Can I retire at age 74 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%15.2%
1 years$246,086$243,894$241,755$239,668$237,629$232,546
2 years$121,825$119,556$117,357$115,225$113,157$108,061
3 years$80,410$78,131$75,938$73,826$71,791$66,841
4 years$59,706$57,435$55,263$53,187$51,202$46,436
5 years$47,287$45,029$42,886$40,853$38,923$34,354
6 years$39,011$36,770$34,659$32,670$30,799$26,432
7 years$33,101$30,879$28,801$26,860$25,047$20,884
8 years$28,671$26,469$24,426$22,532$20,779$16,817
9 years$25,228$23,046$21,038$19,193$17,499$13,736
10 years$22,474$20,314$18,341$16,544$14,910$11,342
11 years$20,223$18,084$16,148$14,398$12,823$9,446
12 years$18,348$16,232$14,331$12,629$11,112$7,920
13 years$16,763$14,669$12,803$11,150$9,690$6,678
14 years$15,405$13,333$11,504$9,898$8,494$5,656
15 years$14,230$12,180$10,386$8,827$7,479$4,808
16 years$13,203$11,175$9,417$7,903$6,610$4,100
17 years$12,297$10,292$8,569$7,101$5,861$3,505
18 years$11,493$9,510$7,822$6,400$5,211$3,003
19 years$10,774$8,814$7,161$5,783$4,645$2,578
20 years$10,128$8,190$6,572$5,237$4,149$2,217
21 years$9,544$7,629$6,045$4,753$3,713$1,908
22 years$9,014$7,121$5,571$4,322$3,328$1,645
23 years$8,531$6,661$5,144$3,936$2,987$1,419
24 years$8,089$6,240$4,757$3,590$2,685$1,225
25 years$7,683$5,856$4,406$3,278$2,416$1,059
26 years$7,309$5,504$4,087$2,998$2,176$916
27 years$6,963$5,180$3,795$2,744$1,962$792
28 years$6,642$4,881$3,528$2,514$1,771$686
29 years$6,344$4,605$3,283$2,305$1,599$594
30 years$6,066$4,349$3,058$2,116$1,445$514
31 years$5,807$4,111$2,851$1,943$1,306$445
32 years$5,564$3,890$2,660$1,786$1,181$386
33 years$5,337$3,684$2,484$1,642$1,069$335
34 years$5,123$3,491$2,320$1,511$968$290
35 years$4,922$3,311$2,169$1,391$877$252
36 years$4,733$3,143$2,029$1,281$794$218
37 years$4,554$2,985$1,900$1,180$720$189
38 years$4,385$2,837$1,779$1,088$653$164
39 years$4,226$2,698$1,667$1,003$592$142
40 years$4,074$2,567$1,562$925$537$124
41 years$3,930$2,443$1,465$854$487$107
42 years$3,794$2,327$1,374$788$442$93
43 years$3,664$2,217$1,289$727$401$81
44 years$3,541$2,113$1,210$671$364$70
45 years$3,423$2,015$1,136$620$331$61
46 years$3,311$1,922$1,067$573$300$53
47 years$3,204$1,835$1,003$529$273$46
48 years$3,101$1,751$942$489$247$40
49 years$3,003$1,672$886$452$225$34
50 years$2,910$1,598$833$418$204$30

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 74 starting with $2,980,000, adding $3,556 every year, while hoping to spend $52,484 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: 49/37/14 Blend
73$2,980,000$2,980,000$2,980,000$2,980,000
74$3,287,628$3,129,688$3,083,498$3,435,863
75$3,567,124$3,227,200$3,130,953$3,635,831
76$3,873,368$3,327,731$3,178,238$3,847,187
77$4,209,036$3,431,374$3,225,293$4,075,608
78$4,577,070$3,538,224$3,272,052$4,322,712
79$4,980,713$3,648,379$3,318,448$4,590,279
80$5,423,536$3,761,939$3,364,406$4,880,266
81$5,909,473$3,879,011$3,409,850$5,194,826
82$6,442,857$3,999,700$3,454,698$5,536,329
83$7,028,460$4,124,117$3,498,862$5,907,382
84$7,671,541$4,252,376$3,542,252$6,310,856
85$8,377,890$4,384,595$3,584,769$6,749,910
86$9,153,888$4,520,894$3,626,312$7,228,020
87$10,006,564$4,661,397$3,666,773$7,749,016
88$10,943,661$4,806,232$3,706,037$8,317,111
89$11,973,709$4,955,532$3,743,984$8,936,947
90$13,106,106$5,109,432$3,780,486$9,613,631
91$14,351,207$5,268,073$3,815,411$10,352,791
92$15,720,419$5,431,597$3,848,616$11,160,621
93$17,226,310$5,600,154$3,879,953$12,043,946
94$18,882,728$5,773,896$3,909,266$13,010,278
95$20,704,930$5,952,980$3,936,390$14,067,894
96$22,709,725$6,137,569$3,961,152$15,225,909
97$24,915,636$6,327,828$3,983,369$16,494,362
98$27,343,070$6,523,931$4,002,851$17,884,313
99$30,014,512$6,726,052$4,019,395$19,407,942
100$32,954,738$6,934,375$4,032,791$21,078,670