Can I retire at age 71 with 2,240,000?

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 $2,240,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.1%
1 years$184,977$183,329$181,722$180,153$178,621$172,765
2 years$91,573$89,867$88,215$86,612$85,057$79,214
3 years$60,442$58,729$57,081$55,493$53,964$48,316
4 years$44,880$43,172$41,540$39,980$38,488$33,078
5 years$35,545$33,848$32,237$30,708$29,258$24,101
6 years$29,324$27,639$26,052$24,558$23,151$18,251
7 years$24,882$23,211$21,649$20,190$18,828$14,185
8 years$21,552$19,896$18,360$16,937$15,619$11,230
9 years$18,963$17,323$15,814$14,427$13,154$9,013
10 years$16,893$15,270$13,787$12,436$11,208$7,309
11 years$15,201$13,594$12,138$10,823$9,639$5,975
12 years$13,792$12,201$10,772$9,493$8,353$4,915
13 years$12,600$11,026$9,624$8,381$7,284$4,064
14 years$11,580$10,022$8,647$7,440$6,385$3,374
15 years$10,696$9,156$7,807$6,635$5,622$2,810
16 years$9,924$8,400$7,078$5,941$4,969$2,347
17 years$9,243$7,736$6,441$5,338$4,406$1,965
18 years$8,639$7,149$5,880$4,810$3,917$1,648
19 years$8,099$6,625$5,383$4,347$3,491$1,384
20 years$7,613$6,157$4,940$3,937$3,119$1,164
21 years$7,174$5,735$4,544$3,573$2,791$980
22 years$6,776$5,353$4,188$3,249$2,502$826
23 years$6,413$5,007$3,867$2,959$2,246$697
24 years$6,080$4,691$3,576$2,698$2,018$588
25 years$5,775$4,402$3,312$2,464$1,816$496
26 years$5,494$4,137$3,072$2,253$1,636$419
27 years$5,234$3,894$2,853$2,062$1,475$354
28 years$4,992$3,669$2,652$1,890$1,331$299
29 years$4,768$3,461$2,468$1,733$1,202$253
30 years$4,560$3,269$2,299$1,590$1,086$214
31 years$4,365$3,090$2,143$1,461$982$181
32 years$4,182$2,924$1,999$1,342$888$153
33 years$4,012$2,769$1,867$1,234$804$130
34 years$3,851$2,624$1,744$1,136$728$110
35 years$3,700$2,489$1,631$1,045$659$93
36 years$3,558$2,363$1,526$963$597$79
37 years$3,423$2,244$1,428$887$541$66
38 years$3,296$2,132$1,337$818$491$56
39 years$3,176$2,028$1,253$754$445$48
40 years$3,062$1,929$1,174$695$404$40
41 years$2,954$1,836$1,101$642$366$34
42 years$2,852$1,749$1,033$592$332$29
43 years$2,754$1,666$969$547$302$24
44 years$2,661$1,588$910$505$274$21
45 years$2,573$1,515$854$466$248$18
46 years$2,489$1,445$802$431$226$15
47 years$2,408$1,379$754$398$205$13
48 years$2,331$1,316$708$368$186$11
49 years$2,257$1,257$666$340$169$9
50 years$2,187$1,201$626$314$153$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $2,240,000, adding $5,613 every year, while hoping to spend $28,695 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: 62/14/24 Blend
70$2,240,000$2,240,000$2,240,000$2,240,000
71$2,474,270$2,355,550$2,320,830$2,611,662
72$2,696,114$2,440,440$2,368,046$2,790,252
73$2,939,625$2,528,529$2,415,883$2,981,505
74$3,206,981$2,619,942$2,464,330$3,189,693
75$3,500,585$2,714,811$2,513,377$3,416,473
76$3,823,081$2,813,273$2,563,011$3,663,669
77$4,177,383$2,915,471$2,613,219$3,933,290
78$4,566,700$3,021,553$2,663,987$4,227,546
79$4,994,570$3,131,675$2,715,296$4,548,874
80$5,464,887$3,245,998$2,767,129$4,899,953
81$5,981,944$3,364,690$2,819,467$5,283,736
82$6,550,469$3,487,927$2,872,286$5,703,474
83$7,175,672$3,615,891$2,925,563$6,162,749
84$7,863,294$3,748,773$2,979,272$6,665,502
85$8,619,657$3,886,770$3,033,386$7,216,077
86$9,451,731$4,030,090$3,087,872$7,819,258
87$10,367,191$4,178,948$3,142,699$8,480,314
88$11,374,496$4,333,569$3,197,832$9,205,048
89$12,482,967$4,494,186$3,253,232$9,999,852
90$13,702,873$4,661,045$3,308,858$10,871,771
91$15,045,528$4,834,398$3,364,667$11,828,559
92$16,523,401$5,014,512$3,420,612$12,878,765
93$18,150,228$5,201,664$3,476,643$14,031,801
94$19,941,147$5,396,141$3,532,706$15,298,039
95$21,912,837$5,598,245$3,588,745$16,688,906
96$24,083,677$5,808,289$3,644,698$18,216,990
97$26,473,918$6,026,601$3,700,501$19,896,159
98$29,105,875$6,253,522$3,756,086$21,741,693
99$32,004,138$6,489,408$3,811,378$23,770,427
100$35,195,801$6,734,631$3,866,301$26,000,910