$48,405,224$8,121,760$4,300,280$31,103,590
95$53,211,839$8,389,008$4,313,621$33,924,012
96$58,504,611$8,665,234$4,323,292$37,021,364
97$64,332,998$8,950,747$4,329,039$40,423,559
98$70,751,499$9,245,869$4,330,597$44,161,352
99$77,820,169$9,550,933$4,327,689$48,268,619
100$85,605,181$9,866,284$4,320,022$52,782,683