Can I retire at age 71 with 2,240,000?

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 $2,240,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.3%
1 years$184,977$183,329$181,722$180,153$178,621$176,903
2 years$91,573$89,867$88,215$86,612$85,057$83,327
3 years$60,442$58,729$57,081$55,493$53,964$52,274
4 years$44,880$43,172$41,540$39,980$38,488$36,852
5 years$35,545$33,848$32,237$30,708$29,258$27,681
6 years$29,324$27,639$26,052$24,558$23,151$21,634
7 years$24,882$23,211$21,649$20,190$18,828$17,373
8 years$21,552$19,896$18,360$16,937$15,619$14,226
9 years$18,963$17,323$15,814$14,427$13,154$11,821
10 years$16,893$15,270$13,787$12,436$11,208$9,935
11 years$15,201$13,594$12,138$10,823$9,639$8,426
12 years$13,792$12,201$10,772$9,493$8,353$7,198
13 years$12,600$11,026$9,624$8,381$7,284$6,185
14 years$11,580$10,022$8,647$7,440$6,385$5,341
15 years$10,696$9,156$7,807$6,635$5,622$4,632
16 years$9,924$8,400$7,078$5,941$4,969$4,031
17 years$9,243$7,736$6,441$5,338$4,406$3,518
18 years$8,639$7,149$5,880$4,810$3,917$3,078
19 years$8,099$6,625$5,383$4,347$3,491$2,699
20 years$7,613$6,157$4,940$3,937$3,119$2,371
21 years$7,174$5,735$4,544$3,573$2,791$2,087
22 years$6,776$5,353$4,188$3,249$2,502$1,839
23 years$6,413$5,007$3,867$2,959$2,246$1,622
24 years$6,080$4,691$3,576$2,698$2,018$1,433
25 years$5,775$4,402$3,312$2,464$1,816$1,267
26 years$5,494$4,137$3,072$2,253$1,636$1,121
27 years$5,234$3,894$2,853$2,062$1,475$993
28 years$4,992$3,669$2,652$1,890$1,331$879
29 years$4,768$3,461$2,468$1,733$1,202$780
30 years$4,560$3,269$2,299$1,590$1,086$692
31 years$4,365$3,090$2,143$1,461$982$614
32 years$4,182$2,924$1,999$1,342$888$545
33 years$4,012$2,769$1,867$1,234$804$484
34 years$3,851$2,624$1,744$1,136$728$430
35 years$3,700$2,489$1,631$1,045$659$382
36 years$3,558$2,363$1,526$963$597$339
37 years$3,423$2,244$1,428$887$541$302
38 years$3,296$2,132$1,337$818$491$268
39 years$3,176$2,028$1,253$754$445$239
40 years$3,062$1,929$1,174$695$404$212
41 years$2,954$1,836$1,101$642$366$189
42 years$2,852$1,749$1,033$592$332$168
43 years$2,754$1,666$969$547$302$149
44 years$2,661$1,588$910$505$274$133
45 years$2,573$1,515$854$466$248$118
46 years$2,489$1,445$802$431$226$105
47 years$2,408$1,379$754$398$205$94
48 years$2,331$1,316$708$368$186$83
49 years$2,257$1,257$666$340$169$74
50 years$2,187$1,201$626$314$153$66

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $2,240,000, adding $2,374 every year, while hoping to spend $30,669 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: 60/34/6 Blend
70$2,240,000$2,240,000$2,240,000$2,240,000
71$2,470,929$2,352,209$2,317,489$2,616,229
72$2,690,332$2,434,835$2,362,493$2,796,360
73$2,931,086$2,520,483$2,407,977$2,988,997
74$3,195,337$2,609,267$2,453,925$3,198,319
75$3,485,448$2,701,307$2,500,318$3,425,932
76$3,804,023$2,796,730$2,547,137$3,673,600
77$4,153,928$2,895,665$2,594,361$3,943,264
78$4,538,323$2,998,247$2,641,966$4,237,061
79$4,960,688$3,104,617$2,689,928$4,557,340
80$5,424,857$3,214,923$2,738,220$4,906,687
81$5,935,055$3,329,316$2,786,813$5,287,948
82$6,495,933$3,447,955$2,835,674$5,704,253
83$7,112,620$3,571,006$2,884,770$6,159,050
84$7,790,763$3,698,641$2,934,066$6,656,133
85$8,536,585$3,831,039$2,983,521$7,199,677
86$9,356,942$3,968,386$3,033,095$7,794,280
87$10,259,390$4,110,876$3,082,743$8,445,004
88$11,252,250$4,258,711$3,132,417$9,157,421
89$12,344,693$4,412,102$3,182,067$9,937,667
90$13,546,825$4,571,267$3,231,639$10,792,497
91$14,869,777$4,736,435$3,281,075$11,729,351
92$16,325,817$4,907,844$3,330,314$12,756,421
93$17,928,462$5,085,740$3,379,291$13,882,728
94$19,692,606$5,270,382$3,427,938$15,118,208
95$21,634,658$5,462,037$3,476,181$16,473,803
96$23,772,703$5,660,986$3,523,942$17,961,564
97$26,126,664$5,867,520$3,571,139$19,594,765
98$28,718,497$6,081,942$3,617,685$21,388,025
99$31,572,394$6,304,568$3,663,489$23,357,449
100$34,715,015$6,535,728$3,708,452$25,520,773