Can I retire at age 68 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%14.6%
1 years$242,782$240,620$238,510$236,451$234,440$229,989
2 years$120,189$117,951$115,782$113,678$111,638$107,171
3 years$79,330$77,082$74,918$72,835$70,828$66,484
4 years$58,905$56,664$54,521$52,473$50,515$46,328
5 years$46,653$44,425$42,311$40,305$38,401$34,382
6 years$38,487$36,276$34,193$32,232$30,385$26,540
7 years$32,657$30,465$28,415$26,500$24,711$21,040
8 years$28,287$26,114$24,098$22,230$20,500$17,002
9 years$24,889$22,737$20,756$18,935$17,264$13,937
10 years$22,172$20,041$18,095$16,322$14,710$11,551
11 years$19,951$17,842$15,931$14,205$12,651$9,656
12 years$18,102$16,014$14,138$12,460$10,963$8,128
13 years$16,538$14,472$12,632$11,000$9,560$6,880
14 years$15,199$13,154$11,349$9,765$8,380$5,851
15 years$14,039$12,017$10,247$8,708$7,379$4,995
16 years$13,025$11,025$9,290$7,797$6,521$4,277
17 years$12,132$10,154$8,454$7,006$5,782$3,673
18 years$11,338$9,383$7,717$6,314$5,141$3,161
19 years$10,629$8,696$7,065$5,705$4,583$2,725
20 years$9,992$8,080$6,484$5,167$4,093$2,354
21 years$9,416$7,527$5,964$4,689$3,663$2,036
22 years$8,893$7,026$5,497$4,264$3,283$1,763
23 years$8,417$6,571$5,075$3,883$2,947$1,528
24 years$7,981$6,157$4,694$3,542$2,649$1,326
25 years$7,580$5,778$4,347$3,234$2,384$1,151
26 years$7,210$5,430$4,032$2,957$2,147$1,000
27 years$6,869$5,110$3,744$2,707$1,936$869
28 years$6,553$4,816$3,480$2,480$1,747$756
29 years$6,259$4,543$3,239$2,274$1,577$658
30 years$5,985$4,290$3,017$2,087$1,425$573
31 years$5,729$4,056$2,813$1,917$1,289$499
32 years$5,489$3,838$2,624$1,762$1,166$434
33 years$5,265$3,634$2,450$1,620$1,055$378
34 years$5,054$3,444$2,289$1,491$955$330
35 years$4,856$3,267$2,140$1,372$865$287
36 years$4,669$3,101$2,002$1,264$784$250
37 years$4,493$2,945$1,874$1,164$710$218
38 years$4,327$2,799$1,755$1,073$644$190
39 years$4,169$2,661$1,644$990$584$166
40 years$4,019$2,532$1,541$913$530$145
41 years$3,878$2,410$1,445$842$481$126
42 years$3,743$2,296$1,356$777$436$110
43 years$3,615$2,187$1,272$717$396$96
44 years$3,493$2,085$1,194$662$359$84
45 years$3,377$1,988$1,121$612$326$73
46 years$3,266$1,897$1,053$565$296$64
47 years$3,161$1,810$989$522$269$56
48 years$3,060$1,728$930$482$244$49
49 years$2,963$1,650$874$446$222$42
50 years$2,870$1,576$821$412$201$37

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 $4,122 every year, while hoping to spend $28,646 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: 69/9/22 Blend
67$2,940,000$2,940,000$2,940,000$2,940,000
68$3,244,132$3,088,312$3,042,742$3,449,819
69$3,544,554$3,209,160$3,114,195$3,708,763
70$3,874,659$3,334,970$3,187,081$3,988,298
71$4,237,445$3,465,954$3,261,419$4,293,502
72$4,636,214$3,602,334$3,337,225$4,626,914
73$5,074,603$3,744,344$3,414,517$4,991,323
74$5,556,620$3,892,225$3,493,312$5,389,806
75$6,086,683$4,046,231$3,573,625$5,825,748
76$6,669,655$4,206,627$3,655,472$6,302,876
77$7,310,898$4,373,690$3,738,868$6,825,296
78$8,016,317$4,547,708$3,823,828$7,397,530
79$8,792,419$4,728,984$3,910,364$8,024,557
80$9,646,375$4,917,833$3,998,490$8,711,862
81$10,586,084$5,114,585$4,088,218$9,465,486
82$11,620,250$5,319,586$4,179,559$10,292,082
83$12,758,464$5,533,194$4,272,523$11,198,979
84$14,011,294$5,755,787$4,367,119$12,194,251
85$15,390,383$5,987,758$4,463,355$13,286,790
86$16,908,563$6,229,519$4,561,239$14,486,394
87$18,579,971$6,481,500$4,660,774$15,803,853
88$20,420,184$6,744,150$4,761,967$17,251,057
89$22,446,369$7,017,939$4,864,818$18,841,104
90$24,677,439$7,303,358$4,969,330$20,588,420
91$27,134,236$7,600,921$5,075,501$22,508,905
92$29,839,728$7,911,166$5,183,330$24,620,069
93$32,819,220$8,234,653$5,292,811$26,941,210
94$36,100,600$8,571,970$5,403,940$29,493,585
95$39,714,595$8,923,731$5,516,706$32,300,615
96$43,695,068$9,290,578$5,631,099$35,388,107
97$48,079,330$9,673,182$5,747,107$38,784,494
98$52,908,500$10,072,246$5,864,713$42,521,101
99$58,227,885$10,488,503$5,983,899$46,632,447
100$64,087,412$10,922,724$6,104,643$51,156,563