Can I retire at age 71 with 2,930,000?

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 $2,930,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.7%
1 years$241,957$239,801$237,699$235,646$233,642$228,179
2 years$119,781$117,550$115,388$113,292$111,258$105,786
3 years$79,060$76,820$74,664$72,587$70,587$65,275
4 years$58,704$56,471$54,336$52,295$50,343$45,234
5 years$46,494$44,274$42,167$40,167$38,270$33,377
6 years$38,356$36,153$34,077$32,122$30,282$25,610
7 years$32,546$30,361$28,318$26,409$24,627$20,178
8 years$28,190$26,025$24,016$22,154$20,431$16,201
9 years$24,804$22,660$20,685$18,870$17,206$13,193
10 years$22,097$19,973$18,034$16,267$14,660$10,860
11 years$19,884$17,781$15,877$14,157$12,608$9,016
12 years$18,040$15,959$14,090$12,417$10,926$7,535
13 years$16,482$14,423$12,589$10,963$9,528$6,332
14 years$15,147$13,110$11,311$9,731$8,352$5,344
15 years$13,991$11,976$10,212$8,679$7,354$4,528
16 years$12,981$10,988$9,259$7,771$6,499$3,847
17 years$12,091$10,119$8,425$6,982$5,763$3,277
18 years$11,300$9,351$7,691$6,292$5,124$2,798
19 years$10,593$8,666$7,041$5,686$4,567$2,393
20 years$9,958$8,053$6,462$5,149$4,079$2,050
21 years$9,384$7,501$5,944$4,673$3,651$1,758
22 years$8,863$7,002$5,478$4,249$3,272$1,509
23 years$8,388$6,549$5,058$3,870$2,937$1,297
24 years$7,953$6,136$4,678$3,530$2,640$1,116
25 years$7,554$5,758$4,332$3,223$2,376$960
26 years$7,186$5,412$4,018$2,947$2,140$827
27 years$6,846$5,093$3,731$2,698$1,929$712
28 years$6,530$4,799$3,469$2,472$1,741$614
29 years$6,237$4,527$3,228$2,267$1,572$530
30 years$5,964$4,276$3,007$2,080$1,420$457
31 years$5,709$4,042$2,803$1,910$1,284$394
32 years$5,471$3,824$2,615$1,756$1,162$340
33 years$5,247$3,622$2,442$1,615$1,051$294
34 years$5,037$3,433$2,282$1,486$952$253
35 years$4,840$3,256$2,133$1,368$862$219
36 years$4,654$3,090$1,995$1,259$781$189
37 years$4,478$2,935$1,868$1,160$708$163
38 years$4,312$2,789$1,749$1,070$642$141
39 years$4,155$2,652$1,639$986$582$122
40 years$4,006$2,524$1,536$910$528$105
41 years$3,865$2,402$1,440$839$479$91
42 years$3,730$2,288$1,351$775$435$79
43 years$3,603$2,180$1,268$715$394$68
44 years$3,481$2,078$1,190$660$358$59
45 years$3,366$1,981$1,117$610$325$51
46 years$3,255$1,890$1,049$563$295$44
47 years$3,150$1,804$986$520$268$38
48 years$3,049$1,722$926$481$243$33
49 years$2,953$1,644$871$444$221$28
50 years$2,861$1,571$819$411$201$24

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $2,930,000, adding $2,604 every year, while hoping to spend $46,901 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: 56/25/19 Blend
70$2,930,000$2,930,000$2,930,000$2,930,000
71$3,231,546$3,076,256$3,030,841$3,395,947
72$3,511,261$3,177,090$3,082,472$3,609,131
73$3,817,936$3,281,293$3,134,260$3,836,001
74$4,154,270$3,388,981$3,186,163$4,082,115
75$4,523,237$3,500,273$3,238,131$4,349,330
76$4,928,114$3,615,293$3,290,115$4,639,690
77$5,372,508$3,734,170$3,342,061$4,955,445
78$5,860,396$3,857,035$3,393,911$5,299,073
79$6,396,154$3,984,028$3,445,605$5,673,298
80$6,984,607$4,115,291$3,497,078$6,081,123
81$7,631,067$4,250,970$3,548,261$6,525,852
82$8,341,389$4,391,220$3,599,080$7,011,122
83$9,122,019$4,536,199$3,649,458$7,540,940
84$9,980,063$4,686,070$3,699,313$8,119,717
85$10,923,347$4,841,005$3,748,557$8,752,311
86$11,960,493$5,001,179$3,797,098$9,444,070
87$13,101,001$5,166,775$3,844,839$10,200,886
88$14,355,338$5,337,982$3,891,676$11,029,249
89$15,735,036$5,514,996$3,937,500$11,936,303
90$17,252,799$5,698,021$3,982,197$12,929,922
91$18,922,628$5,887,267$4,025,643$14,018,776
92$20,759,945$6,082,952$4,067,711$15,212,415
93$22,781,745$6,285,303$4,108,266$16,521,360
94$25,006,755$6,494,554$4,147,164$17,957,200
95$27,455,605$6,710,948$4,184,255$19,532,703
96$30,151,030$6,934,738$4,219,381$21,261,933
97$33,118,079$7,166,185$4,252,375$23,160,385
98$36,384,355$7,405,559$4,283,060$25,245,129
99$39,980,269$7,653,142$4,311,253$27,534,971
100$43,939,336$7,909,224$4,336,759$30,050,631