Can I retire at age 71 with 1,940,000?

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 $1,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.5%
1 years$160,203$158,776$157,384$156,025$154,698$153,083
2 years$79,309$77,832$76,400$75,012$73,666$72,039
3 years$52,347$50,864$49,436$48,061$46,737$45,149
4 years$38,869$37,390$35,977$34,625$33,333$31,797
5 years$30,784$29,314$27,919$26,596$25,339$23,859
6 years$25,396$23,937$22,563$21,269$20,050$18,627
7 years$21,549$20,103$18,750$17,486$16,306$14,941
8 years$18,665$17,232$15,901$14,669$13,527$12,221
9 years$16,423$15,003$13,696$12,494$11,392$10,143
10 years$14,631$13,225$11,940$10,770$9,707$8,515
11 years$13,165$11,773$10,512$9,373$8,348$7,212
12 years$11,945$10,567$9,329$8,222$7,234$6,153
13 years$10,913$9,549$8,335$7,259$6,308$5,281
14 years$10,029$8,680$7,489$6,443$5,530$4,554
15 years$9,264$7,929$6,762$5,746$4,869$3,944
16 years$8,595$7,275$6,130$5,145$4,303$3,427
17 years$8,005$6,700$5,578$4,623$3,816$2,987
18 years$7,482$6,191$5,092$4,166$3,393$2,610
19 years$7,014$5,738$4,662$3,765$3,024$2,285
20 years$6,593$5,332$4,278$3,409$2,701$2,005
21 years$6,213$4,967$3,935$3,094$2,417$1,761
22 years$5,868$4,636$3,627$2,813$2,167$1,550
23 years$5,554$4,336$3,349$2,562$1,945$1,365
24 years$5,266$4,063$3,097$2,337$1,748$1,204
25 years$5,002$3,813$2,869$2,134$1,573$1,063
26 years$4,758$3,583$2,660$1,951$1,417$939
27 years$4,533$3,372$2,470$1,786$1,277$830
28 years$4,324$3,178$2,297$1,637$1,153$734
29 years$4,130$2,998$2,137$1,501$1,041$650
30 years$3,949$2,831$1,991$1,377$940$576
31 years$3,780$2,676$1,856$1,265$850$510
32 years$3,622$2,532$1,732$1,163$769$452
33 years$3,474$2,398$1,617$1,069$696$401
34 years$3,335$2,273$1,511$984$630$355
35 years$3,204$2,156$1,412$905$571$315
36 years$3,081$2,046$1,321$834$517$280
37 years$2,965$1,943$1,237$768$469$248
38 years$2,855$1,847$1,158$708$425$220
39 years$2,751$1,756$1,085$653$385$196
40 years$2,652$1,671$1,017$602$350$174
41 years$2,559$1,591$954$556$317$154
42 years$2,470$1,515$894$513$288$137
43 years$2,385$1,443$839$473$261$122
44 years$2,305$1,376$788$437$237$108
45 years$2,228$1,312$740$404$215$96
46 years$2,155$1,251$695$373$195$85
47 years$2,086$1,194$653$345$177$76
48 years$2,019$1,140$613$318$161$67
49 years$1,955$1,089$577$294$146$60
50 years$1,894$1,040$542$272$133$53

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $1,940,000, adding $3,054 every year, while hoping to spend $41,518 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: 31/45/24 Blend
70$1,940,000$1,940,000$1,940,000$1,940,000
71$2,141,030$2,038,210$2,008,140$2,191,461
72$2,315,240$2,093,908$2,031,238$2,285,916
73$2,505,829$2,150,943$2,053,718$2,383,610
74$2,714,421$2,209,337$2,075,516$2,487,930
75$2,942,810$2,269,113$2,096,564$2,599,481
76$3,192,967$2,330,290$2,116,789$2,718,929
77$3,467,065$2,392,889$2,136,117$2,847,008
78$3,767,496$2,456,931$2,154,467$2,984,524
79$4,096,895$2,522,435$2,171,756$3,132,366
80$4,458,164$2,589,420$2,187,895$3,291,513
81$4,854,499$2,657,903$2,202,792$3,463,041
82$5,289,420$2,727,903$2,216,348$3,648,138
83$5,766,806$2,799,435$2,228,460$3,848,111
84$6,290,928$2,872,515$2,239,021$4,064,400
85$6,866,491$2,947,157$2,247,917$4,298,590
86$7,498,680$3,023,374$2,255,029$4,552,429
87$8,193,203$3,101,178$2,260,231$4,827,842
88$8,956,353$3,180,578$2,263,391$5,126,950
89$9,795,057$3,261,583$2,264,371$5,452,091
90$10,716,953$3,344,200$2,263,027$5,805,840
91$11,730,449$3,428,434$2,259,206$6,191,036
92$12,844,814$3,514,286$2,252,749$6,610,805
93$14,070,257$3,601,758$2,243,487$7,068,594
94$15,418,026$3,690,846$2,231,247$7,568,202
95$16,900,514$3,781,548$2,215,843$8,113,814
96$18,531,376$3,873,853$2,197,084$8,710,044
97$20,325,658$3,967,753$2,174,767$9,361,977
98$22,299,934$4,063,232$2,148,681$10,075,217
99$24,472,470$4,160,273$2,118,605$10,855,939
100$26,863,390$4,258,854$2,084,306$11,710,951