Can I retire at age 66 with 2,940,000?

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 $2,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.8%
1 years$242,782$240,620$238,510$236,451$234,440$231,702
2 years$120,189$117,951$115,782$113,678$111,638$108,883
3 years$79,330$77,082$74,918$72,835$70,828$68,140
4 years$58,905$56,664$54,521$52,473$50,515$47,916
5 years$46,653$44,425$42,311$40,305$38,401$35,897
6 years$38,487$36,276$34,193$32,232$30,385$27,981
7 years$32,657$30,465$28,415$26,500$24,711$22,407
8 years$28,287$26,114$24,098$22,230$20,500$18,296
9 years$24,889$22,737$20,756$18,935$17,264$15,158
10 years$22,172$20,041$18,095$16,322$14,710$12,702
11 years$19,951$17,842$15,931$14,205$12,651$10,738
12 years$18,102$16,014$14,138$12,460$10,963$9,144
13 years$16,538$14,472$12,632$11,000$9,560$7,833
14 years$15,199$13,154$11,349$9,765$8,380$6,742
15 years$14,039$12,017$10,247$8,708$7,379$5,826
16 years$13,025$11,025$9,290$7,797$6,521$5,053
17 years$12,132$10,154$8,454$7,006$5,782$4,394
18 years$11,338$9,383$7,717$6,314$5,141$3,831
19 years$10,629$8,696$7,065$5,705$4,583$3,347
20 years$9,992$8,080$6,484$5,167$4,093$2,930
21 years$9,416$7,527$5,964$4,689$3,663$2,569
22 years$8,893$7,026$5,497$4,264$3,283$2,255
23 years$8,417$6,571$5,075$3,883$2,947$1,982
24 years$7,981$6,157$4,694$3,542$2,649$1,744
25 years$7,580$5,778$4,347$3,234$2,384$1,536
26 years$7,210$5,430$4,032$2,957$2,147$1,354
27 years$6,869$5,110$3,744$2,707$1,936$1,194
28 years$6,553$4,816$3,480$2,480$1,747$1,054
29 years$6,259$4,543$3,239$2,274$1,577$930
30 years$5,985$4,290$3,017$2,087$1,425$822
31 years$5,729$4,056$2,813$1,917$1,289$726
32 years$5,489$3,838$2,624$1,762$1,166$642
33 years$5,265$3,634$2,450$1,620$1,055$568
34 years$5,054$3,444$2,289$1,491$955$502
35 years$4,856$3,267$2,140$1,372$865$444
36 years$4,669$3,101$2,002$1,264$784$393
37 years$4,493$2,945$1,874$1,164$710$348
38 years$4,327$2,799$1,755$1,073$644$308
39 years$4,169$2,661$1,644$990$584$273
40 years$4,019$2,532$1,541$913$530$242
41 years$3,878$2,410$1,445$842$481$214
42 years$3,743$2,296$1,356$777$436$190
43 years$3,615$2,187$1,272$717$396$168
44 years$3,493$2,085$1,194$662$359$149
45 years$3,377$1,988$1,121$612$326$132
46 years$3,266$1,897$1,053$565$296$117
47 years$3,161$1,810$989$522$269$104
48 years$3,060$1,728$930$482$244$92
49 years$2,963$1,650$874$446$222$81
50 years$2,870$1,576$821$412$201$72

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 66 starting with $2,940,000, adding $3,742 every year, while hoping to spend $20,967 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: 79/11/10 Blend
65$2,940,000$2,940,000$2,940,000$2,940,000
66$3,243,740$3,087,920$3,042,350$3,494,332
67$3,552,293$3,216,919$3,121,960$3,788,402
68$3,891,615$3,351,537$3,203,534$4,107,837
69$4,264,823$3,492,026$3,287,116$4,457,658
70$4,675,351$3,638,651$3,372,751$4,840,892
71$5,126,982$3,791,690$3,460,482$5,260,868
72$5,623,883$3,951,432$3,550,358$5,721,252
73$6,170,648$4,118,180$3,642,423$6,226,084
74$6,772,336$4,292,253$3,736,727$6,779,810
75$7,434,524$4,473,983$3,833,316$7,387,328
76$8,163,354$4,663,717$3,932,241$8,054,030
77$8,965,595$4,861,818$4,033,550$8,785,858
78$9,848,707$5,068,668$4,137,295$9,589,353
79$10,820,908$5,284,666$4,243,527$10,471,723
80$11,891,254$5,510,228$4,352,299$11,440,905
81$13,069,723$5,745,790$4,463,662$12,505,642
82$14,367,312$5,991,811$4,577,672$13,675,564
83$15,796,135$6,248,767$4,694,381$14,961,282
84$17,369,544$6,517,160$4,813,847$16,374,480
85$19,102,251$6,797,514$4,936,124$17,928,033
86$21,010,465$7,090,377$5,061,268$19,636,123
87$23,112,051$7,396,324$5,189,339$21,514,374
88$25,426,691$7,715,955$5,320,393$23,579,997
89$27,976,077$8,049,900$5,454,490$25,851,955
90$30,784,110$8,398,818$5,591,688$28,351,138
91$33,877,128$8,763,400$5,732,049$31,100,561
92$37,284,155$9,144,366$5,875,633$34,125,582
93$41,037,173$9,542,474$6,022,500$37,454,137
94$45,171,425$9,958,515$6,172,714$41,117,006
95$49,725,747$10,393,319$6,326,337$45,148,101
96$54,742,935$10,847,754$6,483,431$49,584,787
97$60,270,149$11,322,728$6,644,060$54,468,232
98$66,359,356$11,819,194$6,808,289$59,843,794
99$73,067,826$12,338,150$6,976,181$65,761,451
100$80,458,663$12,880,638$7,147,802$72,276,270