Can I retire at age 71 with 2,980,000?

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 $2,980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.6%
1 years$246,086$243,894$241,755$239,668$237,629$230,299
2 years$121,825$119,556$117,357$115,225$113,157$105,836
3 years$80,410$78,131$75,938$73,826$71,791$64,709
4 years$59,706$57,435$55,263$53,187$51,202$44,413
5 years$47,287$45,029$42,886$40,853$38,923$32,446
6 years$39,011$36,770$34,659$32,670$30,799$24,638
7 years$33,101$30,879$28,801$26,860$25,047$19,204
8 years$28,671$26,469$24,426$22,532$20,779$15,249
9 years$25,228$23,046$21,038$19,193$17,499$12,275
10 years$22,474$20,314$18,341$16,544$14,910$9,986
11 years$20,223$18,084$16,148$14,398$12,823$8,189
12 years$18,348$16,232$14,331$12,629$11,112$6,759
13 years$16,763$14,669$12,803$11,150$9,690$5,608
14 years$15,405$13,333$11,504$9,898$8,494$4,672
15 years$14,230$12,180$10,386$8,827$7,479$3,905
16 years$13,203$11,175$9,417$7,903$6,610$3,274
17 years$12,297$10,292$8,569$7,101$5,861$2,750
18 years$11,493$9,510$7,822$6,400$5,211$2,315
19 years$10,774$8,814$7,161$5,783$4,645$1,952
20 years$10,128$8,190$6,572$5,237$4,149$1,648
21 years$9,544$7,629$6,045$4,753$3,713$1,393
22 years$9,014$7,121$5,571$4,322$3,328$1,178
23 years$8,531$6,661$5,144$3,936$2,987$998
24 years$8,089$6,240$4,757$3,590$2,685$845
25 years$7,683$5,856$4,406$3,278$2,416$717
26 years$7,309$5,504$4,087$2,998$2,176$608
27 years$6,963$5,180$3,795$2,744$1,962$516
28 years$6,642$4,881$3,528$2,514$1,771$438
29 years$6,344$4,605$3,283$2,305$1,599$371
30 years$6,066$4,349$3,058$2,116$1,445$315
31 years$5,807$4,111$2,851$1,943$1,306$268
32 years$5,564$3,890$2,660$1,786$1,181$228
33 years$5,337$3,684$2,484$1,642$1,069$193
34 years$5,123$3,491$2,320$1,511$968$164
35 years$4,922$3,311$2,169$1,391$877$140
36 years$4,733$3,143$2,029$1,281$794$119
37 years$4,554$2,985$1,900$1,180$720$101
38 years$4,385$2,837$1,779$1,088$653$86
39 years$4,226$2,698$1,667$1,003$592$73
40 years$4,074$2,567$1,562$925$537$62
41 years$3,930$2,443$1,465$854$487$53
42 years$3,794$2,327$1,374$788$442$45
43 years$3,664$2,217$1,289$727$401$38
44 years$3,541$2,113$1,210$671$364$32
45 years$3,423$2,015$1,136$620$331$28
46 years$3,311$1,922$1,067$573$300$23
47 years$3,204$1,835$1,003$529$273$20
48 years$3,101$1,751$942$489$247$17
49 years$3,003$1,672$886$452$225$14
50 years$2,910$1,598$833$418$204$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $2,980,000, adding $4,871 every year, while hoping to spend $50,704 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: 35/48/17 Blend
70$2,980,000$2,980,000$2,980,000$2,980,000
71$3,288,984$3,131,044$3,084,854$3,386,772
72$3,570,512$3,230,517$3,134,248$3,557,950
73$3,879,056$3,333,164$3,183,598$3,737,421
74$4,217,319$3,439,088$3,232,847$3,929,991
75$4,588,277$3,548,395$3,281,939$4,136,850
76$4,995,207$3,661,192$3,330,809$4,359,306
77$5,441,720$3,777,592$3,379,393$4,598,797
78$5,931,793$3,897,712$3,427,621$4,856,902
79$6,469,806$4,021,670$3,475,417$5,135,360
80$7,060,586$4,149,591$3,522,702$5,436,079
81$7,709,447$4,281,602$3,569,394$5,761,160
82$8,422,245$4,417,836$3,615,403$6,112,912
83$9,205,431$4,558,427$3,660,637$6,493,875
84$10,066,112$4,703,517$3,704,995$6,906,845
85$11,012,117$4,853,251$3,748,374$7,354,894
86$12,052,071$5,007,778$3,790,663$7,841,407
87$13,195,477$5,167,254$3,831,745$8,370,106
88$14,452,805$5,331,839$3,871,497$8,945,089
89$15,835,589$5,501,696$3,909,790$9,570,865
90$17,356,537$5,676,998$3,946,486$10,252,397
91$19,029,653$5,857,919$3,981,442$10,995,149
92$20,870,362$6,044,642$4,014,505$11,805,138
93$22,895,664$6,237,355$4,045,517$12,688,985
94$25,124,288$6,436,251$4,074,307$13,653,983
95$27,576,869$6,641,531$4,100,700$14,708,162
96$30,276,145$6,853,402$4,124,509$15,860,362
97$33,247,170$7,072,077$4,145,538$17,120,320
98$36,517,550$7,297,777$4,163,582$18,498,760
99$40,117,702$7,530,730$4,178,425$20,007,490
100$44,081,144$7,771,172$4,189,838$21,659,517