Can I retire at age 74 with 2,940,000?

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 $2,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.7%
1 years$242,782$240,620$238,510$236,451$234,440$229,894
2 years$120,189$117,951$115,782$113,678$111,638$107,077
3 years$79,330$77,082$74,918$72,835$70,828$66,393
4 years$58,905$56,664$54,521$52,473$50,515$46,241
5 years$46,653$44,425$42,311$40,305$38,401$34,300
6 years$38,487$36,276$34,193$32,232$30,385$26,462
7 years$32,657$30,465$28,415$26,500$24,711$20,967
8 years$28,287$26,114$24,098$22,230$20,500$16,933
9 years$24,889$22,737$20,756$18,935$17,264$13,872
10 years$22,172$20,041$18,095$16,322$14,710$11,490
11 years$19,951$17,842$15,931$14,205$12,651$9,599
12 years$18,102$16,014$14,138$12,460$10,963$8,075
13 years$16,538$14,472$12,632$11,000$9,560$6,831
14 years$15,199$13,154$11,349$9,765$8,380$5,805
15 years$14,039$12,017$10,247$8,708$7,379$4,952
16 years$13,025$11,025$9,290$7,797$6,521$4,238
17 years$12,132$10,154$8,454$7,006$5,782$3,636
18 years$11,338$9,383$7,717$6,314$5,141$3,127
19 years$10,629$8,696$7,065$5,705$4,583$2,694
20 years$9,992$8,080$6,484$5,167$4,093$2,325
21 years$9,416$7,527$5,964$4,689$3,663$2,010
22 years$8,893$7,026$5,497$4,264$3,283$1,739
23 years$8,417$6,571$5,075$3,883$2,947$1,506
24 years$7,981$6,157$4,694$3,542$2,649$1,306
25 years$7,580$5,778$4,347$3,234$2,384$1,133
26 years$7,210$5,430$4,032$2,957$2,147$983
27 years$6,869$5,110$3,744$2,707$1,936$854
28 years$6,553$4,816$3,480$2,480$1,747$742
29 years$6,259$4,543$3,239$2,274$1,577$645
30 years$5,985$4,290$3,017$2,087$1,425$561
31 years$5,729$4,056$2,813$1,917$1,289$488
32 years$5,489$3,838$2,624$1,762$1,166$425
33 years$5,265$3,634$2,450$1,620$1,055$370
34 years$5,054$3,444$2,289$1,491$955$322
35 years$4,856$3,267$2,140$1,372$865$280
36 years$4,669$3,101$2,002$1,264$784$244
37 years$4,493$2,945$1,874$1,164$710$213
38 years$4,327$2,799$1,755$1,073$644$185
39 years$4,169$2,661$1,644$990$584$161
40 years$4,019$2,532$1,541$913$530$141
41 years$3,878$2,410$1,445$842$481$123
42 years$3,743$2,296$1,356$777$436$107
43 years$3,615$2,187$1,272$717$396$93
44 years$3,493$2,085$1,194$662$359$81
45 years$3,377$1,988$1,121$612$326$71
46 years$3,266$1,897$1,053$565$296$62
47 years$3,161$1,810$989$522$269$54
48 years$3,060$1,728$930$482$244$47
49 years$2,963$1,650$874$446$222$41
50 years$2,870$1,576$821$412$201$36

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 74 starting with $2,940,000, adding $3,022 every year, while hoping to spend $25,567 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: 36/42/22 Blend
73$2,940,000$2,940,000$2,940,000$2,940,000
74$3,242,997$3,087,177$3,041,607$3,338,079
75$3,546,580$3,211,246$3,116,298$3,532,122
76$3,880,271$3,340,537$3,192,634$3,738,879
77$4,247,115$3,475,279$3,270,643$3,961,572
78$4,650,465$3,615,712$3,350,354$4,201,644
79$5,094,016$3,762,086$3,431,795$4,460,677
80$5,581,840$3,914,662$3,514,994$4,740,408
81$6,118,421$4,073,714$3,599,980$5,042,743
82$6,708,701$4,239,527$3,686,780$5,369,775
83$7,358,124$4,412,400$3,775,424$5,723,803
84$8,072,691$4,592,646$3,865,938$6,107,350
85$8,859,011$4,780,591$3,958,353$6,523,189
86$9,724,367$4,976,577$4,052,694$6,974,367
87$10,676,784$5,180,961$4,148,991$7,464,230
88$11,725,105$5,394,116$4,247,271$7,996,458
89$12,879,071$5,616,434$4,347,561$8,575,094
90$14,149,420$5,848,323$4,449,887$9,204,584
91$15,547,979$6,090,209$4,554,277$9,889,814
92$17,087,785$6,342,541$4,660,756$10,636,159
93$18,783,198$6,605,784$4,769,351$11,449,529
94$20,650,046$6,880,430$4,880,086$12,336,423
95$22,705,768$7,166,988$4,992,986$13,303,990
96$24,969,580$7,465,994$5,108,075$14,360,097
97$27,462,658$7,778,008$5,225,376$15,513,395
98$30,208,334$8,103,616$5,344,911$16,773,404
99$33,232,320$8,443,429$5,466,702$18,150,599
100$36,562,949$8,798,090$5,590,769$19,656,509