Can I retire at age 71 with 2,950,000?

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 $2,950,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.9%
1 years$243,608$241,438$239,321$237,255$235,237$231,435
2 years$120,598$118,352$116,175$114,065$112,018$108,198
3 years$79,600$77,344$75,173$73,082$71,069$67,350
4 years$59,105$56,856$54,707$52,652$50,687$47,097
5 years$46,811$44,576$42,455$40,442$38,531$35,082
6 years$38,618$36,400$34,310$32,341$30,488$27,183
7 years$32,768$30,568$28,512$26,590$24,795$21,635
8 years$28,383$26,203$24,180$22,305$20,570$17,554
9 years$24,974$22,814$20,826$18,999$17,323$14,449
10 years$22,248$20,110$18,157$16,378$14,760$12,027
11 years$20,019$17,902$15,985$14,253$12,694$10,098
12 years$18,163$16,068$14,186$12,502$11,000$8,539
13 years$16,594$14,521$12,674$11,038$9,593$7,262
14 years$15,250$13,199$11,388$9,798$8,409$6,204
15 years$14,087$12,058$10,282$8,738$7,404$5,322
16 years$13,070$11,063$9,322$7,824$6,544$4,580
17 years$12,173$10,188$8,483$7,030$5,802$3,952
18 years$11,377$9,414$7,744$6,335$5,159$3,419
19 years$10,666$8,725$7,089$5,724$4,598$2,963
20 years$10,026$8,108$6,506$5,185$4,107$2,573
21 years$9,448$7,552$5,984$4,705$3,675$2,237
22 years$8,924$7,050$5,515$4,278$3,295$1,947
23 years$8,445$6,593$5,092$3,896$2,957$1,697
24 years$8,008$6,178$4,710$3,554$2,658$1,481
25 years$7,606$5,797$4,362$3,245$2,392$1,293
26 years$7,235$5,449$4,046$2,967$2,155$1,129
27 years$6,892$5,128$3,757$2,716$1,943$987
28 years$6,575$4,832$3,492$2,489$1,753$864
29 years$6,280$4,558$3,250$2,282$1,583$756
30 years$6,005$4,305$3,027$2,094$1,430$662
31 years$5,748$4,070$2,822$1,923$1,293$579
32 years$5,508$3,851$2,633$1,768$1,170$508
33 years$5,283$3,647$2,459$1,626$1,058$445
34 years$5,072$3,456$2,297$1,496$958$390
35 years$4,873$3,278$2,148$1,377$868$342
36 years$4,685$3,111$2,009$1,268$786$300
37 years$4,508$2,955$1,880$1,168$713$263
38 years$4,341$2,808$1,761$1,077$646$230
39 years$4,183$2,671$1,650$993$586$202
40 years$4,033$2,541$1,546$916$531$177
41 years$3,891$2,419$1,450$845$482$156
42 years$3,756$2,303$1,360$780$438$137
43 years$3,627$2,195$1,276$720$397$120
44 years$3,505$2,092$1,198$665$360$105
45 years$3,388$1,995$1,125$614$327$92
46 years$3,277$1,903$1,057$567$297$81
47 years$3,171$1,816$993$524$270$71
48 years$3,070$1,734$933$484$245$62
49 years$2,973$1,656$877$447$223$55
50 years$2,880$1,581$824$414$202$48

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $2,950,000, adding $2,419 every year, while hoping to spend $58,004 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: 28/49/23 Blend
70$2,950,000$2,950,000$2,950,000$2,950,000
71$3,253,395$3,097,045$3,051,320$3,320,943
72$3,523,526$3,187,085$3,091,824$3,464,074
73$3,819,265$3,279,592$3,131,740$3,612,483
74$4,143,165$3,374,627$3,170,988$3,770,725
75$4,498,035$3,472,250$3,209,483$3,939,677
76$4,886,967$3,572,523$3,247,133$4,120,306
77$5,313,370$3,675,509$3,283,844$4,313,671
78$5,780,995$3,781,270$3,319,515$4,520,941
79$6,293,977$3,889,873$3,354,038$4,743,397
80$6,856,867$4,001,381$3,387,304$4,982,451
81$7,474,681$4,115,862$3,419,191$5,239,658
82$8,152,942$4,233,383$3,449,578$5,516,727
83$8,897,734$4,354,011$3,478,331$5,815,539
84$9,715,761$4,477,815$3,505,313$6,138,165
85$10,614,406$4,604,866$3,530,378$6,486,884
86$11,601,803$4,735,232$3,553,374$6,864,206
87$12,686,914$4,868,985$3,574,139$7,272,895
88$13,879,611$5,006,197$3,592,504$7,715,994
89$15,190,769$5,146,938$3,608,291$8,196,853
90$16,632,372$5,291,283$3,621,313$8,719,162
91$18,217,621$5,439,303$3,631,374$9,286,986
92$19,961,061$5,591,071$3,638,267$9,904,803
93$21,878,716$5,746,661$3,641,777$10,577,541
94$23,988,244$5,906,146$3,641,675$11,310,635
95$26,309,098$6,069,600$3,637,724$12,110,067
96$28,862,711$6,237,096$3,629,673$12,982,430
97$31,672,701$6,408,707$3,617,260$13,934,986
98$34,765,089$6,584,505$3,600,210$14,975,737
99$38,168,545$6,764,564$3,578,235$16,113,498
100$41,914,663$6,948,954$3,551,032$17,357,983