Can I retire at age 71 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%16.2%
1 years$242,782$240,620$238,510$236,451$234,440$228,494
2 years$120,189$117,951$115,782$113,678$111,638$105,686
3 years$79,330$77,082$74,918$72,835$70,828$65,056
4 years$58,905$56,664$54,521$52,473$50,515$44,968
5 years$46,653$44,425$42,311$40,305$38,401$33,094
6 years$38,487$36,276$34,193$32,232$30,385$25,324
7 years$32,657$30,465$28,415$26,500$24,711$19,896
8 years$28,287$26,114$24,098$22,230$20,500$15,928
9 years$24,889$22,737$20,756$18,935$17,264$12,932
10 years$22,172$20,041$18,095$16,322$14,710$10,612
11 years$19,951$17,842$15,931$14,205$12,651$8,782
12 years$18,102$16,014$14,138$12,460$10,963$7,315
13 years$16,538$14,472$12,632$11,000$9,560$6,127
14 years$15,199$13,154$11,349$9,765$8,380$5,154
15 years$14,039$12,017$10,247$8,708$7,379$4,351
16 years$13,025$11,025$9,290$7,797$6,521$3,684
17 years$12,132$10,154$8,454$7,006$5,782$3,127
18 years$11,338$9,383$7,717$6,314$5,141$2,660
19 years$10,629$8,696$7,065$5,705$4,583$2,266
20 years$9,992$8,080$6,484$5,167$4,093$1,934
21 years$9,416$7,527$5,964$4,689$3,663$1,652
22 years$8,893$7,026$5,497$4,264$3,283$1,413
23 years$8,417$6,571$5,075$3,883$2,947$1,210
24 years$7,981$6,157$4,694$3,542$2,649$1,036
25 years$7,580$5,778$4,347$3,234$2,384$888
26 years$7,210$5,430$4,032$2,957$2,147$762
27 years$6,869$5,110$3,744$2,707$1,936$654
28 years$6,553$4,816$3,480$2,480$1,747$561
29 years$6,259$4,543$3,239$2,274$1,577$482
30 years$5,985$4,290$3,017$2,087$1,425$414
31 years$5,729$4,056$2,813$1,917$1,289$356
32 years$5,489$3,838$2,624$1,762$1,166$306
33 years$5,265$3,634$2,450$1,620$1,055$263
34 years$5,054$3,444$2,289$1,491$955$226
35 years$4,856$3,267$2,140$1,372$865$194
36 years$4,669$3,101$2,002$1,264$784$167
37 years$4,493$2,945$1,874$1,164$710$144
38 years$4,327$2,799$1,755$1,073$644$124
39 years$4,169$2,661$1,644$990$584$106
40 years$4,019$2,532$1,541$913$530$91
41 years$3,878$2,410$1,445$842$481$79
42 years$3,743$2,296$1,356$777$436$68
43 years$3,615$2,187$1,272$717$396$58
44 years$3,493$2,085$1,194$662$359$50
45 years$3,377$1,988$1,121$612$326$43
46 years$3,266$1,897$1,053$565$296$37
47 years$3,161$1,810$989$522$269$32
48 years$3,060$1,728$930$482$244$27
49 years$2,963$1,650$874$446$222$24
50 years$2,870$1,576$821$412$201$20

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $2,940,000, adding $2,970 every year, while hoping to spend $39,067 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: 54/39/7 Blend
70$2,940,000$2,940,000$2,940,000$2,940,000
71$3,242,944$3,087,124$3,041,554$3,412,591
72$3,532,157$3,196,826$3,101,879$3,637,356
73$3,849,560$3,310,594$3,162,915$3,877,296
74$4,197,989$3,428,586$3,224,646$4,137,480
75$4,580,563$3,550,966$3,287,051$4,419,831
76$5,000,724$3,677,907$3,350,111$4,726,464
77$5,462,258$3,809,585$3,413,800$5,059,706
78$5,969,340$3,946,186$3,478,094$5,422,114
79$6,526,567$4,087,903$3,542,964$5,816,500
80$7,139,005$4,234,938$3,608,381$6,245,960
81$7,812,233$4,387,500$3,674,311$6,713,897
82$8,552,399$4,545,806$3,740,719$7,224,057
83$9,366,277$4,710,083$3,807,567$7,780,559
84$10,261,328$4,880,569$3,874,811$8,387,940
85$11,245,775$5,057,508$3,942,409$9,051,188
86$12,328,677$5,241,158$4,010,312$9,775,796
87$13,520,012$5,431,786$4,078,468$10,567,810
88$14,830,780$5,629,669$4,146,823$11,433,882
89$16,273,094$5,835,098$4,215,317$12,381,337
90$17,860,307$6,048,375$4,283,887$13,418,240
91$19,607,127$6,269,814$4,352,465$14,553,467
92$21,529,762$6,499,743$4,420,981$15,796,792
93$23,646,071$6,738,504$4,489,358$17,158,978
94$25,975,732$6,986,453$4,557,513$18,651,874
95$28,540,429$7,243,961$4,625,362$20,288,529
96$31,364,052$7,511,415$4,692,811$22,083,313
97$34,472,929$7,789,217$4,759,764$24,052,050
98$37,896,068$8,077,789$4,826,116$26,212,167
99$41,665,434$8,377,568$4,891,758$28,582,858
100$45,816,251$8,689,012$4,956,575$31,185,261