Can I retire at age 68 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%17.7%
1 years$246,086$243,894$241,755$239,668$237,629$230,207
2 years$121,825$119,556$117,357$115,225$113,157$105,745
3 years$80,410$78,131$75,938$73,826$71,791$64,623
4 years$59,706$57,435$55,263$53,187$51,202$44,331
5 years$47,287$45,029$42,886$40,853$38,923$32,369
6 years$39,011$36,770$34,659$32,670$30,799$24,566
7 years$33,101$30,879$28,801$26,860$25,047$19,137
8 years$28,671$26,469$24,426$22,532$20,779$15,186
9 years$25,228$23,046$21,038$19,193$17,499$12,218
10 years$22,474$20,314$18,341$16,544$14,910$9,933
11 years$20,223$18,084$16,148$14,398$12,823$8,141
12 years$18,348$16,232$14,331$12,629$11,112$6,715
13 years$16,763$14,669$12,803$11,150$9,690$5,567
14 years$15,405$13,333$11,504$9,898$8,494$4,635
15 years$14,230$12,180$10,386$8,827$7,479$3,871
16 years$13,203$11,175$9,417$7,903$6,610$3,243
17 years$12,297$10,292$8,569$7,101$5,861$2,723
18 years$11,493$9,510$7,822$6,400$5,211$2,290
19 years$10,774$8,814$7,161$5,783$4,645$1,929
20 years$10,128$8,190$6,572$5,237$4,149$1,628
21 years$9,544$7,629$6,045$4,753$3,713$1,375
22 years$9,014$7,121$5,571$4,322$3,328$1,162
23 years$8,531$6,661$5,144$3,936$2,987$983
24 years$8,089$6,240$4,757$3,590$2,685$832
25 years$7,683$5,856$4,406$3,278$2,416$705
26 years$7,309$5,504$4,087$2,998$2,176$597
27 years$6,963$5,180$3,795$2,744$1,962$506
28 years$6,642$4,881$3,528$2,514$1,771$429
29 years$6,344$4,605$3,283$2,305$1,599$364
30 years$6,066$4,349$3,058$2,116$1,445$309
31 years$5,807$4,111$2,851$1,943$1,306$262
32 years$5,564$3,890$2,660$1,786$1,181$223
33 years$5,337$3,684$2,484$1,642$1,069$189
34 years$5,123$3,491$2,320$1,511$968$160
35 years$4,922$3,311$2,169$1,391$877$136
36 years$4,733$3,143$2,029$1,281$794$116
37 years$4,554$2,985$1,900$1,180$720$98
38 years$4,385$2,837$1,779$1,088$653$83
39 years$4,226$2,698$1,667$1,003$592$71
40 years$4,074$2,567$1,562$925$537$60
41 years$3,930$2,443$1,465$854$487$51
42 years$3,794$2,327$1,374$788$442$43
43 years$3,664$2,217$1,289$727$401$37
44 years$3,541$2,113$1,210$671$364$31
45 years$3,423$2,015$1,136$620$331$27
46 years$3,311$1,922$1,067$573$300$23
47 years$3,204$1,835$1,003$529$273$19
48 years$3,101$1,751$942$489$247$16
49 years$3,003$1,672$886$452$225$14
50 years$2,910$1,598$833$418$204$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 68 starting with $2,980,000, adding $6,298 every year, while hoping to spend $30,265 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: 53/39/8 Blend
67$2,980,000$2,980,000$2,980,000$2,980,000
68$3,290,456$3,132,516$3,086,326$3,458,052
69$3,593,881$3,253,808$3,157,517$3,693,714
70$3,927,241$3,380,028$3,230,077$3,946,130
71$4,293,557$3,511,387$3,304,023$4,220,014
72$4,696,158$3,648,104$3,379,366$4,517,401
73$5,138,712$3,790,406$3,456,119$4,840,526
74$5,625,257$3,938,533$3,534,296$5,191,849
75$6,160,245$4,092,733$3,613,907$5,574,071
76$6,748,581$4,253,267$3,694,964$5,990,165
77$7,395,666$4,420,408$3,777,475$6,443,398
78$8,107,454$4,594,438$3,861,451$6,937,364
79$8,890,504$4,775,654$3,946,899$7,476,016
80$9,752,041$4,964,367$4,033,826$8,063,702
81$10,700,029$5,160,901$4,122,238$8,705,205
82$11,743,239$5,365,592$4,212,141$9,405,789
83$12,891,339$5,578,796$4,303,537$10,171,244
84$14,154,979$5,800,880$4,396,429$11,007,941
85$15,545,896$6,032,232$4,490,817$11,922,895
86$17,077,019$6,273,254$4,586,702$12,923,821
87$18,762,599$6,524,367$4,684,080$14,019,216
88$20,618,335$6,786,012$4,782,948$15,218,427
89$22,661,528$7,058,649$4,883,299$16,531,749
90$24,911,240$7,342,759$4,985,126$17,970,510
91$27,388,477$7,638,845$5,088,419$19,547,185
92$30,116,386$7,947,432$5,193,165$21,275,506
93$33,120,471$8,269,070$5,299,350$23,170,593
94$36,428,838$8,604,333$5,406,956$25,249,096
95$40,072,455$8,953,822$5,515,966$27,529,347
96$44,085,450$9,318,163$5,626,355$30,031,532
97$48,505,427$9,698,014$5,738,098$32,777,881
98$53,373,824$10,094,060$5,851,168$35,792,875
99$58,736,304$10,507,019$5,965,532$39,103,475
100$64,643,185$10,937,641$6,081,156$42,739,375