Can I retire at age 68 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%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 68 starting with $2,940,000, adding $4,777 every year, while hoping to spend $37,857 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: 44/33/23 Blend
67$2,940,000$2,940,000$2,940,000$2,940,000
68$3,244,807$3,088,987$3,043,417$3,365,754
69$3,535,498$3,200,068$3,105,092$3,562,925
70$3,854,571$3,315,323$3,167,565$3,772,472
71$4,204,880$3,434,917$3,230,821$3,998,856
72$4,589,570$3,559,021$3,294,846$4,243,658
73$5,012,107$3,687,813$3,359,624$4,508,615
74$5,476,306$3,821,480$3,425,135$4,795,639
75$5,986,371$3,960,215$3,491,360$5,106,829
76$6,546,935$4,104,219$3,558,274$5,444,496
77$7,163,100$4,253,704$3,625,854$5,811,182
78$7,840,488$4,408,887$3,694,072$6,209,680
79$8,585,292$4,569,996$3,762,897$6,643,068
80$9,404,335$4,737,270$3,832,298$7,114,727
81$10,305,137$4,910,955$3,902,239$7,628,380
82$11,295,979$5,091,311$3,972,683$8,188,125
83$12,385,989$5,278,604$4,043,587$8,798,469
84$13,585,221$5,473,117$4,114,908$9,464,375
85$14,904,753$5,675,140$4,186,598$10,191,304
86$16,356,795$5,884,978$4,258,606$10,985,270
87$17,954,795$6,102,949$4,330,876$11,852,889
88$19,713,573$6,329,383$4,403,349$12,801,450
89$21,649,460$6,564,625$4,475,964$13,838,975
90$23,780,447$6,809,034$4,548,651$14,974,296
91$26,126,362$7,062,986$4,621,341$16,217,139
92$28,709,050$7,326,872$4,693,954$17,578,216
93$31,552,583$7,601,098$4,766,412$19,069,318
94$34,683,485$7,886,091$4,838,625$20,703,435
95$38,130,985$8,182,293$4,910,503$22,494,870
96$41,927,287$8,490,167$4,981,947$24,459,376
97$46,107,881$8,810,196$5,052,853$26,614,303
98$50,711,872$9,142,883$5,123,110$28,978,761
99$55,782,351$9,488,752$5,192,602$31,573,797
100$61,366,801$9,848,352$5,261,205$34,422,597