Can I retire at age 66 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%11%
1 years$246,086$243,894$241,755$239,668$237,629$236,628
2 years$121,825$119,556$117,357$115,225$113,157$112,146
3 years$80,410$78,131$75,938$73,826$71,791$70,802
4 years$59,706$57,435$55,263$53,187$51,202$50,242
5 years$47,287$45,029$42,886$40,853$38,923$37,995
6 years$39,011$36,770$34,659$32,670$30,799$29,904
7 years$33,101$30,879$28,801$26,860$25,047$24,187
8 years$28,671$26,469$24,426$22,532$20,779$19,953
9 years$25,228$23,046$21,038$19,193$17,499$16,706
10 years$22,474$20,314$18,341$16,544$14,910$14,151
11 years$20,223$18,084$16,148$14,398$12,823$12,097
12 years$18,348$16,232$14,331$12,629$11,112$10,418
13 years$16,763$14,669$12,803$11,150$9,690$9,028
14 years$15,405$13,333$11,504$9,898$8,494$7,863
15 years$14,230$12,180$10,386$8,827$7,479$6,878
16 years$13,203$11,175$9,417$7,903$6,610$6,038
17 years$12,297$10,292$8,569$7,101$5,861$5,317
18 years$11,493$9,510$7,822$6,400$5,211$4,695
19 years$10,774$8,814$7,161$5,783$4,645$4,156
20 years$10,128$8,190$6,572$5,237$4,149$3,686
21 years$9,544$7,629$6,045$4,753$3,713$3,274
22 years$9,014$7,121$5,571$4,322$3,328$2,914
23 years$8,531$6,661$5,144$3,936$2,987$2,596
24 years$8,089$6,240$4,757$3,590$2,685$2,316
25 years$7,683$5,856$4,406$3,278$2,416$2,068
26 years$7,309$5,504$4,087$2,998$2,176$1,849
27 years$6,963$5,180$3,795$2,744$1,962$1,654
28 years$6,642$4,881$3,528$2,514$1,771$1,481
29 years$6,344$4,605$3,283$2,305$1,599$1,326
30 years$6,066$4,349$3,058$2,116$1,445$1,189
31 years$5,807$4,111$2,851$1,943$1,306$1,066
32 years$5,564$3,890$2,660$1,786$1,181$957
33 years$5,337$3,684$2,484$1,642$1,069$859
34 years$5,123$3,491$2,320$1,511$968$771
35 years$4,922$3,311$2,169$1,391$877$693
36 years$4,733$3,143$2,029$1,281$794$622
37 years$4,554$2,985$1,900$1,180$720$559
38 years$4,385$2,837$1,779$1,088$653$503
39 years$4,226$2,698$1,667$1,003$592$452
40 years$4,074$2,567$1,562$925$537$407
41 years$3,930$2,443$1,465$854$487$366
42 years$3,794$2,327$1,374$788$442$329
43 years$3,664$2,217$1,289$727$401$296
44 years$3,541$2,113$1,210$671$364$266
45 years$3,423$2,015$1,136$620$331$240
46 years$3,311$1,922$1,067$573$300$216
47 years$3,204$1,835$1,003$529$273$194
48 years$3,101$1,751$942$489$247$175
49 years$3,003$1,672$886$452$225$157
50 years$2,910$1,598$833$418$204$142

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 66 starting with $2,980,000, adding $2,948 every year, while hoping to spend $46,011 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: 50/42/8 Blend
65$2,980,000$2,980,000$2,980,000$2,980,000
66$3,287,001$3,129,061$3,082,871$3,444,405
67$3,573,320$3,233,429$3,137,192$3,656,502
68$3,887,301$3,341,370$3,191,790$3,881,691
69$4,231,717$3,453,009$3,246,627$4,125,302
70$4,609,624$3,568,478$3,301,660$4,389,074
71$5,024,384$3,687,912$3,356,844$4,674,915
72$5,479,704$3,811,452$3,412,132$4,984,927
73$5,979,666$3,939,246$3,467,470$5,321,418
74$6,528,766$4,071,443$3,522,805$5,686,929
75$7,131,959$4,208,203$3,578,078$6,084,254
76$7,794,701$4,349,687$3,633,225$6,516,466
77$8,523,004$4,496,065$3,688,182$6,986,948
78$9,323,492$4,647,513$3,742,877$7,499,420
79$10,203,460$4,804,213$3,797,235$8,057,976
80$11,170,947$4,966,354$3,851,177$8,667,124
81$12,234,810$5,134,132$3,904,618$9,331,822
82$13,404,807$5,307,750$3,957,469$10,057,529
83$14,691,687$5,487,420$4,009,634$10,850,255
84$16,107,297$5,673,361$4,061,015$11,716,614
85$17,664,686$5,865,801$4,111,503$12,663,889
86$19,378,234$6,064,975$4,160,989$13,700,098
87$21,263,784$6,271,129$4,209,352$14,834,068
88$23,338,792$6,484,517$4,256,467$16,075,520
89$25,622,494$6,705,403$4,302,204$17,435,159
90$28,136,082$6,934,061$4,346,421$18,924,771
91$30,902,909$7,170,777$4,388,973$20,557,337
92$33,948,706$7,415,846$4,429,704$22,347,152
93$37,301,827$7,669,574$4,468,452$24,309,961
94$40,993,511$7,932,282$4,505,043$26,463,105
95$45,058,185$8,204,299$4,539,298$28,825,682
96$49,533,780$8,485,970$4,571,025$31,418,730
97$54,462,096$8,777,653$4,600,024$34,265,421
98$59,889,189$9,079,717$4,626,084$37,391,278
99$65,865,813$9,392,550$4,648,985$40,824,418
100$72,447,892$9,716,551$4,668,492$44,595,814