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%11.2%
1 years$245,260$243,075$240,944$238,863$236,832$235,636
2 years$121,416$119,154$116,963$114,838$112,777$111,570
3 years$80,140$77,869$75,683$73,578$71,550$70,370
4 years$59,506$57,242$55,078$53,009$51,030$49,885
5 years$47,129$44,878$42,743$40,716$38,792$37,686
6 years$38,880$36,646$34,542$32,561$30,695$29,629
7 years$32,990$30,776$28,705$26,770$24,963$23,938
8 years$28,575$26,380$24,344$22,457$20,710$19,725
9 years$25,143$22,969$20,967$19,128$17,440$16,496
10 years$22,399$20,246$18,280$16,489$14,860$13,956
11 years$20,155$18,024$16,093$14,350$12,780$11,916
12 years$18,286$16,177$14,282$12,587$11,075$10,250
13 years$16,707$14,619$12,760$11,112$9,658$8,870
14 years$15,354$13,289$11,465$9,864$8,466$7,716
15 years$14,182$12,139$10,352$8,797$7,454$6,740
16 years$13,158$11,138$9,385$7,877$6,588$5,909
17 years$12,256$10,257$8,540$7,077$5,841$5,197
18 years$11,454$9,478$7,796$6,378$5,194$4,583
19 years$10,738$8,784$7,137$5,763$4,629$4,050
20 years$10,094$8,163$6,550$5,220$4,135$3,587
21 years$9,512$7,603$6,025$4,737$3,700$3,182
22 years$8,984$7,098$5,553$4,307$3,317$2,827
23 years$8,503$6,638$5,127$3,923$2,977$2,515
24 years$8,062$6,220$4,742$3,578$2,676$2,240
25 years$7,657$5,837$4,392$3,267$2,408$1,998
26 years$7,284$5,486$4,073$2,987$2,169$1,783
27 years$6,939$5,163$3,782$2,735$1,956$1,592
28 years$6,619$4,865$3,516$2,505$1,765$1,423
29 years$6,322$4,589$3,272$2,298$1,593$1,273
30 years$6,046$4,334$3,048$2,109$1,440$1,139
31 years$5,787$4,097$2,841$1,937$1,302$1,020
32 years$5,545$3,877$2,651$1,780$1,177$914
33 years$5,319$3,671$2,475$1,637$1,066$819
34 years$5,106$3,480$2,313$1,506$965$734
35 years$4,906$3,300$2,162$1,386$874$658
36 years$4,717$3,132$2,023$1,277$792$591
37 years$4,539$2,975$1,893$1,176$718$530
38 years$4,371$2,827$1,773$1,084$651$476
39 years$4,211$2,689$1,661$1,000$590$427
40 years$4,060$2,558$1,557$922$535$383
41 years$3,917$2,435$1,460$851$485$344
42 years$3,781$2,319$1,369$785$441$309
43 years$3,652$2,210$1,285$725$400$278
44 years$3,529$2,106$1,206$669$363$249
45 years$3,411$2,008$1,133$618$329$224
46 years$3,300$1,916$1,064$571$299$201
47 years$3,193$1,828$999$527$272$181
48 years$3,091$1,745$939$487$247$163
49 years$2,993$1,667$883$450$224$146
50 years$2,900$1,592$830$416$203$131

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 $2,827 every year, while hoping to spend $48,181 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: 47/44/9 Blend
73$2,970,000$2,970,000$2,970,000$2,970,000
74$3,275,856$3,118,446$3,072,411$3,421,616
75$3,558,729$3,219,986$3,124,073$3,623,728
76$3,868,840$3,324,886$3,175,850$3,837,698
77$4,208,918$3,433,261$3,227,696$4,068,802
78$4,581,964$3,545,228$3,279,561$4,318,646
79$4,991,289$3,660,909$3,331,391$4,588,995
80$5,440,538$3,780,430$3,383,130$4,881,790
81$5,933,724$3,903,922$3,434,716$5,199,165
82$6,475,269$4,031,520$3,486,084$5,543,466
83$7,070,046$4,163,364$3,537,168$5,917,276
84$7,723,421$4,299,599$3,587,893$6,323,434
85$8,441,305$4,440,375$3,638,183$6,765,064
86$9,230,212$4,585,846$3,687,955$7,245,603
87$10,097,315$4,736,175$3,737,124$7,768,834
88$11,050,520$4,891,526$3,785,596$8,338,920
89$12,098,536$5,052,073$3,833,276$8,960,441
90$13,250,956$5,217,994$3,880,060$9,638,441
91$14,518,351$5,389,474$3,925,840$10,378,468
92$15,912,369$5,566,704$3,970,502$11,186,635
93$17,445,840$5,749,882$4,013,923$12,069,666
94$19,132,904$5,939,214$4,055,977$13,034,968
95$20,989,137$6,134,912$4,096,529$14,090,695
96$23,031,703$6,337,197$4,135,437$15,245,825
97$25,279,513$6,546,297$4,172,551$16,510,244
98$27,753,405$6,762,447$4,207,713$17,894,841
99$30,476,339$6,985,893$4,240,758$19,411,604
100$33,473,613$7,216,889$4,271,511$21,073,737