Can I retire at age 74 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%15.3%
1 years$245,260$243,075$240,944$238,863$236,832$231,671
2 years$121,416$119,154$116,963$114,838$112,777$107,604
3 years$80,140$77,869$75,683$73,578$71,550$66,526
4 years$59,506$57,242$55,078$53,009$51,030$46,194
5 years$47,129$44,878$42,743$40,716$38,792$34,157
6 years$38,880$36,646$34,542$32,561$30,695$26,266
7 years$32,990$30,776$28,705$26,770$24,963$20,741
8 years$28,575$26,380$24,344$22,457$20,710$16,693
9 years$25,143$22,969$20,967$19,128$17,440$13,626
10 years$22,399$20,246$18,280$16,489$14,860$11,244
11 years$20,155$18,024$16,093$14,350$12,780$9,358
12 years$18,286$16,177$14,282$12,587$11,075$7,842
13 years$16,707$14,619$12,760$11,112$9,658$6,607
14 years$15,354$13,289$11,465$9,864$8,466$5,592
15 years$14,182$12,139$10,352$8,797$7,454$4,751
16 years$13,158$11,138$9,385$7,877$6,588$4,048
17 years$12,256$10,257$8,540$7,077$5,841$3,459
18 years$11,454$9,478$7,796$6,378$5,194$2,961
19 years$10,738$8,784$7,137$5,763$4,629$2,540
20 years$10,094$8,163$6,550$5,220$4,135$2,182
21 years$9,512$7,603$6,025$4,737$3,700$1,877
22 years$8,984$7,098$5,553$4,307$3,317$1,617
23 years$8,503$6,638$5,127$3,923$2,977$1,394
24 years$8,062$6,220$4,742$3,578$2,676$1,203
25 years$7,657$5,837$4,392$3,267$2,408$1,038
26 years$7,284$5,486$4,073$2,987$2,169$897
27 years$6,939$5,163$3,782$2,735$1,956$775
28 years$6,619$4,865$3,516$2,505$1,765$671
29 years$6,322$4,589$3,272$2,298$1,593$580
30 years$6,046$4,334$3,048$2,109$1,440$502
31 years$5,787$4,097$2,841$1,937$1,302$435
32 years$5,545$3,877$2,651$1,780$1,177$376
33 years$5,319$3,671$2,475$1,637$1,066$326
34 years$5,106$3,480$2,313$1,506$965$282
35 years$4,906$3,300$2,162$1,386$874$245
36 years$4,717$3,132$2,023$1,277$792$212
37 years$4,539$2,975$1,893$1,176$718$184
38 years$4,371$2,827$1,773$1,084$651$159
39 years$4,211$2,689$1,661$1,000$590$138
40 years$4,060$2,558$1,557$922$535$120
41 years$3,917$2,435$1,460$851$485$104
42 years$3,781$2,319$1,369$785$441$90
43 years$3,652$2,210$1,285$725$400$78
44 years$3,529$2,106$1,206$669$363$68
45 years$3,411$2,008$1,133$618$329$59
46 years$3,300$1,916$1,064$571$299$51
47 years$3,193$1,828$999$527$272$44
48 years$3,091$1,745$939$487$247$38
49 years$2,993$1,667$883$450$224$33
50 years$2,900$1,592$830$416$203$29

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 74 starting with $2,970,000, adding $6,128 every year, while hoping to spend $46,722 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: 40/50/10 Blend
73$2,970,000$2,970,000$2,970,000$2,970,000
74$3,279,261$3,121,851$3,075,816$3,400,361
75$3,564,034$3,225,110$3,129,144$3,589,406
76$3,876,287$3,331,863$3,182,693$3,788,681
77$4,218,776$3,442,231$3,236,420$4,003,201
78$4,594,532$3,556,341$3,290,281$4,234,366
79$5,006,896$3,674,324$3,344,227$4,483,712
80$5,459,549$3,796,315$3,398,208$4,752,927
81$5,956,544$3,922,456$3,452,169$5,043,865
82$6,502,346$4,052,891$3,506,052$5,358,566
83$7,101,875$4,187,771$3,559,794$5,699,271
84$7,760,548$4,327,254$3,613,329$6,068,444
85$8,484,336$4,471,502$3,666,587$6,468,794
86$9,279,815$4,620,682$3,719,495$6,903,300
87$10,154,231$4,774,970$3,771,972$7,375,241
88$11,115,564$4,934,546$3,823,935$7,888,221
89$12,172,611$5,099,597$3,875,296$8,446,206
90$13,335,058$5,270,319$3,925,960$9,053,558
91$14,613,582$5,446,912$3,975,827$9,715,079
92$16,019,943$5,629,587$4,024,793$10,436,053
93$17,567,100$5,818,559$4,072,747$11,222,294
94$19,269,330$6,014,055$4,119,570$12,080,202
95$21,142,365$6,216,307$4,165,139$13,016,820
96$23,203,538$6,425,557$4,209,322$14,039,903
97$25,471,947$6,642,057$4,251,983$15,157,988
98$27,968,636$6,866,068$4,292,974$16,380,471
99$30,716,791$7,097,860$4,332,143$17,717,700
100$33,741,961$7,337,713$4,369,328$19,181,067