Can I retire at age 71 with 2,990,000?

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 $2,990,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.3%
1 years$246,911$244,712$242,566$240,472$238,427$231,351
2 years$122,233$119,957$117,751$115,611$113,537$106,466
3 years$80,679$78,393$76,192$74,073$72,032$65,189
4 years$59,907$57,627$55,449$53,366$51,374$44,810
5 years$47,446$45,180$43,030$40,990$39,054$32,787
6 years$39,142$36,893$34,775$32,780$30,902$24,939
7 years$33,213$30,983$28,898$26,950$25,131$19,471
8 years$28,768$26,558$24,508$22,608$20,849$15,488
9 years$25,312$23,124$21,109$19,257$17,558$12,491
10 years$22,550$20,382$18,403$16,600$14,960$10,180
11 years$20,291$18,145$16,202$14,447$12,866$8,365
12 years$18,410$16,286$14,379$12,672$11,150$6,918
13 years$16,819$14,718$12,846$11,187$9,723$5,751
14 years$15,457$13,378$11,542$9,931$8,523$4,801
15 years$14,278$12,221$10,421$8,856$7,504$4,022
16 years$13,247$11,213$9,448$7,930$6,632$3,379
17 years$12,338$10,326$8,598$7,125$5,881$2,845
18 years$11,531$9,542$7,849$6,421$5,229$2,400
19 years$10,810$8,844$7,185$5,802$4,660$2,028
20 years$10,162$8,218$6,594$5,255$4,163$1,716
21 years$9,576$7,655$6,065$4,769$3,725$1,454
22 years$9,045$7,145$5,590$4,336$3,339$1,233
23 years$8,560$6,683$5,161$3,949$2,997$1,046
24 years$8,116$6,261$4,773$3,602$2,694$889
25 years$7,709$5,876$4,421$3,289$2,424$755
26 years$7,333$5,523$4,100$3,008$2,184$642
27 years$6,986$5,197$3,808$2,753$1,969$546
28 years$6,664$4,897$3,540$2,522$1,777$464
29 years$6,365$4,620$3,294$2,313$1,604$395
30 years$6,086$4,363$3,068$2,123$1,449$337
31 years$5,826$4,125$2,860$1,950$1,310$287
32 years$5,583$3,903$2,669$1,792$1,185$244
33 years$5,355$3,696$2,492$1,648$1,073$208
34 years$5,140$3,503$2,328$1,516$971$177
35 years$4,939$3,323$2,177$1,396$880$151
36 years$4,749$3,154$2,036$1,285$797$129
37 years$4,570$2,995$1,906$1,184$722$110
38 years$4,400$2,846$1,785$1,091$655$93
39 years$4,240$2,707$1,672$1,006$594$80
40 years$4,088$2,575$1,567$928$539$68
41 years$3,944$2,451$1,470$856$489$58
42 years$3,807$2,335$1,379$790$443$49
43 years$3,676$2,224$1,294$730$402$42
44 years$3,553$2,120$1,214$674$365$36
45 years$3,434$2,022$1,140$622$332$30
46 years$3,322$1,929$1,071$575$301$26
47 years$3,214$1,841$1,006$531$273$22
48 years$3,112$1,757$945$491$248$19
49 years$3,013$1,678$889$453$226$16
50 years$2,919$1,603$835$419$205$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $2,990,000, adding $3,049 every year, while hoping to spend $54,389 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: 65/5/30 Blend
70$2,990,000$2,990,000$2,990,000$2,990,000
71$3,298,125$3,139,655$3,093,310$3,485,955
72$3,576,664$3,235,629$3,139,066$3,709,501
73$3,881,792$3,334,482$3,184,533$3,947,489
74$4,216,162$3,436,299$3,229,642$4,206,473
75$4,582,698$3,541,166$3,274,323$4,488,529
76$4,984,620$3,649,170$3,318,500$4,795,946
77$5,425,475$3,760,403$3,362,093$5,131,243
78$5,909,169$3,874,957$3,405,018$5,497,198
79$6,440,003$3,992,929$3,447,185$5,896,869
80$7,022,717$4,114,417$3,488,500$6,333,627
81$7,662,533$4,239,521$3,528,863$6,811,187
82$8,365,199$4,368,346$3,568,168$7,333,641
83$9,137,052$4,500,998$3,606,304$7,905,496
84$9,985,070$4,637,585$3,643,154$8,531,723
85$10,916,941$4,778,220$3,678,593$9,217,795
86$11,941,134$4,923,019$3,712,492$9,969,744
87$13,066,981$5,072,098$3,744,712$10,794,219
88$14,304,762$5,225,580$3,775,108$11,698,545
89$15,665,803$5,383,588$3,803,529$12,690,794
90$17,162,581$5,546,250$3,829,814$13,779,861
91$18,808,845$5,713,697$3,853,793$14,975,548
92$20,619,742$5,886,063$3,875,290$16,288,658
93$22,611,960$6,063,485$3,894,117$17,731,094
94$24,803,889$6,246,104$3,910,079$19,315,976
95$27,215,788$6,434,066$3,922,968$21,057,758
96$29,869,980$6,627,517$3,932,570$22,972,373
97$32,791,063$6,826,610$3,938,656$25,077,376
98$36,006,138$7,031,501$3,940,988$27,392,116
99$39,545,068$7,242,348$3,939,315$29,937,913
100$43,440,758$7,459,316$3,933,374$32,738,265