Can I retire at age 71 with 2,970,000?

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 $2,970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.7%
1 years$245,260$243,075$240,944$238,863$236,832$232,240
2 years$121,416$119,154$116,963$114,838$112,777$108,170
3 years$80,140$77,869$75,683$73,578$71,550$67,071
4 years$59,506$57,242$55,078$53,009$51,030$46,713
5 years$47,129$44,878$42,743$40,716$38,792$34,650
6 years$38,880$36,646$34,542$32,561$30,695$26,732
7 years$32,990$30,776$28,705$26,770$24,963$21,181
8 years$28,575$26,380$24,344$22,457$20,710$17,106
9 years$25,143$22,969$20,967$19,128$17,440$14,014
10 years$22,399$20,246$18,280$16,489$14,860$11,607
11 years$20,155$18,024$16,093$14,350$12,780$9,697
12 years$18,286$16,177$14,282$12,587$11,075$8,157
13 years$16,707$14,619$12,760$11,112$9,658$6,901
14 years$15,354$13,289$11,465$9,864$8,466$5,864
15 years$14,182$12,139$10,352$8,797$7,454$5,003
16 years$13,158$11,138$9,385$7,877$6,588$4,281
17 years$12,256$10,257$8,540$7,077$5,841$3,673
18 years$11,454$9,478$7,796$6,378$5,194$3,159
19 years$10,738$8,784$7,137$5,763$4,629$2,722
20 years$10,094$8,163$6,550$5,220$4,135$2,349
21 years$9,512$7,603$6,025$4,737$3,700$2,030
22 years$8,984$7,098$5,553$4,307$3,317$1,757
23 years$8,503$6,638$5,127$3,923$2,977$1,521
24 years$8,062$6,220$4,742$3,578$2,676$1,319
25 years$7,657$5,837$4,392$3,267$2,408$1,144
26 years$7,284$5,486$4,073$2,987$2,169$993
27 years$6,939$5,163$3,782$2,735$1,956$863
28 years$6,619$4,865$3,516$2,505$1,765$750
29 years$6,322$4,589$3,272$2,298$1,593$652
30 years$6,046$4,334$3,048$2,109$1,440$567
31 years$5,787$4,097$2,841$1,937$1,302$493
32 years$5,545$3,877$2,651$1,780$1,177$429
33 years$5,319$3,671$2,475$1,637$1,066$374
34 years$5,106$3,480$2,313$1,506$965$325
35 years$4,906$3,300$2,162$1,386$874$283
36 years$4,717$3,132$2,023$1,277$792$247
37 years$4,539$2,975$1,893$1,176$718$215
38 years$4,371$2,827$1,773$1,084$651$187
39 years$4,211$2,689$1,661$1,000$590$163
40 years$4,060$2,558$1,557$922$535$142
41 years$3,917$2,435$1,460$851$485$124
42 years$3,781$2,319$1,369$785$441$108
43 years$3,652$2,210$1,285$725$400$94
44 years$3,529$2,106$1,206$669$363$82
45 years$3,411$2,008$1,133$618$329$71
46 years$3,300$1,916$1,064$571$299$62
47 years$3,193$1,828$999$527$272$54
48 years$3,091$1,745$939$487$247$47
49 years$2,993$1,667$883$450$224$41
50 years$2,900$1,592$830$416$203$36

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $2,970,000, adding $3,253 every year, while hoping to spend $21,303 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: 40/48/12 Blend
70$2,970,000$2,970,000$2,970,000$2,970,000
71$3,276,295$3,118,885$3,072,850$3,395,478
72$3,587,811$3,249,045$3,153,125$3,610,066
73$3,930,388$3,384,868$3,235,374$3,839,712
74$4,307,171$3,526,609$3,319,643$4,087,669
75$4,721,626$3,674,537$3,405,974$4,355,604
76$5,177,572$3,828,929$3,494,414$4,645,347
77$5,679,216$3,990,079$3,585,009$4,958,904
78$6,231,194$4,158,290$3,677,805$5,298,480
79$6,838,614$4,333,885$3,772,849$5,666,492
80$7,507,103$4,517,196$3,870,191$6,065,596
81$8,242,863$4,708,574$3,969,878$6,498,707
82$9,052,727$4,908,386$4,071,961$6,969,030
83$9,944,224$5,117,016$4,176,490$7,480,081
84$10,925,649$5,334,863$4,283,516$8,035,726
85$12,006,143$5,562,350$4,393,092$8,640,212
86$13,195,779$5,799,915$4,505,270$9,298,207
87$14,505,656$6,048,018$4,620,104$10,014,843
88$15,948,004$6,307,141$4,737,648$10,795,759
89$17,536,298$6,577,789$4,857,957$11,647,157
90$19,285,388$6,860,489$4,981,087$12,575,854
91$21,211,638$7,155,793$5,107,094$13,589,349
92$23,333,079$7,464,280$5,236,035$14,695,889
93$25,669,578$7,786,556$5,367,967$15,904,543
94$28,243,032$8,123,253$5,502,951$17,225,289
95$31,077,565$8,475,036$5,641,043$18,669,104
96$34,199,763$8,842,599$5,782,305$20,248,063
97$37,638,922$9,226,670$5,926,795$21,975,455
98$41,427,325$9,628,011$6,074,576$23,865,899
99$45,600,547$10,047,417$6,225,709$25,935,488
100$50,197,787$10,485,725$6,380,255$28,201,927