Can I retire at age 66 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%16.1%
1 years$246,086$243,894$241,755$239,668$237,629$231,697
2 years$121,825$119,556$117,357$115,225$113,157$107,217
3 years$80,410$78,131$75,938$73,826$71,791$66,031
4 years$59,706$57,435$55,263$53,187$51,202$45,665
5 years$47,287$45,029$42,886$40,853$38,923$33,624
6 years$39,011$36,770$34,659$32,670$30,799$25,744
7 years$33,101$30,879$28,801$26,860$25,047$20,237
8 years$28,671$26,469$24,426$22,532$20,779$16,211
9 years$25,228$23,046$21,038$19,193$17,499$13,169
10 years$22,474$20,314$18,341$16,544$14,910$10,814
11 years$20,223$18,084$16,148$14,398$12,823$8,954
12 years$18,348$16,232$14,331$12,629$11,112$7,464
13 years$16,763$14,669$12,803$11,150$9,690$6,255
14 years$15,405$13,333$11,504$9,898$8,494$5,265
15 years$14,230$12,180$10,386$8,827$7,479$4,448
16 years$13,203$11,175$9,417$7,903$6,610$3,769
17 years$12,297$10,292$8,569$7,101$5,861$3,202
18 years$11,493$9,510$7,822$6,400$5,211$2,725
19 years$10,774$8,814$7,161$5,783$4,645$2,324
20 years$10,128$8,190$6,572$5,237$4,149$1,984
21 years$9,544$7,629$6,045$4,753$3,713$1,697
22 years$9,014$7,121$5,571$4,322$3,328$1,452
23 years$8,531$6,661$5,144$3,936$2,987$1,244
24 years$8,089$6,240$4,757$3,590$2,685$1,067
25 years$7,683$5,856$4,406$3,278$2,416$915
26 years$7,309$5,504$4,087$2,998$2,176$786
27 years$6,963$5,180$3,795$2,744$1,962$675
28 years$6,642$4,881$3,528$2,514$1,771$580
29 years$6,344$4,605$3,283$2,305$1,599$498
30 years$6,066$4,349$3,058$2,116$1,445$428
31 years$5,807$4,111$2,851$1,943$1,306$368
32 years$5,564$3,890$2,660$1,786$1,181$317
33 years$5,337$3,684$2,484$1,642$1,069$273
34 years$5,123$3,491$2,320$1,511$968$235
35 years$4,922$3,311$2,169$1,391$877$202
36 years$4,733$3,143$2,029$1,281$794$174
37 years$4,554$2,985$1,900$1,180$720$150
38 years$4,385$2,837$1,779$1,088$653$129
39 years$4,226$2,698$1,667$1,003$592$111
40 years$4,074$2,567$1,562$925$537$95
41 years$3,930$2,443$1,465$854$487$82
42 years$3,794$2,327$1,374$788$442$71
43 years$3,664$2,217$1,289$727$401$61
44 years$3,541$2,113$1,210$671$364$52
45 years$3,423$2,015$1,136$620$331$45
46 years$3,311$1,922$1,067$573$300$39
47 years$3,204$1,835$1,003$529$273$33
48 years$3,101$1,751$942$489$247$29
49 years$3,003$1,672$886$452$225$25
50 years$2,910$1,598$833$418$204$21

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 66 starting with $2,980,000, adding $6,145 every year, while hoping to spend $20,004 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: 30/40/30 Blend
65$2,980,000$2,980,000$2,980,000$2,980,000
66$3,290,299$3,132,359$3,086,169$3,358,595
67$3,604,625$3,264,560$3,168,271$3,545,103
68$3,950,342$3,402,569$3,252,454$3,743,447
69$4,330,631$3,546,649$3,338,765$3,956,429
70$4,748,996$3,697,075$3,427,254$4,185,338
71$5,209,298$3,854,136$3,517,972$4,431,588
72$5,715,792$4,018,135$3,610,969$4,696,729
73$6,273,166$4,189,386$3,706,300$4,982,458
74$6,886,584$4,368,221$3,804,016$5,290,639
75$7,561,738$4,554,986$3,904,173$5,623,315
76$8,304,898$4,750,044$4,006,825$5,982,729
77$9,122,974$4,953,772$4,112,031$6,371,342
78$10,023,580$5,166,570$4,219,846$6,791,855
79$11,015,104$5,388,851$4,330,330$7,247,235
80$12,106,792$5,621,051$4,443,543$7,740,738
81$13,308,828$5,863,626$4,559,545$8,275,942
82$14,632,436$6,117,052$4,678,398$8,856,778
83$16,089,985$6,381,828$4,800,165$9,487,562
84$17,695,103$6,658,477$4,924,910$10,173,039
85$19,462,808$6,947,546$5,052,698$10,918,425
86$21,409,646$7,249,608$5,183,595$11,729,450
87$23,553,853$7,565,262$5,317,669$12,612,415
88$25,915,522$7,895,136$5,454,987$13,574,249
89$28,516,796$8,239,889$5,595,620$14,622,569
90$31,382,074$8,600,207$5,739,638$15,765,752
91$34,538,241$8,976,814$5,887,112$17,013,012
92$38,014,927$9,370,462$6,038,114$18,374,483
93$41,844,778$9,781,944$6,192,720$19,861,312
94$46,063,773$10,212,086$6,351,003$21,485,766
95$50,711,556$10,661,757$6,513,040$23,261,338
96$55,831,815$11,131,863$6,678,908$25,202,876
97$61,472,693$11,623,357$6,848,684$27,326,719
98$67,687,240$12,137,234$7,022,447$29,650,849
99$74,533,917$12,674,538$7,200,278$32,195,055
100$82,077,147$13,236,360$7,382,258$34,981,119