Can I retire at age 80 with 2,970,000?

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 $2,970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.3%
1 years$245,260$243,075$240,944$238,863$236,832$233,582
2 years$121,416$119,154$116,963$114,838$112,777$109,509
3 years$80,140$77,869$75,683$73,578$71,550$68,365
4 years$59,506$57,242$55,078$53,009$51,030$47,953
5 years$47,129$44,878$42,743$40,716$38,792$35,831
6 years$38,880$36,646$34,542$32,561$30,695$27,854
7 years$32,990$30,776$28,705$26,770$24,963$22,243
8 years$28,575$26,380$24,344$22,457$20,710$18,110
9 years$25,143$22,969$20,967$19,128$17,440$14,960
10 years$22,399$20,246$18,280$16,489$14,860$12,498
11 years$20,155$18,024$16,093$14,350$12,780$10,533
12 years$18,286$16,177$14,282$12,587$11,075$8,941
13 years$16,707$14,619$12,760$11,112$9,658$7,633
14 years$15,354$13,289$11,465$9,864$8,466$6,548
15 years$14,182$12,139$10,352$8,797$7,454$5,640
16 years$13,158$11,138$9,385$7,877$6,588$4,874
17 years$12,256$10,257$8,540$7,077$5,841$4,224
18 years$11,454$9,478$7,796$6,378$5,194$3,670
19 years$10,738$8,784$7,137$5,763$4,629$3,195
20 years$10,094$8,163$6,550$5,220$4,135$2,786
21 years$9,512$7,603$6,025$4,737$3,700$2,433
22 years$8,984$7,098$5,553$4,307$3,317$2,128
23 years$8,503$6,638$5,127$3,923$2,977$1,863
24 years$8,062$6,220$4,742$3,578$2,676$1,633
25 years$7,657$5,837$4,392$3,267$2,408$1,433
26 years$7,284$5,486$4,073$2,987$2,169$1,258
27 years$6,939$5,163$3,782$2,735$1,956$1,105
28 years$6,619$4,865$3,516$2,505$1,765$971
29 years$6,322$4,589$3,272$2,298$1,593$854
30 years$6,046$4,334$3,048$2,109$1,440$751
31 years$5,787$4,097$2,841$1,937$1,302$661
32 years$5,545$3,877$2,651$1,780$1,177$582
33 years$5,319$3,671$2,475$1,637$1,066$513
34 years$5,106$3,480$2,313$1,506$965$452
35 years$4,906$3,300$2,162$1,386$874$398
36 years$4,717$3,132$2,023$1,277$792$351
37 years$4,539$2,975$1,893$1,176$718$309
38 years$4,371$2,827$1,773$1,084$651$272
39 years$4,211$2,689$1,661$1,000$590$240
40 years$4,060$2,558$1,557$922$535$212
41 years$3,917$2,435$1,460$851$485$187
42 years$3,781$2,319$1,369$785$441$165
43 years$3,652$2,210$1,285$725$400$145
44 years$3,529$2,106$1,206$669$363$128
45 years$3,411$2,008$1,133$618$329$113
46 years$3,300$1,916$1,064$571$299$100
47 years$3,193$1,828$999$527$272$88
48 years$3,091$1,745$939$487$247$78
49 years$2,993$1,667$883$450$224$69
50 years$2,900$1,592$830$416$203$60

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 80 starting with $2,970,000, adding $3,316 every year, while hoping to spend $26,290 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: 35/45/20 Blend
79$2,970,000$2,970,000$2,970,000$2,970,000
80$3,276,360$3,118,950$3,072,915$3,370,944
81$3,582,577$3,243,807$3,147,886$3,565,510
82$3,919,146$3,373,900$3,224,486$3,772,625
83$4,289,137$3,509,458$3,302,744$3,995,555
84$4,695,929$3,650,722$3,382,686$4,235,723
85$5,143,247$3,797,940$3,464,339$4,494,688
86$5,635,193$3,951,375$3,547,730$4,774,162
87$6,176,290$4,111,299$3,632,886$5,076,023
88$6,771,517$4,277,998$3,719,833$5,402,332
89$7,426,362$4,451,770$3,808,598$5,755,354
90$8,146,872$4,632,928$3,899,207$6,137,572
91$8,939,709$4,821,798$3,991,687$6,551,716
92$9,812,215$5,018,721$4,086,063$7,000,784
93$10,772,476$5,224,054$4,182,362$7,488,069
94$11,829,406$5,438,170$4,280,608$8,017,190
95$12,992,823$5,661,459$4,380,827$8,592,124
96$14,273,550$5,894,329$4,483,043$9,217,242
97$15,683,507$6,137,206$4,587,280$9,897,349
98$17,235,832$6,390,537$4,693,562$10,637,727
99$18,945,002$6,654,788$4,801,911$11,444,186
100$20,826,968$6,930,448$4,912,351$12,323,112